Term
|
Definition
| Transfer of rights and duties under a contract |
|
|
Term
|
Definition
| Contract between a buyer and seller |
|
|
Term
| Buyer brokerage agreement |
|
Definition
| Employment contract with a buyer |
|
|
Term
|
Definition
| Possessing legal capacity to enter into a binding contract |
|
|
Term
|
Definition
| Agreement between two or more competent parties |
|
|
Term
|
Definition
| Only broker and seller can sell property |
|
|
Term
|
Definition
| a promise that cannot be measured in terms of money such as love and affection |
|
|
Term
|
Definition
| The amount of valuable consideration specified in agreement as a penalty for default |
|
|
Term
|
Definition
| reaching an agreement on all terms in the contract |
|
|
Term
|
Definition
| Seller picks a sales price and tells broker to add commission to sales price |
|
|
Term
|
Definition
| Substitution of a new party for the original one |
|
|
Term
|
Definition
| Anyone can sell including the seller |
|
|
Term
|
Definition
| And agreement to keep open for a specified period of time an offer to sell or lease real property |
|
|
Term
|
Definition
| An agreement that is not in writing; oral |
|
|
Term
|
Definition
| an act that requires certain documents to be in writing in order to be enforceable |
|
|
Term
|
Definition
| An act that prescribes specific time restrictions for enforcement of rights by action of law |
|
|
Term
|
Definition
| Would not stand up in a court of law |
|
|
Term
|
Definition
| Only one party is obligated |
|
|
Term
|
Definition
| Sufficient to be legally binding or enforceable |
|
|
Term
|
Definition
| Money or a promise of something that can be measured in terms of money |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| A contract that allows one of the parties to avoid his or her contractual duties |
|
|
Term
| Exclusive Right-of-Sale Listing |
|
Definition
| Listing broker gets paid even if another agent brings buyer |
|
|
Term
|
Definition
| Conditions are not written they are understood |
|
|
Term
|
Definition
| Brokers employment contract |
|
|
Term
|
Definition
| Contract has yet to be fully executed, no closing yet |
|
|
Term
| Statute of Limitations - Written Contracts |
|
Definition
|
|
Term
| Statute of Limitations - Oral Contracts |
|
Definition
|
|
Term
| Statute of Limitations - Malpractice |
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| Failure to perform as per the contract |
|
|
Term
| Statute of frauds applies to which types of contracts? (3) |
|
Definition
| 1) purchase and sales contracts 2) option contracts 3) lease agreements for more than one year |
|
|
Term
| Real estate contracts must be in writing and signed to be enforceable, except: (2) |
|
Definition
| 1) when an oral contract has been formed and the buyer has paid part of the purchase price and then has either taken possession of the property or made some improvements to the property 2) if both parties have fully performed as promised |
|
|
Term
| * Failure to comply with the statute of frauds may not be illegal, but it usually renders the contract unenforceable |
|
Definition
|
|
Term
|
Definition
| The making and acceptance of an offer |
|
|
Term
| A valid real estate contract must be signed by whom? |
|
Definition
|
|
Term
| What terminates an "Offer"? (7) |
|
Definition
| 1) counteroffer 2) acceptance 3) rejection 4) withdrawal by offeror 5) lapse of time 6) death or insanity 7) destruction of property |
|
|
Term
|
Definition
|
|
Term
| What terminates a "Contract"? (6) |
|
Definition
| 1) performance 2) mutual rescission 3) impossibility of performance 4) lapse of time 5) bankruptcy 6) breach |
|
|
Term
| Is an options contract assignable? |
|
Definition
| Yes (unless prohibited in the terms of the agreement) |
|
|
Term
| Material defects disclosure |
|
Definition
| Sellers of residential real property must disclose material defects concerning the property |
|
|
Term
| Does the use of an "as is" provision is a sales contract excuse a seller from disclosing material defects? |
|
Definition
|
|
Term
| * Buyers of homes built a prior to 1978 are now required to sign a "Lead Disclosure" form before signing the sales contract |
|
Definition
|
|
Term
| Seller's of homes to prior to 1978 must give buyers and renters want? |
|
Definition
| EPA pamphlet regarding lead-based paint |
|
|
Term
| * Florida requires that buyers, before signing the sales contract, receive an information brochure notifying them of the option for an energy-efficiency rating on the building |
|
Definition
|
|
