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Real Estate Vocabulary Questions &Exam (elaborations) answers 100% satisfaction guarantee
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STUVIA 2024/2025Real Estate Vocabulary
A burden on property, such as a claim, lien, charge, or liability, allowing title transfer. -
✔✔Encumbrance
A circumstance in which a person or entity gains an unfair advantage over another by deceitful or
unfair methods. Intent does not need to be shown, as in the case of actual fraud. - ✔✔Constructive
Fraud
A civil rights law that prohibits discrimination against individuals with disabilities in all areas of public
life, including jobs, schools, transportation, and all public and private places that are open to the
general public. Became law in 1990. - ✔✔Americans with Disabilities Act
A claim against property to secure payment of a debt. - ✔✔Lien
A contract considered 'executed' when both parties have fulfilled their obligations as per the contract.
- ✔✔Executed Contract
A contract giving possession but not ownership, considered personal property. - ✔✔Lease
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A contract must be legal. If a contract has an illegal purpose, it is void. - ✔✔Lawful Object
A contract that can be rejected at a later date for a specific reason- for example, contracts signed
under duress, contracts entered into with threat or menace, or contracts entered into with a minor. -
✔✔Voidable Contract
A contract that lacks one of the four essentials. - ✔✔Void Contract
A contract where terms are yet to be completed. - ✔✔Executory Contract
A deed in which a property owner warrants that they own the property free and clear of all liens. -
✔✔Warranty Deed
A deed in which the grantor warrants only against defects that occurred during their ownership. -
✔✔Special Warranty Deed
A deed releasing a borrower from mortgage debt and transferring property title from lender to
borrower. - ✔✔Reconveyance Deed
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A deed that conveys real property without covenants, implying title and possession without warranty. -
✔✔Bargain and Sale Deed
A deed that quickly transfers property without warranties on the title. - ✔✔Quitclaim Deed
A deed where the grantor guarantees clear title to a property, extending back to the property's origins.
- ✔✔General Warranty Deed
A deed with implied warranties regarding title and encumbrances, officially executed upon signing. -
✔✔Grant Deed
A defect in title, like an unreleased lien, that may invalidate or impair ownership. - ✔✔Cloud on Title
A form of racial discrimination where brokers or salespeople direct interested buyers away from or
toward certain neighborhoods to control racial composition- for example, an agent that only shows
minority buyers houses that are located in segregated areas. An agent should choose houses that he
would show to a minority in the same way that he would choose houses for any other buyer. -
✔✔Steering
A lien attaching to a specific parcel of an owner's property, such as trust deeds, mortgages, or
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mechanic's liens. - ✔✔Specific Lien
A lien attaching to all of an owner's property, like income tax liens or court judgment liens. -
✔✔General Lien
A lien filed by someone who worked on a property, valid if verified and recorded, with priority based
on work commencement. - ✔✔Mechanic's Lien
A lien imposed by a court on someone, being a general involuntary lien. - ✔✔Judgement Lien
A lien imposed on a person, such as a property tax lien for unpaid taxes. - ✔✔Involuntary Lien
A lien obtained voluntarily, like a mortgage lien placed in exchange for a loan. - ✔✔Voluntary Lien
A loss of title ownership, opposite of acquisition of title. - ✔✔Alienation of Title
A misstatement about some material feature of a property- for example, when a broker fails to
address or reveal a material feature of the property entirely. Can be fraudulent, negligent, or innocent.
Misrepresentation by a licensee can lead to disciplinary action, as well as potential civil and criminal
suits. - ✔✔Misrepresentation
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