Real Estate Law Final Exam Flashcards

Real Estate Law Final Exam Flashcards specific performancea remedy available in transactions involving real property in which the court orders the breaching party to fulfill the terms set within the contract security deposita sum paid by the tenant usually at the beginning of tenancy to protect the landlord in the event the tenant breaches the rental agreement Tenant remediesrepair and deduct, withhold rent, file a lawsuit for actual damages disparate impactfacially neutral practice that has an unjustified adverse impact on members of a protected class holographic willa handwritten will that must be completed entirely in the makers handwriting codicillegal document that can be drafted to modify or add to a will tenancy at willcreated when a tenant occupies the property with the landlords consent for a brief period of time in the absence of a term tenancy or periodic tenancy restrictive covenant by contractone party promises to act or not to act in regards to property injunctioncourt order demanding a party to act or refrain from acting EIRanyone involved in a project with the CEQA must file a report which sets forth and discloses all environmental impacts projects have doctrine of changed conditionsthe covenant becomes obsolete based on change in condition willsholographic, statutory, lawyer complaintpleading complaining the allegations of the plaintiff against the defendant amendment or rezoningchanging the ordinance to provide a different zoning: timely and complex but strong and effective Mortgageinstrument that creates a voluntary lien on real property to secure repayment of a promissory note executed by the borrower assignmenta tenant may assign her entire leasehold interest to a third party mixed use developmentsmay be comprised of residential, commercial, retail, and industrial uses on the same tract of land variancea permitted exception to a zoning scheme for a minor deviation from zoning Touch and concern the landaffects the property owners use of the land

california environmental quality actCEQA condominiuma unit within a housing complex that is individually owned zoninglocal municipalities enact zoning ordinances that regulate buildings, developments, and subdivisions. government scheme to segregate properties for different uses examples of negotiation tacticslack of authority, good cop bad cop, slam dunk, last minute add on, the freeze out, sweeten the deal, home field advantage Deed RequirementsIn writing. Name of grantor. Name of grantee. Adequately describe the property. Signed by grantor. Delivered by grantor. Accepted by grantee.Foreclosurethe enforcement of a deed of trust or mortgage in the event that the borrower defaults on the loan novationnot automatic but available with assignment. a substitution of parties with landlords consent Cloud on titlelegal term to describe potential claims or problems in the chain of title that may cast doubt as to who owns the property mortgagevoluntary lien, judicial foreclosure, impound account, lender borrower environmental impact reportEIR assessmentsfees upon members for the operating revenue for the upkeep of common areas covenant of quiet enjoymenta promise to a tenant to refrain from interfering with a tenants use and enjoyment of the property beneficiaryperson who is designated to take property under the provisions of a trust trustee in a deed of trustappointed third party who primary role is to deliver the deed when the borrower fully repays the loan judicial reviewadministrative hearing by a court to review zoning CERCLAcreates a fund to finance the EPA and to empower the EPA to recover cleanup costs from private parties periodic tenancyleasehold interest that has no fixed end date term tenancyleasehold interest that has fixed beginning and end dates.restrictive covenanta restriction on land use that applies to a home, a group of houses, or an unimproved lot that is designed to benefit the neighborhood as a whole Purchase money mortgagea mortgage that is taken out in conjunction with a loan that enables the buyer to purchase the property DeedsGrant Deed. Warranty Deed. Quit Claim Deed.Impound accountan account created and maintained by the lender for the purpose of paying taxes and insurance on behalf of the borrower conditional usea one time permit-fast

litigationthe process of bringing a case to trial deed of trusttrustee lender borrower evictiontermination of leasehold interest deed of trustsecurity interest for lender, non judicial foreclosure, trustee lender borrower homeowners associationthe name given to a group established for the purpose of resolving disputes between owners within the association, enforcing architectural restrictions, and caring for common areas with respect to safety and aesthetic conditions special assessmentunusual or infrequent expenses transactional lawthe body of law that governs transactions between persons, companies, and government entities.eminent domaingovernment power that allows seizure of private land for public use liquidated damages clausea provision in a contract that establishes a fixed amount of damages in the event of a breach environmental protection agencyEPA requirements when drafting a willin writing, signed by a competent person over the age of 18, 2 or more witnesses escheatprocedure where the title to real property and personal property pass from decedent to the state summonsdocument served with the complaint requiring appearance or default probatecourt process where the court mandates the distribution of assets Grant DeedCovenants that the property is free from encumbrances and not previously conveyed.condominium associationgoverning body of a condo complex restrictive covenant by deedmay be conveyed by grantor to ensure the grantee utilize the transferred property subject to certain restrictions retainer agreementthe contract of engagement between lawyer and client that sets forth the scope of representation and establishes fee structure between parties comprehensive environmental response compensation and liability act

CERCLA

tenancy at sufferancerefers to situations where a person has taken or maintained possession of the property without the landlords consent warranty of habitabilitya landlord must provide the tenant with livable conditions contingent feeone in which the law firm retains a percentage of the recovery Deed of trusta document that creates a security interest for the lender in the event that the borrower defaults payment of the loan.run with the landrecorded, intent to bind future owners, touch and concern the land, legal description

zoning reliefwhen an owner of a parcel seeks to make use of property inconsistent with zoning ordinances Deed in lieu of foreclosurean instrument that the borrower gives to the lender with permission to avoid foreclosure proceedings Quit Claim DeedGrantor conveys whatever interest he has in the property.remediationremoval of hazardous conditions CEQAprojects are subject to this act if they are required to get a license, permit, or lease from the government condominium covenantsrules under which the individual owners operate are usually formalized in contractual agreements constructive evictionwhen a landlord so significantly breached the warranty of habitability and covenant of quiet enjoyment the tenant is forced to move bi lawsthe housekeeping details of a homeowners association Protected classessomeone who must be treated equally without regard to their race religion sex color national origin handicap regular assessmentpaid monthly Right to curegives the landlord the opportunity to make repairs first EPAissues regulations pertaining to environmental laws sublettingthe original tenant conveys less than half of her full leasehold interest in the property CC&Rcovenant, conditions, and restrictions. a document for condominiums and town homes that list restrictions that apply to the entire community must be in writingcontingent fee, if the clients cost exceed $1,000

ADAamerican's with disabilities act: provides public

accommodations for people with disabilities amendments to restrictive covenantsprovided, expiration, doctrine of changed conditions Warranty DeedCovenants clear and legal title, quiet enjoyment, and actively defend any claims to title that may arise after transfer to the grantee.retaliatory evictionpresumed if initiated by the landlord within 180 days after a tenant asserts her lawful rights DeedA written instruments used to transfer title to property.judicial foreclosurelis pendens, right to redemption, deficiency judgment zoning reliefamendment/rezoning, conditional use permit, variance, judicial review