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24 Cards in this Set
- Front
- Back
Assignment |
Transfer of rights and duties under a contract |
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Attorney in fact |
Person authorized to perform certain acts for another under a power of attorney |
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Bilateral contract |
Obligates both parties to perform in accordance w the terms of the contract |
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Buyer brokerage agreement |
Employment contract w a buyer |
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Community development district |
Independent special district created by law to service the long term needs of its community |
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Competent |
Parties have the legal capacity to contract, no mental defects and are of legal age to contract |
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Contract |
Agreement between 2 or more parties to do a legal act for a consideration which creates certain rights and obligations |
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Enforceable contract |
Legally binding contract that the law will recognize |
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Exclusive agency listing |
Given to one broker but the seller reserves the right to sell the property without paying a commission |
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Exclusive right of sale listing |
Listing given to one broker who is assured of a commission no matter who sells |
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Fraud |
Intent to misrepresent a material fact or to deceive in order to gain an unfair advantage or to harm another person |
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Good consideration |
Promise that cannot be measured in terms of money |
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Homeowners associations |
Responsible for the operation of a community in which the voting membership is made up of parcel owners, membership is a mandatory condition of parcel ownership. Association is authorized to impose assessments that if unpaid may become a lien on the parcel |
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Liquidated damages |
Amount specified in the contract to be paid to the seller in case of default by the buyer |
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Meeting of the minds |
Reaching an agreement on all terms in a contract |
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Misrepresentation |
Untrue statement of fact or the concealment of a material fact |
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Net listing |
Created when a seller agrees to sell a property for a stated acceptable minimum amount |
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Novation |
Substitution of a new party for the original one |
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Open listing |
Listing given to any number of brokers |
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Option contract |
Unilateral contract to keep open for a specified period of time an offer to sell or lease real property |
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Parol contract |
Oral agreement |
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Procuring cause |
Chain of events that result in a sale |
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Unilateral contract |
Obligates only one party to perform |
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Void contract |
Does not meet all of the required elements of a valid contract and has no legal effect |