ASHI Home Inspector Exam Study Guide Rated A+

ASHI Home Inspector Exam Study Guide Rated A+ ASHI's objectives include: promotion of excellence within the profession and continual improvement of its member's inspection services to the public. The purpose and scope of ASHI guidelines include: performing inspections that are intended to provide the client with a better understanding of the property conditions, as observed at the time of the inspection. Swale a low or hollow place, especially a marshy depression between ridges. A water-harvesting ditch on contour. Whatever its particulars, __________________ must be something of value to the people who are making the contract. consideration (legal/business) : a form of restitution that involves the shifting of the entire loss from one who has paid it to another who would be unjustly enriched at the expense of another Indemnification (legal/business) Bankruptcy a legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. (legal/business) lis pendens a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. (legal/business) Arbitration a non-court procedure for resolving disputes using one or more neutral third parties. (legal/business) Nonprofit corporation - a legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) for some public purpose (such as a hospital, environmental organization or literary society). (legal/business) Lease an oral or written agreement (a contract) between two people concerning the use by one of the property of the other. (legal/business) Nondisclosure agreement a legally binding contract in which a person or business promises to treat specific information as a trade secret and not disclose it to others without proper authorization. (legal/business) Fiduciary in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. (legal/business) Contract in law, a promise, enforceable by law, to perform or to refrain from performing some specified act. (legal/business) Negligence in law, especially tort law, the breach of an obligation (duty) to act with care, or the failure to act as a reasonable and prudent person would under similar circumstances. (legal/business) Due diligence is the effort a party makes to avoid harm to another party. Failure to make this effort is considered negligence Liability in law, an obligation of one party to another, usually to compensate financially; It is a fundamental aspect of tort law, although liability may also arise from duties entered into by special agreement, as in a contract or in the carrying out of a fiduciary duty. (legal/business) Libel a written, printed, or pictorial statement that unjustly defames someone publicly. (legal/business) Slander oral communication of false statements injurious to a person's reputation; a false and malicious statement or report about someone. (legal/business) Harassment refers to a wide spectrum of offensive behavior. When the term is used in a legal sense it refers to behaviors that are found threatening or disturbing, and beyond those that are sanctioned by society. (legal/business) Limited Liability Company Offers both the protections from personal liability of a corporation and the favorable tax treatment of a partnership. (legal/business) Limited Liability Partnership Operates much like a general partnership, except none of the partners an be held personally liable for claims against the business. (legal/business) State Corporation Commission The SCC acts as a regulatory agency, with oversight of varied business and economic interests. (legal/business) Foreign Corporation a corporation organized under the laws of a state or government other than that in which it is doing business. (legal/business) Domestic Corporation A domestic corporation is a U.S. corporation doing business in the state in which it is incorporated. (legal/business) Types of Terms Surety, Privity, Compensation, Quittance (legal/business)