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13 Cards in this Set

  • Front
  • Back
A relationship of trust and loyalty is known as?
Ways of creating a real estate agency?
-By ratification
-By agreement (written) - most common and strongest
-By estoppel
HOw many parties are required in an agency relationship? what parties?
Agent, Principal, and Third party
What is commingling?
mixing brokers funds with clients funds.
What is it called when the clients money is used for the brokers benefit?
WHat isthe agreement between two or more persons consisting of a promise or a mutual
promise to perform or not perform certain acts?
what are Essential Elements of contract
1. Parties capable of contracting
2. Mutual consent
3. Lawful object - lawful parts valid, unlawful parts are void
4. A sufficient consideration
5. Must be in writing (for real estate) - Statute of Frauds
Also, any changes must be in writing
Contracts must be in writing when?
1. Not performed within a year
2. Special promise to answer for the debt, default or miscarriage of another.
3. An agreement made on consideration of marriage (prenuptial)
4. Lease > 1 year or sale
5. Real estate agency agreement
6. Agreement that is not to be performed in the life time of the promisor, i.e., to devise or
bequeath property.
7. Agreement to pay indebtedness secured by a TD or mortgage
Statute of limitations to remove an encroachment is?
3 years
Statute of limitations to bring action on a written contract is?
4 years
Statute of limitations to bring action on recovery of property is?
5 years
what are the four types of listings?
1. Open
2. Exclusive Agency
3. Exclusive Authorization and Right to Sell (most common)
4. Net listing - must disclose “commission” prior to signing sales contract
Three essential steps for a binding offer
-Acceptance by the seller
-Notification by the seller to the buyer