BPA Business Law & Ethics ( Fill In The Blank)

Dual

A ________ agency occurs when an agent acts for two (2) or more different principals in the same transaction.

Tenancy for years

A ________ is created when a landlord and a tenant agree on a specific duration for a lease.

Quiet title

A arty who is concerned about his or her ownership rights in a parcel of real property can bring a(n) ________ action, which is a lawsuit to have a court determine the extent of those rights.

Marketable

A grantor has the obligation to transfer ________ title to the grantee.

Exclusive

A lease grants the tenant ________ possession of the leased premises until (1) the term of the lease expires or (2) the tenant defaults on the obligations under the lease.

Tenancy at will

A lease that may be terminated at any time by either party creates a ________.

Cooperative

A(n) ________ is a form of co-ownership of a multiple-dwelling building in which a corporation owns the building, and the residents own shares in the corporation.

Reversion

A(n) ________ is a right of possession that returns to the grantor after the expiration of a limited or contingent estate.

Easement

A(n) ________ is an interest in land that gives the holder the right to make limited use of another's property without taking anything from it.

Power of attorney

A(n) ________ is one of the most formal types of express agency agreements. It is often used by a principal to give an agent the power to sign legal documents, such as deeds to real estate, on behalf of the principal.

General

A(n) ________ power of attorney confers broad powers on the agent to act in any matters on the principal's behalf.

Durable

A(n) ________ power of attorney remains effective even though the principal is incapacitated.

Constructive

Recording a deed gives ________ notice to the world of the owner's interest in property.

Warranty; quitclaim

State laws recognize two (2) different types of deeds that provide different degrees of protection to grantees. They are: (1) a ________ deed; and (2) a ________ deed.

Degree of control

The crucial factor in determining whether someone is an independent contractor or an employee is the ________ that the principal has over the agent.

Premises

The liability of landlords to tenants injured on their property is called ________ liability.

Survivorship

The right of ________ means that upon the death of one of the co-owners (or joint tenants), the deceased person's interest in the property automatically passes to the surviving joint tenant or joint tenants.

A leasehold estate

The tenant's interest in the real property is called ________.

Reversion; remainder

The two (2) forms of future interests are ________ and ________.

Coming and going

Under the common law, a principal is generally not liable for injuries caused by its agents and employees while they are on their way to or from work. This principal is referred to as the ________ rule.

Supervening; Intervening

Under the doctrine of ___, or ___ event, the original seller is not liable if the product is materially altered or modified after it leaves the seller's possession, and the alteration or modification causes an injury.

Implied; implied

With a(n) ________ agency, the extent of the agent's authority is determined from the facts and circumstances of the particular situation. ________ authority can be conferred by either industry custom, prior dealing between the parties, the agent's position, acts deemed necessary to carry out the agent's duties, and other factors the court deems relevant.

Frolic and detour

Agents sometimes do things during the course of their employment to further their own interests rather than the principal's. For example, an agent might take a detour to run a personal errand while on assignment for the principal. This is commonly referred to as a ________.

Dual

Sometimes, principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. In this case, the agent is on a ________ -purpose mission. That is, he or she is acting partly for himself or herself and partly for the principal. Most jurisdictions hold both the principal and the agent liable if the agent injures someone while on such a mission.

Entirety

Tenancy by the ________ is a form of co-ownership of real property that can be used only by married couples.

Torrens

The ________ system is a method of determining title to real property in a judicial proceeding at which everyone claiming an interest in the property may appear and be heard. After the evidence is heard, the court issues a certificate of title to the person who is determined to be the rightful owner.

Implied warranty of habitability

The courts of many jurisdictions hold that an ________ applies to residential leases for their duration.

Eminent domain

The government may use its power of ________ to acquire private property for public purposes.

Exclusive; exclusive

If a principal and an agent enter into a(n) ________ agency contract, the principal cannot employ any agent other than the ________ agent.

Assignment

If a tenant transfers all of his or her interests under a lease, it is a(n) ________ of a lease.

Sublease

If a tenant transfers only some of his or her rights under a lease, it is a(n) ________.

Remainder

If the right of possession returns to a third party upon the expiration of a limited or contingent estate, it is called a ________.

Gross

In a ________ lease arrangement, the tenant is responsible for paying rent and property taxes.

Double Net

In a ________ lease arrangement, the tenant is responsible for paying rent, property taxes, and utilities.

Common

In a tenancy in ________, the interests of a surviving tenant pass to the deceased tenant's estate and not to the co-tenants.

Adverse

In most states, a person who wrongfully possesses someone else's real property obtains title to that property if certain statutory requirements are met. This is called ________ possession.

Detainer

Most states require an owner to go through certain legal proceedings, called eviction proceedings or unlawful ________ actions, to evict holdover tenants.

Incidental

Often, even an express agency agreement does not provide enough detail to cover contingencies that may arise in the future regarding the performance of the agency. In this case, the agent possesses certain implied authority to act. This implied authority is sometimes referred to as ________ authority.

Respondeat superior

Principals are liable for the negligent conduct of agents acting within the scope of their employment. This liability is based on the common law doctrine of ________ ("let the master answer").

Inherently dangerous

Principals cannot avoid strict liability for ________ activities assigned to independent contractors such as the use of explosives, clearing of land by fire, and crop-dusting.

Independent

Principals often employ outsiders—that is, persons and businesses that are not employees—to perform certain tasks on their behalf. These persons and businesses are called ________ contractors.

Partially

A ________ disclosed agency occurs if the agent discloses his or her agency status but does not reveal the principal's identity and the third party does not know the principal's identity from another source.

Fully

A ________ disclosed agency results if a third party entering into a contract knows (1) that the agent is acting as an agent for a principal and (2) the actual identity of the principal.

Periodic tenancy

A ________ is created when a lease specifies intervals at which payments are due but does not specify how long the lease is for.

Special

A(n) ________ power of attorney limits the agent to those acts specifically enumerated in the agreement.

Ratiication

Agency by ________ occurs when (1) a person misrepresents himself or herself as another's agent when in fact he or she is not and (2) the purported principal accepts the unauthorized act.

Authority

An agent who enters into a contract on behalf of another party impliedly warrants that he or she has the power to do so. This is called the agent's implied warranty of ________.

Estoppel

Apparent agency is also referred to as agency by _____.

Fiduciary

Because the agency relationship is based on trust and confidence, an agent owes the principal a duty of loyalty in all agency-related matters. Thus, an agent owes a(n) ________ duty not to act adversely to the interests of the principal.