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17 Cards in this Set
- Front
- Back
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Real estate licensee can prepare? |
1.A listing contract 2.buyer broker agreement 3.sales and purchase contracts 4. option contracts. |
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Licensees can NOT prepare? |
1.Deeds 2. mortgage 3.promissory note 4. agreement for Deeds (a financing. instrument) |
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Over one year lease term |
Agreement must be in writing to be enforceable (per statutes of fraud) |
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File civil action within 4 years |
Action found on oral (parol) agreement (statute of limitation) |
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File civil action within 5 years |
Action found on a written instrument (statute of limitation) |
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Four elements for a valid contract |
1.Competent parties 2.meeting of the minds (Mutual assent) 3.legal purpose 4. consideration (promise for a promise) |
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One additional element for enforceable contract |
Agreement must be in writing and signed by the parties to enforce in a civil court |
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Four classifications of contracts |
1.Bilateral and unilateral 2. expressed or implied 3. executory or executed 4. formal and Parol |
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2 (both) parties must perform |
Bilateral contract |
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Only one party must perform |
unilateral contract (example: option contract) |
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Three types of listing contracts |
1.Open listing 2. exclusive listing 3. exclusive right of sale listing |
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Dwellings built prior to 1978 |
Lead-based paint disclosure is required (sale and Lease transactions) |
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10-day opportunity to conduct |
Risk assessment the 10 period May be reduced or waived |
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Three days to void contract |
After receipt of a homeowner association "disclosure summary" |
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More than 20 new condo units |
Developer must give "prospectus" disclosure to purchase |
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15 day to cancel contract |
New condo unit |
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3 business days to cancel a contract |
Existing condo unit |
