Chapter 11: Real Estate Transactions

Front 1

Legally enforceable agreement for consideraiton between competent parties to perform or not perform an act is

Back 1

Contract

Front 2

A requirement aht everything must be in writing is call

Back 2

Statue of Frauds

Front 3

Written agreement is the final expression of the agreement of the parties and prevails over prior oral negotiations is the

Back 3

Parol Evidence Rule

Front 4

False Statement or concealment of fact

Back 4

Misrepresenation

Front 5

Any form of misrepresentation with the intent to deceive is

Back 5

Fraud

Front 6

A doctrine to bar a legal claim due to delay or failure to assert the claim or right is

Back 6

Laches

Front 7

Laws which regulate the registration and sale of investment securities

Back 7

Blue Sky Law

Front 8

The giver of the offer is called the

Back 8

Offeror

Front 9

the receiver of the offer

Back 9

Offeree

Front 10

Expressed promise made by one party to act or perform in a sepcified manner is called an

Back 10

Offer

Front 11

Mixing of the brokers operating money with trust funds is called

Back 11

Co-Mingling

Front 12

When a broker spends trust money it is called

Back 12

Conversion

Front 13

Mutual Agreement signed by the seller and buyer to cancel contract, stating dispostion of earnest money is called

Back 13

Rescission Agreement

Front 14

Violation of any terms in a contract without legal excuse is called

Back 14

Breach of contract

Front 15

Compensation amount predetermined and paid to an injured party should there be a contract breach is

Back 15

Liquidated Damages

Front 16

A legal action to compel a party to carry out the terms of a contract is

Back 16

Specific Performance

Front 17

An agreement kept open to bu or lease the owners property at a fixed price within a stated period of time

Back 17

Option

Front 18

hen excerising an option, the seller is the

Back 18

Optionor

Front 19

When excrising an option, the buyer is the

Back 19

Optionee

Front 20

Once a contract has been entered, a buyer can subsitute a name which is called a

Back 20

Nominee

Front 21

The person who assumes legal rights on a contract is a

Back 21

Assignee