The Real Estate License Professor

Taking any fraudulent or unfair advantage of another's necessity or weakness of mind. Using a position of trust and confidence improperly to persuade a person to take a course of action. By relying on the trusted confidant the decision maker fails to exercise his free will and independent judgment.

An increase in value of real estate due to no effort on the part of the owner often due to an increase in population.

Incapable of being enforced at law. An example of an unenforceable contract is an oral listing agreement to pay a broker a commission.

A group of statutes establishing a unified and comprehensive scheme for regulation of security transactions in personal property and other commercial matters superseding the existing statutes on chattel mortgages conditional sales trust receipts assignment of accounts receivable and other similar matters.

One-sided ex parte.

A legal doctrine that prevents a person from inequitably benefiting from another's mistake poor judgment or loss. In a land sales contract the vender may no longer keep both the property and the buyer's excess payments (over his damages) in the event of breach because to do so would unjustly enrich him at the buyer's expense.

Illegal.

An action to recover possession of real property. A lawsuit designed to evict a defaulting tenant or anyone unlawfully in possession of property from premises. It is summary in nature entitled to a priority court trial and litigates only the right to possession of property (and damages resulting therefrom).

A debt not backed by specific property to satisfy the indebtedness in case of default.

City property; closely settled property.

Claiming a rate of interest greater that that permitted by law. Charging a greater rate of interest on loans than the rate allowed by law (10 percent in many cases).