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15 Cards in this Set

  • Front
  • Back
according to the statute of limitations how long can written contracts be enforced and oral contracts.
five years for written, four for oral
good faith deposit is consideration T/F
false - it is not consideration
an oral agreement is a----------- and is informal
parol contract
formal contracts are
in writing
option contracts are
unilateral
a contract that has not yet been fully performed. real estate contracts from the time of signing till the time of closing is this.
executory contract
a real estate contract becomes an ------after title closing
executed
the substitution of a new party for the original one.
novation
what are the four types of contracts important to real estate
listing agreements, buyer brokerage agreements, sale and purchase contracts, and option contracts.
exclusive right of sale listings and exclusive agency listings are
bilateral contracts
open listing agreements are
unilateral contracts
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
open listing
a seller gives a -------------- to one broker and the seller reserves the right to sell the property with out paying commission.
exclusive agency listing.
the most advantageous listing from the brokers viewpoint. broker is assured commission regardless of who sells the property. only one broker allowed to sell.
exclusive right of sale
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.
net listing.