AZK RE - Practice - 3

  1. “mailbox rule"
    - says that when an acceptance isn't communicated directly it is effective as soon as it is placed in the U.S. mail to the offeror, even though the offeror has not received it yet
  2. Compel (translate)
    - заставлять, принуждать
  3. Rescind (translate)
    - анулировать
  4. Who is authorized to rescind a voidable contract?
    • - only a voidable contract may be rescinded, and
    • - only by the injured party (minor)
  5. Subrogation
    - substitution of one creditor (mortgagor) for another
  6. Commercial Lien law permits
    - permits a broker to lien a piece of commercial property if she is under contract and has earned her fee, but the owner refuses to pay
  7. Agreement of Sale or
    • - or Sales Contract
    • - is between the buyer and seller
  8. Listing
    - contract between broker and seller
  9. Conversion
    • - stealing funds or
    • - converting funds to your own personal use
  10. Commingling
    - mixing of broker’s funds with trust funds (into the same account)
  11. Restitution of the contract
    • - rescission where the contract is undone,
    • - all obligations terminated, and
    • - all consideration returned
  12. Cancellation of the contract
    - termination without undoing any of the acts that have been performed under the contract
  13. Replacement
    - rebuilding improvements to the same functional and economic value as before
  14. Restoration
    - reconstructing improvements to exactly the same physical status and appearance as before
  15. Solicitation (translate)
    - ходотайство
  16. Purchase Agreement
    - buyer is paying cash (no down payment or mortgage)
  17. Relinquish (translate)
    - сдавать, выпускать
  18. Desperate (translate)
    - отчаянный
  19. Covenant (4 meanings)
    • 1. Contract
    • 2. Promise
    • 3. Guarantee (express or implied) in a document such as a deed or lease
    • 4. Restrictive covenant. (Typical covenants compel or prevent certain actions by the property owner or uses for the property.)
  20. Bequest
    - personal property transferred by a will
  21. Executor (female?)
    • - person appointed in a will to carry out the provisions of the will
    • - female - executrix
  22. Legacy
    - Receiving money by will
  23. Statement of APR
    - lender per the Truth-in-Lending Act gives the buyer a disclosure of the annual percentage rate of interest (interests + costs of the loan) in terms of a percentage
  24. Settlement Statement
    • - HUD-1 form
    • - on the Closing Statement form
    • - itemizes all charges to be paid by buyer and seller
  25. Tester or
    • - or Checker
    • - person working with a Fair Housing Organization
    • - pretends to be interested in buying or renting property from someone suspected of unlawful discrimination
  26. "Open housing"
    - term used to mean the prevention or elimination of discrimination in housing
  27. Rural (translate)
    - сельский
  28. Front Foot
    - measurement of a parcel of land by the number of feet of street or road frontage
  29. Court of Common Pleas
    - takes administrative agency appeals
  30. All names of "nonagent" (4)
    • 1) Transaction Coordinator
    • 2) Transaction Broker
    • 3) Facilitator
    • 4) Contract Broker
  31. Cease and Desist Order
    • - injunction telling the licensee that he or she must immediately stop some specific action
    • - дези’ст - прекращать
  32. Restitution
    - requirement that a licensee returns any money that was taken or used improperly to the injured party
  33. Traditional Agency
    - where seller is the only client and the buyer has no representation
  34. Punitive damages
    • - are always allowed to be paid by an insurance company
    • - пью’нитив - карательный
  35. Associate Broker
    - one who has qualified as a real estate broker but works for another broker
  36. Censure
    - written notice of displeasure about the way the licensee is conducting business
  37. Interpleader Action
    • - court action filed by someone who is holding funds that two or more people are claiming
    • - интэрпли’дэр
  38. Concealment (translate)
    - скрывание
  39. Absolute Auction
    - auction where the real estate is sold to the highest qualified bidder with no minimum bid or limiting conditions
  40. Reserve Auction or
    • - or Auction Subject to Confirmation
    • - seller or his agent reserves the right to 
    •    1) establish a disclosed or undisclosed minimum bid
    •    2) accept or reject any and all bids
    •    3) withdraw the real estate at any time prior to announcement of the completion of the sale
  41. Progressive Auction
    - in which everyone would kick in a few dollars towards bidding on the item, and the last person to put a few dollars into the pot was the auction winner
  42. Subpoena (translate)
    супри’на - повестка
  43. Subpoena Duces Tecum
    • (супи’на дю’сэс ти’кам)
    • - writ ordering a person to attend a court and bring relevant documents
  44. Confidential information may be revealed in
    - in an investigation under a Subpoena or Subpoena Duces Tecum
  45. Rafter bid
    - fictitious bid used to increase the final sales price
  46. Absentee Bid
    - allows a bidder to participate in the bidding without being physically present
  47. Nonconforming Use
    - it is allowed to continue as a nonconforming use if the land is rezoned
  48. Variance
    - will provide permanent permission to deviate (уклоняться) from the Setback Rules
  49. POS
    • - Point-of-Sale
    • - inspection the municipality does on a home when it comes on the market
  50. Spot zoning
    - illegal rezone that favors a particular property owner without justification
Card Set
AZK RE - Practice - 3
AZK RE - Practice - 3