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20 Cards in this Set
- Front
- Back
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Listing contracts
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In a real estate office these contracts are the property of the broker
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A purchase agreement
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Prior to acceptance these are considered offers
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Equitable title
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A type of title also known as an insurable interest
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Implied contract
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Pumping gas prior to paying is an example of this type of contract
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Legal title
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A type of title that one receives as the deed is delivered
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Acceptance
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Notification and delivery to buyers of their signed offer by the seller
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Statue of frauds
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Requires contracts of sale such as purchase agreements to be in writing
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Exclusive right to sell
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Type of listing stating, regardless of who procures the buyer, the listing broker gets paid
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Open listing
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Only the real estate firm who procures the buyer gets paid by the seller
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Voidable contract
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A contract with a minor
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Unilateral contract
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An option is an example of this type of contract
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Specific performance
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A court order requiring a promise made to be carried out
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Net listings
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Because of the uncertainty of the selling price, this type of listing is prohibited in most states
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Earnest money
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If specified in the contract, this can be used as liquidated damages
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Consideration
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A legal requirement to create a valid contract that can be good and signed by an offeror or valuable
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Expressed contract
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A contract in which the parties state the exact terms
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Counteroffer
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This act by the offeree invalidates an original offer
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Contingency
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A termite inspection is an example of this prerequisite to settlement
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Optioner
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The person who owns the property and has signed an option contract with a potential buyer
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Vendee
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The buyer in a land contract for deed
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