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Real Estate Vocab Chapter 19/ 20/21
Terms in this set (35)
May be written or oral
What is an implied contract?
It is created through the actions of the parties
What happens if a person dies intestate, and did not have a will?
The court appoints an administrator to settle the estate
What may terminate an offer?
Revocation at any time before it is accepted, Counteroffer, Rejection, Time, Death of the offeror, offeree, Destruction of the property, Operation of law, Material change of circumstances
What does an acceptance of an offeror mean?
It means that the offeree accepts every term if the offer. There is not one thing that the parties do not agree on.
An exchange of promises is:
...the consideration in a contract for real estate
What does the Statue of Frauds require?
That in order to be enforceable in court, real estate contracts must be written (in writing and signed)
The essential elements of real estate sales contract are:
Competent parties, Legality of purpose, Offers Acceptance, Consideration, Written contract, communication
When a party rescinds the contract, the parties return to X..they held before entering into the contract. (ex. buyer doesn't like the results of the building inspection so she got her earnest money back)
.."same legal positions"
Both parties exchange promises in a X agreement (Purchase and Sale Agreement)
One Party makes a promise and the other party forms the contract by completing the action in "this kind of contract"
One that has not yet been completed (ex. purchase and sales agreements between its effective date and the closing)
An Executed contract (purchase and sales agreement the after a successful closing is an example of it)
One for which all parties have performed all duties
A valid contract
Contains all the essential elements and is enforceable in court
A void contract
Lacks one or more of the essential elements
A voidable contract
Offers one or both of the parties the option to rescind or disaffirm the contract
An enforceable contract
May be brought to court in a lawsuit
An unenforceable contract
Is one for which neither party can sue to enforce in court, An example is an oral agreement to purchase real estate
The seller agrees to take the property off the market for a period of time
A Right of First Refusal
Is a contract to buy property that is not currently for sale.
Three ways a sales contract can be discharged by operation of law are:
Forfeiture, Condemnation, Bankruptcy
What happens when a party rescinds the contract?
The parties return to the same legal positions they held before entering into the contract.
Is the highest value that a property will bring in a competitive open market
"Highest and best use" of a property is....
That which preserves its utility and yields a net income flow that forms the highest present value of the land
Forces that contribute to value are
Economic, Social, Governmental, Physical
Economic Principles that affect value are
Utility, Transferability, Supply and demand, Anticipation, Contribution, Substitution, Conformity, Change, Competition, Assemblage and pottage, Regression and Profession, Low of increasing and Decreasing Returns
The three approaches to value are
Market, Cost, Income
The market approach is used to
appraise single-family homes and vacant land
How does an appraiser reconciles data from the three approaches to...
Develop and opinion of value
What can be depricated for tax purposes;
What can not be depreciated for tax purposes
What would a porch in poor condition be considered as?
Poor design causes what?
Negative factors outside the property cause what?
What type of information does an appraiser use to compute depreciation?
The economic life of a building is a measurement of its useful life. This info is used to do what?
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