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10 Cards in this Set
- Front
- Back
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A promise for a promise. Most real estate contracts are this type.
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bilateral contract
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An agreement between two or
more persons, consisting of a promise or mutual promises to perform or not to perform certain acts. |
contract
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The Real Estate Purchase Agreement, commonly called the __ __, is a contract between the buyer and the seller that outlines the terms for the purchase of real property. It also acts as a receipt for the buyer’s deposit toward the purchase of the property.
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deposit receipt
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In a(n) __ __ __, one broker is named in the contract. The named broker may cooperate with other brokers and agree to share his commission with them if they bring in a buyer. This listing must have a termination date.
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exclusive agency listing
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The most common form of listing used in the real estate business.The broker is entitled to a commission no matter who sells the property, including the owner, during a specific time period. Because the broker can expect compensation, the broker is willing to spend considerable time attempting to find a buyer.
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Exclusive authorization and right-to-sell
listing |
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In a(n) __ contract, all parties have performed and fulfilled their obligations.
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executed
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In a(n) __ contract, some act of the contract remains to be completed by one or more of the parties.
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executory
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A(n) __ contract is one wherein the parties have agreed to perform
an act or acts verbally or under a written agreement. |
expressed
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Contracts can be discharged in a number of ways. __ __ is the normal situation, wherein the parties accomplish what they set out to do in the contract.
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Full performance
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A(n) __ contract is one wherein the parties have not formally agreed verbally or through a written agreement to perform an act. Instead, they agree to perform by their actions rather than by their words.
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implied
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