Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
|
A relationship of trust and loyalty is known as?
|
Fiduciary
|
|
|
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?
|
Conversion
|
|
|
WHat isthe agreement between two or more persons consisting of a promise or a mutual
promise to perform or not perform certain acts? |
Contract
|
|
|
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
|
-Offer
-Acceptance by the seller -Notification by the seller to the buyer |
