Section 9 Re

Front 1

Assignment

Back 1

Transfer of rights and duties under a contract

Front 2

Attorney in fact

Back 2

Person authorized to perform certain acts for another under a power of attorney

Front 3

Bilateral contract

Back 3

Obligates both parties to perform in accordance w the terms of the contract

Front 4

Buyer brokerage agreement

Back 4

Employment contract w a buyer

Front 5

Community development district

Back 5

Independent special district created by law to service the long term needs of its community

Front 6

Competent

Back 6

Parties have the legal capacity to contract, no mental defects and are of legal age to contract

Front 7

Contract

Back 7

Agreement between 2 or more parties to do a legal act for a consideration which creates certain rights and obligations

Front 8

Enforceable contract

Back 8

Legally binding contract that the law will recognize

Front 9

Exclusive agency listing

Back 9

Given to one broker but the seller reserves the right to sell the property without paying a commission

Front 10

Exclusive right of sale listing

Back 10

Listing given to one broker who is assured of a commission no matter who sells

Front 11

Fraud

Back 11

Intent to misrepresent a material fact or to deceive in order to gain an unfair advantage or to harm another person

Front 12

Good consideration

Back 12

Promise that cannot be measured in terms of money

Front 13

Homeowners associations

Back 13

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

Front 14

Liquidated damages

Back 14

Amount specified in the contract to be paid to the seller in case of default by the buyer

Front 15

Meeting of the minds

Back 15

Reaching an agreement on all terms in a contract

Front 16

Misrepresentation

Back 16

Untrue statement of fact or the concealment of a material fact

Front 17

Net listing

Back 17

Created when a seller agrees to sell a property for a stated acceptable minimum amount

Front 18

Novation

Back 18

Substitution of a new party for the original one

Front 19

Open listing

Back 19

Listing given to any number of brokers

Front 20

Option contract

Back 20

Unilateral contract to keep open for a specified period of time an offer to sell or lease real property

Front 21

Parol contract

Back 21

Oral agreement