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24 Cards in this Set
- Front
- Back
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According to the statute of limitations how long can written contracts be enforced and oral contracts.
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five years for written, four for oral
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Good faith deposit is consideration T/F
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false - it is not consideration
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An oral agreement is a ____________ contract and is informal.
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Parol Contract
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Formal contracts are usually in...
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Writing
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Option contracts are....
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Unilateral
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A contract that has not yet been fully performed. This includes real estate contracts from the time of signing till the time of closing.
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Executory Contract
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A real estate contract becomes ________ after title closing.
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Executed
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The substitution of a new party for the original one.
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Novation
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What are the four types of contracts important to real estate
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listing agreements
buyer brokerage agreements sale and purchase contracts option contracts |
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Exclusive right of sale listings and exclusive agency listings are what type of contracts?
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Bilateral Contracts
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Open listing agreements are what type of contracts?
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Unilateral Contracts
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A seller gives a --------------- to any number of brokers who can work simultaneously to sell the owner's property. seller reserves the right to sell and to list with other brokers. first broker to find a buyer gets commission.
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open listing
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A seller gives a -------------- to one broker and the seller reserves the right to sell the property with out paying commission.
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exclusive agency listing.
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The most advantageous listing from the brokers viewpoint. broker is assured commission regardless of who sells the property. only one broker allowed to sell.
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exclusive right of sale
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Created when a seller agrees to sell a property for a state acceptable minimum amount. the broker keeps what ever is made over the minimum amount. Illegal in most states and discouraged by the regulatory authorities in florida.
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Net Listing
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A contract must be these things.
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Voluntary
Made by legally competent parties Supported by legal consideration For a legal act |
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Under the _________ certain types of contracts must be in writing to be enforceable in a court of law.
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Statute of Frauds
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An _______ is a promise made by one party, requesting something in exchange for that promise.
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Offer
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An _________ is a promise by the offeree to be bound by the exact terms proposed by the offeror.
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Acceptance
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A contract may be these things.
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Valid
Void Voidable Unenforceable |
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A violation of any of the terms or conditions of a contract without legal reason...
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Breach of Contract
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Evidence of the buyer's intention to carry out the terms of the contract in good faith.
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Earnest Money Deposit
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An _________ is a change or modification to the existing content of a contract.
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Amendment
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An _________ is any provision added to an existing contact without altering the content of the original.
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Addendum
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