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51 Cards in this Set

  • Front
  • Back
THE _____RULE IS THE BEST STANDARD FOR ETHICAL CONDUCT.
GOLDEN
(TREAT HOW YOU WANT TO BE TREATED)
OUR VALUES AS HUMANS COME FROM OUR ____, OUR _____AND OUR ROLE_____.
EXPERIENCE
INFLUENCERS
MODELS
A _____IS A PROMISE OR AGREEMENT BETWEEN 2 PARTIES TO PERFORM LEGAL ACTS
CONTRACT
THE BASIS OF A CONTRACT IS A ______.
PROMISE
AN ____CONTRACT IS ONE WHERE THE TERMS ARE CLEARLY STATED.
EXPRESS
AN _____CONTRACT IS ONE WHERE TERMS ARE NOT EXPRESSED IN WORDS BUT INSINUATED FROM THE CONDUCT OF THE PARTIES.
IMPLIED
A______CONTRACT IS ONE WHERE A PROMISE IS EXCHANGED FOR A PROMISE
BILATERAL
A _____CONTRACT IS ONE WHERE A PROMISE IS EXCHANGED FOR AN ACT.
UNILATERAL
AN _____CONTRACT IS ONE WHERE SOMETHING REMAINS TO BE DONE BY ONE OR MORE OF THE PARTIES.
EXECUTORY
AN _____CONTRACT IS ONE WHERE ALL PARTIES HAVE MET THEIR CONTRACTUAL OBLIGATIONS
EXECUTED
A ___CONTRACT IS NO CONTRACT AT ALL.
VOID
A _____CONTRACT IS ONE THAT APPEARS TO BE VALID, BUT IN FACT CAN BE BROKEN.
VOIDABLE
AN _______CONTRACT IS ONE THAT THE LAW RECOGNIZES THE DUTY OF THE PARTIES TO PERFORM, BUT THERE IS NO REMEDY TO A BREACH OF CONTRACT
UNENFORCEABLE
A VALID CONTRACT MUST CONTAIN 1. ____ASSENT 2. _____CONSIDERATION 3. COMPETENT _____AND 4. _____PURPOSE
MUTUAL
LEGAL
PARTIES
LEGAL
MUTUAL ASSENT IS WHEN ONE PARTY _____AN OFFER AND ANOTHER PARTY ____AN OFFER
MAKES
ACCEPTS
TO BE VALID AN OFFER ON A HOME MUST BE ______,_____,AND _______.
1. INTENTIONAL(LEGALLY BOUND)
2. DEFINATE(PRICE,TIME,SUBJECT
MATTER)
3. COMMUNICATED
AN OFFER ON A HOME CAN BE TERMINATED BY _____BY OFFEREE, _____-OFFER BY OFFEREE, LAPSE OF ____,_____BY OFFEROR, _____OF OFFEROR OR OFFEREE
REJECTION
COUNTER
TIME
REVOCATION
DEATH
THE WILLINGNESS TO BE BOUND BY THE TERMS OF A HOME BUYING OFFER IS _____AND RESULTS IN MUTUAL ASSENT
ACCEPTANCE
TO BE VALID, AN ACCEPTANCE ON A HOME OFFER MUST BE ____BY THE OFFEREE, _____TO THE TERMS OF THE OFFER,AND BE _____.
COMMUNICATED
CONSIDERATION IS THE PRICE PAID FOR A _____.
PROMISE
INCOMPETENT PARTIES IN A REAL ESTATE DEAL ARE _____,_____,OR ______.
MINORS
INSANE
INTOXICATED
LEGAL PURPOSE MEANS A CONTRACT WHOSE MANNER ARE CONTRARY TO THE LAW OR PUBLIC POLICY ARE _____AND THEN____.
ILLEGAL
VOID
THE STATUTE OF FRAUDS PREVENTS FRAUDS AND ____.
PERJURIES
FRAUD MUST PROVE 4 ELEMENTS.
_____MISSTATEMENT, ______FACT, ______BY ANOTHER, RESULTING IN _____.
INTENTIONAL
MATERIAL
RELIANCE
DAMAGE
MISREPRESENTATION IS DIFFERENT THAN FRAUD WITH FRAUD BEING _____AND MISREPRESENTATION NOT BEING_____.
INTENTIONAL
INTENTIONAL
LIST 4 WAYS TO DISCHARGE A SALES CONTRACT.
1 PERFORMANCE(DONE DEAL)
2 RELEASE(MUTUAL)
3 RESCISSION(CANCELLATION)
4 ACCORD AND SATISFACTION(NEW CONTRACT)
TO CANCEL A SALES CONTRACT IS_____OF A CONTRACT
RESCISSION
______AND SATISFACTION OF A SALES CONTRACT IS WHEN A NEW AGREEMENT TAKES PLACE OVER THE ORIGINAL
ACCORD
A _____OF CONTRACT IS THE UNEXCUSED NON-PERFORMANCE OF A CONTRACT.
BREACH
BREACH OF CONTRACT DAMAGES:
1.
2.
3.
NOMINAL(NO REAL ASSESSED DAMAGES INCURRED)
COMPENSATORY(ACTUAL LOSS)
PUNITIVE (TO PUNISH CONDUCT)
THE CANCELLATION OF A CONTRACT BECAUSE OF FRAUD OR MISREPRESENTATION IS CALLED_____.
RESCISSION
______PERFORMANCE IS AWARDED BY THE COURTS AS A LEGAL REMEDY FOR BREACH OF CONTRACT, WHICH REQUIRES THE DEFENDANT TO PERFORM AS PROMISED.
SPECIFIC
LIQUIDATED DAMAGES ARE CONTRACTUAL AMOUNTS PAID FOR _____OF CONTRACT.
BREACH
A DEFENDANT IS FORBIDDEN TO DO A CERTAIN ACT BY AN _____.
INJUNCTION
EXCUSES FOR NON-PERFORMANCE INCLUDE: 1 FRUSTRATION OF _____, ______OF SUBJECT MATTER, ______,_____OR ILLNESS.
PURPOSE
DESTRUCTION
MISTAKE
DEATH
EXPLAIN FRUSTRATION OF PURPOSE:
WHEN THE PURPOSE OF A DEAL IS CLEARLY STATED AND UNFORSEEABLE HAPPENINGS CANCEL THE PURPOSE
REFORMATION IS WHEN A CONTRACT IS _______
REWRITTEN (BECAUSE OF TECHNICAL ERRORS)
_____ MONEY IS A CASH PAYMENT GOOD FAITH DEPOSIT.
EARNEST
THE RIGHT TO GET A LEGAL TITLE IS CALLED _____TITLE
EQUITABLE
LEGAL TITLE IS TRANSFERRED BY A DEED OF ______.
CONVEYANCE
A CLAUSE IN A DEED OR A LEASE THAT RESTRICTS THE USE OF THE PROPERTY IS A ______COVENANT.
RESTRICTIVE
WHEN "TIME __ __ THE _____" IS IN A CONTRACT, EITHER PARTY MAY DECLARE THE OTHER GUILTY OF BREACH OF CONTRACT
IS OF ESSENCE
THE PURCHASER OF REAL PROPERTY IS CALLED A _____.
VENDEE
THE SELLER OF REAL PROPERTY IS CALLED A ______.
VENDOR
AN _____IS THE RIGHT GIVEN BY A PROPERTY OWNER TO ANOTHER, TO LEASE OR PURCHASE A PROPERTY, AT A SPECIFIC PRICE,WITHIN A SET PERIOD
OPTION
THE PERSON RECEIVING AN OPTION TO BUY IS THE______
OPTIONEE (BUYER)
THE PERSON GIVING AN OPTION TO BUY IS THE _____
OPTIONOR (SELLER)
THE _____FEE BELONGS TO THE OPTIONOR AS SOON AS THE OPTION IS SIGNED.
OPTION (DIFFERENT FROM AN EARNEST MONEY DEPOSIT, WHICH IS HELD UNTIL THE DEAL IS COMPLETELY DONE)
RIGHT OF FIRST _____IS THE CONTRACTUAL RIGHT TO HAVE 1ST OPPORTUNITY TO PURCHASE OR LEASE A PROPERTY
REFUSAL
PROPERTY _____IS THE SEGMENT OF REAL ESTATE THAT RELATES TO THE MANAGING, LEASING, MARKETING, AND MAINTENANCE OF PROPERTY
MANAGEMENT
DOES A PROPERTY MANAGER HAVE TO BE LICENSED?
YES