Test Drive/Lesson One | Introduction

  Terms

Click on the following important terms from Test Drive to review definitions in the online glossary.

•  beneficiary
•  bona fide
•  caveat emptor
•  commingling
•  consideration
•  contract of sale
•  fiduciary
•  misrepresentation
•  negligence


•  plaintiff
•  puffing
•  rescission
•  recreant
•  Statute of Frauds
•  trustee
•  trust fund account
•  trust funds


  Learning Objectives

Upon completion of Lesson One, you should be able to:

•  Define professional conduct;
•  Describe unlawful conduct in sale, lease and exchange transactions;
•  Explain the difference between puffing and misrepresentation;
•  Describe the California disclosure law on real estate commissions.


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