Real Estate Study Word Scramble
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| Question | Answer |
| 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
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