Real estate key terms puffin,steering etc need work Flashcards

Real estate key terms (puffin,steering etc) (need work) Flashcards Bilateral ContractA contract formed by exchange of promises.Promise for

promise Ex: Exclusive listing

MisrepresentationAn untrue statement, whether intentional or unintentional Executed ContractA contract under which something remains to be done by one or more of the parties.UNFULFILLED CONTRACT Panic PeddlingThe illegal practice of soliciting sales or rental listings by making written or oral statements that create fear or alarm." You better sell because you don't want to live by (those] people" Void Contractviolates basic principles of fairness; or is contrary to legal.Lacks one of the 4 essential elements Unilateral ContractAn agreement in which all parties involved have fulfilled their du-ties.FULLFILLED CONTRACT Statute of LimitationsA state law limiting the amount of time within which legal

action may be takenBreach of a written contract: Four

years from the date the contract was broken.Breach of an

oral contract: Two years from the date the contract was

broken.Property damage: Three years from the date the

damage occurred.IMPLIED CONTRACTA contract formed by the actions of the parties rather than by their written or oral agreement Voidable ContractA contract that has no legal force or effect because it does not meet the essential elements of a contract.Option to rescind Constructive Fraudis a legal fiction describing a situation where a person or entity gained an unfair advantage over another by deceitful or unfair methodsA person gained an unfair advantage over another by unfair methods.Essentials of a ValidContractan offer.an acceptance.an intention to create a legal relationship.a consideration (usually money).Mutual consent, lawful object, consideration, capable parties SteeringThe illegal practice of directing home seekers to particular areaseither to maintain the homogeneity of an area or to change the character of an area, which limits where they can live." You should/not live by those people" Novationis when a part of an agreement is changed, or an agreement is replaced by a new one Caveat EmptorA Latin phrase meaning "Let the buyer beware." The buyer is re-sponsible for inspecting the property or item and is assumed to be buying at his or her own risk - Latin for buyer beware

Actual Fraudis an act intended to deceive another, EX, making a false statement, making a promise without intending to perform it, suppressing the truth. A licensee would be guilty of actual fraud if he made a prom-ise to Advertise in a local newspaper and then did not.Fraud committed with the actual intent BlockbustingAn illegal method of obtaining houses at below fair market value by telling the inhabitants that people of a different race or religion, mov-ing into the area, will cause property values to fall." You better sell because you don't want to live by (those] people" The Statute of Fraudssets forth what contracts are required to be in writing in order to be enforceable. Typically, any contract that is not to be performed with-in one year must be in writing. For example, any contract that leases real property for more than one year must be in writing.States what contracts must be in writing RedliningThe outlining of a map of certain "high risk" areas for real estate loan purposes. This means lenders will not extend credit in these areas for real property loans, regardless of the qualifications of the applicant.Denying services such as a loan, either directly or through selective-ly raising prices, to residents of certain areas based on ethnicity.ComminglingThe mixing of customer account securities with those in a bank or brokerage's own accounts; usually illegal.Mixing of funds CodicilAn addition to a will, which modifies the will by adding to it, subtracting from it, or clarifying it.Panic Sellingis trying to convince members of a neighborhood to sell their homes because members of a minority group are moving into the neighbor-hood is a violation of State and Feder-al Laws" You better sell because you don't want to live by (those] people" Puffingis when a Licensee may exaggerate the benefits or features of a property. The some-times-exaggerated buildup a salesperson or the seller may give to property. It is recognized in law as an opinion and not necessarily representing the factsExaggeration