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39 Cards in this Set
- Front
- Back
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A promise for a promise. Most real estate contracts are this type.
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bilateral contract
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An agreement between two or
more persons, consisting of a promise or mutual promises to perform or not to perform certain acts. |
contract
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The Real Estate Purchase Agreement, commonly called the __ __, is a contract between the buyer and the seller that outlines the terms for the purchase of real property. It also acts as a receipt for the buyer’s deposit toward the purchase of the property.
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deposit receipt
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In a(n) __ __ __, one broker is named in the contract. The named broker may cooperate with other brokers and agree to share his commission with them if they bring in a buyer. This listing must have a termination date.
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exclusive agency listing
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The most common form of listing used in the real estate business.The broker is entitled to a commission no matter who sells the property, including the owner, during a specific time period. Because the broker can expect compensation, the broker is willing to spend considerable time attempting to find a buyer.
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Exclusive authorization and right-to-sell
listing |
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In a(n) __ contract, all parties have performed and fulfilled their obligations.
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executed
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In a(n) __ contract, some act of the contract remains to be completed by one or more of the parties.
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executory
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A(n) __ contract is one wherein the parties have agreed to perform
an act or acts verbally or under a written agreement. |
expressed
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Contracts can be discharged in a number of ways. __ __ is the normal situation, wherein the parties accomplish what they set out to do in the contract.
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Full performance
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A(n) __ contract is one wherein the parties have not formally agreed verbally or through a written agreement to perform an act. Instead, they agree to perform by their actions rather than by their words.
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implied
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Four real estate examples of Statute of __ periods are as follows:
1. Three years to bring action for removal of encroachments. 2. __ years to bring action on a written contract. 3. __years to bring action for recovery of title to property. 4. __ days after filing a mechanic’s lien, the mechanic must bring a court foreclosure to enforce the lien. |
Limitation
4 years 5 years 90 days |
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A(n) __ contract appears to be valid but cannot be sued upon. An example is a(n) __ agreement for the sale of real property by an agent for a commission.
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unenforceable; oral
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A(n) __ contract is created by only one party extending a promise without a reciprocal promise by another party. An example is offering reward.
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unilateral
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A(n) __ contract is one that is binding and enforceable.You can sue on it; it is considered the best type of contract you can have.
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valid
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A(n) __ contract is an agreement that has no legal effect. An example is a contract by a minor to purchase a home.
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void
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A(n) __ contract exists where one of the parties (the injured party) has the option of proceeding with the contract or calling it off. Examples include contracts entered into because of some kind of threat.
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voidable
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There are five essential elements of a real estate contract:
(1) parties capable of __; (2) mutual __; (3) a lawful __; (4) sufficient __; (5) according to the Statute of Frauds, the contract must be in __. |
contracting
consent object consideration writing |
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The following things terminate (discharge) a contract: expiration of __, mutual __, or full performance.
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time; consent
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The two most common remedies for a breach are to sue for __ or to sue for specific __.
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damages; performance
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A real estate contract should contain the __ of the agreement,
the names and __ of the parties, a description of the property, the consideration, the mortgage __, the date and place of the closing contract. |
date; addresses; terms
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A listing agreement is the contract between the __, usually the seller, and the real estate __.
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principal; broker
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For 1- to __-unit residential
properties, various disclosure statements must be presented to the buyer before the close of the __. |
4; sale
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Statute of Frauds, 1/7, this contract must be in writing to be enforceable:
An agreement that is not to be performed within a __. |
year
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Statute of Frauds, 2/7, this contract must be in writing to be enforceable:
A special promise to answer for the debt, or default of __. |
another
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Statute of Frauds, 3/7, this contract must be in writing to be enforceable:
An agreement to lease real estate for more than one year or for the __ of real property or of an interest therein. A lease for less than one year need not be in writing to be valid. |
sale
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Statute of Frauds, 4/7, this contract must be in writing to be enforceable:
An agreement authorizing any person to purchase or sell real estate, or to lease real estate for a period longer than one year for a(n) __. |
commission
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Statute of Frauds, 5/7, this contract must be in writing to be enforceable:
An agreement made on consideration of marriage other than a mutual promise to __. |
marry
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Statute of Frauds, 6/7, this contract must be in writing to be enforceable:
An agreement that, by its terms, is not to be performed during the lifetime of the promisor (in other words, a(n) __). |
will
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Statute of Frauds, 7/7, this contract must be in writing to be enforceable:
An agreement by a purchaser of real property to pay an indebtedness secured by a mortgage or deed of trust on the property purchased (ie, a(n) __), unless assumption of said indebtedness by the purchaser is specifically provided for in the conveyance of the __. |
HELOC; property
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Real Estate Transfer Disclosure Statement requires the signatures of:
1. __ 2. __ 3. __ |
sellers
selling agent buying agent |
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This listing MUST have a definite termination date, (the exclusive agency listing also needs one).
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Exclusive authorization and right-to-sell listing
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If, during the escrow process but prior to closing the sale, a fire destroys the home being sold, then the buyer need not complete the purchase and is entitled to:
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the deposit back.
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Doctrine of Laches doctrine states that if an unreasonable delay in
bringing an action results in an unfair situation for a defendant, the extent of the lawsuit might be __. |
limited
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A 17-year-old divorced man wishes to sell his separate real property. A real estate broker legally __ accept the listing.
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can
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Prior to signing a listing agreement, the seller asks the real estate agent, “What is the commission rate in our area?” the correct answer is:
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"All commission rates are negotiable."
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The disclosure requirement concerned with special flood areas,
dam failure, high fire severity, wildland forest fires, earthquake fault zones, and seismic hazard zones is the: |
natural hazard disclosure statement
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When a buyer is purchasing a condominium or a unit in a planned unit development (PUD), said buyer must be given a(n) "___________" regarding the CC&Rs, homeowner dues, and financial and legal status of the homeowner’s
association. |
common interest development general information
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The purchase agreement obligates the seller to make the property available to the buyer for __.
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inspections
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__ means that if the principal causes third persons to believe that someone is his agent and that third party deals with the agent, then the principal cannot deny the agency relationship even though it did not exist in fact.
__ means that if a person having no authority whatsoever, purports to act as an agent and the purported principal later adopts the acts of that agent, an agency relationship has retroactively been created. |
Estoppel
Ratification |
