Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Question

Option Agreement
click to flip
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know

Question

Option Contract
Remaining cards (24)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Real Estate Study

Real Property - Contracts

QuestionAnswer
Option Agreement Owner agrees to keep an offer open to sell or lease real property for a specified time and may receive money to hold it
Option Contract Example of Unilateral contract
Land Contract Seller is vendor and buyer is vendee
Contract for deed Also knows as land contract, installment contract. Seller retails legal title to property until final payment made
Contingencies These require the completion of a certain act or promise before contract is binding
Liquidated Damages Clause that requires compensation be paid if one party breaches contract
Forfeiture clause Under certain circumstances one party must forfeit or give something to other part.
Caveat Venditor Seller Beware
Exculpatory Clause found in a contract relieving a party from liability for injuries to other party.
Indemnification Clause found in contract. One party agrees to compensate other for a loss or damage that is sustained.
Liquidated Pre-authorized by the contract
Actual Damages Those that compensate for the cost of that which has been lost
Punitive damages Unrelated to the cost of the lost but only punishes the wrong-doer
Independant Contractor Status of person's employment where broker can regulate working hours, office routine, attendance at meeting and may without Social Security, FICA.
Real Estate Land and all attachments to land
Real Property Land, all attachments, plus bundle of rights
Fructus Naturales Fruits of nature, do not require annual cultivation and considered real property
Emblements Crops that do require annual cultivation and are personal property
Riparian Rights Granted to owners of land along a river, stream or lake.
Littoral Rights Granted to owners of land that borders on large water, oceans. Ownership is to mean high water mark.
Accretion Land increases by deposit of soil by waters action.
Reliction When water recedes and new land is acquired.
Avulsion Sudden loss of land, usually happens from natural disasters
Erosion Gradual wearing away of land.
Intention, Method of annexation, Adaptation to real estate, agreement What the court uses to determine if something is real or personal property.
Created by: stephavery
Popular Real Estate sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards