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13 Cards in this Set
- Front
- Back
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How many ft in an acre? |
43,560 ft |
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What is the opposite of S 45° W? |
N 45° E |
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In what direction do the range lines and the principal Meridian go? |
North and South |
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How many acres are in a section? |
640 |
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Legal description used for single-family dwellings located in developed subdivisions is the ___________ method of land description. The method can be used only wear plat Maps, or simply Platts, have been recorded in the public record. |
Lot and block |
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____________ requires that contracts conveying an interest in real property and contracts that are not to be performed within one year of the date created must be in writing and signed to be enforceable. |
Statute of frauds |
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An _________ is a legally binding contract that courts will recognize. These include the following: Purchase and sale contracts Option contract Deed and mortgage instruments Lease agreements for a term longer than one year Listing agreements for a term longer than one year |
Enforceable contract |
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Elements of a valid and enforceable real estate sale contract. COLIC |
Competent Offer and acceptance Legal purpose In writing and signed Consideration |
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A contract that obligates only one party to an agreement. |
Unilateral contract |
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A contract that is an agreement between parties that involves promises to be completed at a future date. |
Excutory contract |
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This is a remedy for breach of contract, that if Awards of money damages do not afford sufficient relief, the wronged party May sue to have the courts Force the other party to perform as the contract specifically States. This action is termed relief and Equity because such judgments are awarded and a court of equity. |
Specific performance |
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Remedy for breach of contract that involves a lawsuit to recover the actual amount of the monetary loss to either party. |
Compensatory damages |
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Listing to one broker who handles the transaction. The seller reserves the right to sell the property on their own and not pay commission to the broker. If the broker finds a buyer before the seller they are entitled to Commission. This is a bilateral contract because both parties are obligated to perform. |
Exclusive agency listing |
