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35 Cards in this Set
- Front
- Back
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A contract is... |
A legally enforceable agreement to do (or not do) some specific thing. |
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The Statute of Frauds requires ______________________ for _____________________. |
This requires contracts to be written and signed by all parties in order to be enforceable. |
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In terms of contracts, someone who is competant is... |
A legally capable person is considered ________________ to enter a contract. |
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These persons are automatically considered incompetent. |
Persons under the age of 18 are... |
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Contracts signed by incompetents are voidable by __________________ unless signed by the legal guardian. |
Contracts signed by incompetents are voidable by the incompetent, unless ___________________. |
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What is a meeting of the minds? |
All parties must agree to all terms. |
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What is Valid Consideration? |
Money or other valuables (such as labor or love) considered in a contract. |
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What is a Legal Object? |
The Purpose of a contract is called... |
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What is an expressed contract? |
A contract in which all terms have been stated (verbally on written). |
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What is an implied contract? |
A contract that is understood through the actions or conduct of the parties. |
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What is an executed contract? |
A contract in which all terms have been fulfilled. |
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What is an executory contract? |
A contract in which all terms have not yet been fulfilled. |
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A signed purchase contract is an example of a ______________________. |
______________________ is an example of an executory contract. |
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Listings, purchase contracts, and leases are examples of _____________ contracts. |
Three examples of bilateral contracts are: |
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Under a bilateral contract....... |
Two parties exchange promises to one another in this sort of contract. |
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In a unilateral contract..... |
One party promises to another, in order to induce action in the other. |
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A contract of the form "IF x a's, then y will b" is an example of a ______________ contract. |
A unilateral contract takes the form: |
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A valid contract must contain these elements: |
Competent parties, valid consideration, offer and acceptance, and a legal object must be present for a contract to be ___________. |
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A void or invalid contract is... |
A contract that is not enforceable by law is... |
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A contract which is missing one of the essential elements may be..... |
A voidable contract is one in which..... |
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An illusory contract is one which is... |
A contract that is worded loosely or vaguely is... |
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A written employment contract that appoints the broker as the seller's agent for the purpose of finding a buyer is a __________________. |
A written employment contract that appoints the __________ as the ___________'s agent for the purpose of _____________ is a listing agreement. |
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Listings are __________________ agreements. (bilateral or unilateral?) |
Bilateral. |
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In an open listing, the broker will be paid..... |
In an _________________, the broker will be paid only if he finds a buyer. |
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Open listings often do not have a ___________________________. |
___________ listings often do not have an expiration date. |
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In an ____________________ listing, the broker will be paid as long as the seller does not find his own buyer. |
In an exclusive agency listing, the broker will be paid as long as ______________________________. |
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In an ____________________________ listing, the broker will be paid no matter who finds the buyer. |
In an exclusive right to sell listing, the broker will be paid __________________________________. |
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In a multiple listing..... |
Brokers pool their inventory in a _______________________ service. |
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In _______________________, the seller agrees to keep a specified amount of proceeds, and the broker keeps any excess. |
A net listing is when... |
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An option listing is when.. |
When a broker holds an option on a property, it is called an.... |
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A written employment contract in which a buyer hires a broker to locate and acquire property is called a ________________________. |
A Buyer Brokerage Agreement is... |
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All listings, property management agreements, and buyer brokerage agreements must contain a definite __________________________. |
These three sorts of contracts must have a definite expiration date. |
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This prohibits any anti-competitive practices between or amongst brokerages. |
The Sherman Anti-Trust Act does this... |
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According to the Sherman Anti-Trust Act, brokers may not... |
According to ______________________, brokers cannot agree to fixed commissions, make a consumer think commissions are non-negotiable, divide the market into monopolized regions, or boycott other companies' listings. |
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In Arizona, a broker may only file a lien for unpaid commissions on ____________________ properties. |
In Arizona, a broker may only ___________________________________ on commercial properties. |
