How can we help?

You can also find more resources in our Help Center.

Study sets matching "contracts real estate"

Study sets
Classes
Users

Study sets matching "contracts real estate"

13 terms
contracts and real estate contracts:
A contract is:
Sale and Purchase Contract:
Listing Agreement:
Option Contract:
an agreements that is mutual meeting of the minds
contract between buyer and seller of real property
agreement between a broker and a seller to perform a real est…
contract in which a potential seller give an option to a pote…
A contract is:
an agreements that is mutual meeting of the minds
Sale and Purchase Contract:
contract between buyer and seller of real property
46 terms
Real Estate Contracts Ch_12
conract
a contract must be
express contract
implied contract
voluntary promise between to competent parties to perform som…
- voluntary... - an agreement or promise... - made by legally compe…
state the terms and show their intentions in words, either or…
agreement of the parties is demonstrated by their acts and co…
conract
voluntary promise between to competent parties to perform som…
a contract must be
- voluntary... - an agreement or promise... - made by legally compe…
37 terms
Real Estate Contracts
types of real estate contracts
5 essential elements of a contract
legally competent parties
persons considered limited competency…
listing contracts... sales contracts... option contracts... leasing co…
1.legally competent parties... 2.clearly identified property des…
most adults have unlimited capacity to enter into a contract…
*minors under the age of 18... *under the influence of drugs or…
types of real estate contracts
listing contracts... sales contracts... option contracts... leasing co…
5 essential elements of a contract
1.legally competent parties... 2.clearly identified property des…
45 terms
Real Estate1: Contracts
Contract
Legally competent party
Implied contract
Express contract
A legally enforceable promise or set of promises between comp…
Party over 18 years old and not physically or mentally impair…
Contract formed by the suggestion of the parties' acts; does…
Contract in which terms are communicated in written or spoken…
Contract
A legally enforceable promise or set of promises between comp…
Legally competent party
Party over 18 years old and not physically or mentally impair…
36 terms
LA Real Estate: Real Estate Contracts
implied contract
express
unilateral contract
bilateral contract
is formed by the suggestion of the parties' acts and conduct.…
contract the terms are communicated in words. The words in ca…
contract, one party makes a promise with the hope that it wil…
contract, both parties promise to perform as stated in the co…
implied contract
is formed by the suggestion of the parties' acts and conduct.…
express
contract the terms are communicated in words. The words in ca…
12 terms
Contracts -- Real Estate Contracts
Which two sections are most contracts…
What information is found on a sales c…
What are valid sales contracts require…
What entails a legal property descript…
1. duties and obligation (establishes requirements for contra…
Price the buyer agrees to pay... Earnest money the buyer will p…
All five elements of a legally valid contracts PLUS a legal d…
A metes and bounds, rectangular, or recorded plat survey
Which two sections are most contracts…
1. duties and obligation (establishes requirements for contra…
What information is found on a sales c…
Price the buyer agrees to pay... Earnest money the buyer will p…
Real Estate Contracts
CONTRACT
VOLUNTARY CONTRACT
LEGALLY COMPETENT PARTIES
CONSIDERATION
A voluntary agreement or promise between legally competent pa…
No one may be forced into a contract.
Must be viewed by the law as capable of make a legally bindin…
A contract must be supported by something of value that induc…
CONTRACT
A voluntary agreement or promise between legally competent pa…
VOLUNTARY CONTRACT
No one may be forced into a contract.
47 terms
MA Real Estate: Contracts
Abandonment
Acceptance
Affidavit
Agreement of Sale
lessee leaves without consent of lessor before lease expires;…
indication by signature of offeree that s/he is willing to be…
a sworn statement; written oath such as acknowledgment (affir…
also known as Purchase and Sale Agreement
Abandonment
lessee leaves without consent of lessor before lease expires;…
Acceptance
indication by signature of offeree that s/he is willing to be…
42 terms
2. Real Estate Contracts
How does the real estate sales process…
What happens after a real estate owner…
Suppose a principal (the seller) accep…
What body of law applies to the relati…
Typically, a starting point is when a real estate owner decid…
The broker, often with help from his or her sponsored, licens…
The parties make efforts to meet the agreement as they procee…
The law of agency applies to the legal relationship between a…
How does the real estate sales process…
Typically, a starting point is when a real estate owner decid…
What happens after a real estate owner…
The broker, often with help from his or her sponsored, licens…
295 terms
Colorado Real Estate - Contracts
vicarious liability
Sam is an associate broker who wishes…
What is typically not negotiable in th…
Employing Broker "reasonable supervisi…
a principal's liability for an agent's acts performed within…
Sam must disclose that he has a real estate license and he sh…
mediation fee
attending first meeting with client (they do review contracts…
vicarious liability
a principal's liability for an agent's acts performed within…
Sam is an associate broker who wishes…
Sam must disclose that he has a real estate license and he sh…
37 terms
WA Real Estate- Contracts
Contract
Elements of Contract
C.L.O.C.
Valid Contract
Agreement between two or more competent parties based upon le…
Competent Parties... Legal Object... Offer & Acceptance... Consideration
Competent Parties... Legal Object... Offer and Acceptance... Considera…
Contains all the essential elements
Contract
Agreement between two or more competent parties based upon le…
Elements of Contract
Competent Parties... Legal Object... Offer & Acceptance... Consideration
28 terms
Real estate contracts
Refers to a transfer of rights and dut…
Obligates both parties to perform in a…
Is an employment contract with a buyer.
Parties have the legal capacity to con…
Assignment
Bilateral contract
Buyer brokerage agreement
Competent
Refers to a transfer of rights and dut…
Assignment
Obligates both parties to perform in a…
Bilateral contract
36 terms
LA Real Estate: Real Estate Contracts
implied contract
express
unilateral contract
bilateral contract
is formed by the suggestion of the parties' acts and conduct.…
contract the terms are communicated in words. The words in ca…
contract, one party makes a promise with the hope that it wil…
contract, both parties promise to perform as stated in the co…
implied contract
is formed by the suggestion of the parties' acts and conduct.…
express
contract the terms are communicated in words. The words in ca…
49 terms
Real Estate Chapter 11 Real Estate Contracts
Contract
Valid Contract
Competent Parties
Mutual Assent
voluntary agreement between legally competent parties to perf…
For a contract to be valid, it must have the following for el…
(1) 18 years of age and of sound mind... (2) Married and under 1…
Meeting of the minds on each term of the contract. Contract m…
Contract
voluntary agreement between legally competent parties to perf…
Valid Contract
For a contract to be valid, it must have the following for el…
25 terms
Ch. 11 - Real Estate Contracts
Acceptance
Assignment
Bilateral Contract
Breach of Contract
A promise by the offeree to be bound by the exact terms propo…
The transfer in writing of interest in a bond, mortgage, leas…
See Contract: A legally enforceable promise or set of promise…
Violation of any terms or conditions in a contract without le…
Acceptance
A promise by the offeree to be bound by the exact terms propo…
Assignment
The transfer in writing of interest in a bond, mortgage, leas…
109 terms
Real Estate Contracts
Acceptance
Accord and Satisfaction
Adequate Consideration
Assignment
When a party agrees to the terms of an offer to enter into a…
A legal doctrine that allows a court to enforce an oral agree…
Consideration that is comparable in value to the consideratio…
When a person transfers his interest under a contract to anot…
Acceptance
When a party agrees to the terms of an offer to enter into a…
Accord and Satisfaction
A legal doctrine that allows a court to enforce an oral agree…
22 terms
REAL ESTATE unit 11: real estate contracts
liquidated damage clause
binder
unilateral contract
recission
specifies the amount of money the seller gets if the buyer de…
shorter document prepared by the licensee when the details ar…
one sided agree when first party will do something only if fi…
returns things to position it was in before the contract
liquidated damage clause
specifies the amount of money the seller gets if the buyer de…
binder
shorter document prepared by the licensee when the details ar…
16 terms
Real Estate - Contracts 3
Assignment
Assignor
Assignee
Who is primarily liable?
Transfer of one's interest in a contract to another person.... -…
The person who assigns his/her interest.
The person to whom the interest is assigned
Assignee
Assignment
Transfer of one's interest in a contract to another person.... -…
Assignor
The person who assigns his/her interest.
10 terms
Real estate contracts
Bilateral contract
Consideration
Contract
Executed contract
A contract in which both parties promise to perform some act
Something of legal value offered by one party and accepted by…
A voluntary legally enforceable promise between legally compe…
A contract that has been completely performed
Bilateral contract
A contract in which both parties promise to perform some act
Consideration
Something of legal value offered by one party and accepted by…
62 terms
AZ Real Estate Contracts
Performance
Forbearance
Meeting of the minds
Buyer makes offer
To do something
The act of refraining from taking legal action
Acceptance of an offer to purchase creates a contract and thi…
Offeror
Performance
To do something
Forbearance
The act of refraining from taking legal action
34 terms
NJ Real Estate 11: Real Estate Contracts
contract
competent parties
consideration
parol evidence rule
an agreement entered into by 2 or more legally competent part…
those recognized by law as being able to contract with others
1. that received by the grantor in exchange for a deed 2. som…
agreement that the written contract overrides spoken promises
contract
an agreement entered into by 2 or more legally competent part…
competent parties
those recognized by law as being able to contract with others
34 terms
Real Estate Finance: Laws and Contracts
amortizing
What are the two components of a mortg…
PITI
What is a note?
repayment through a series of balance restrictions
Note... Mortgage
Principal, Interest, Taxes, and Insurance... Ongoing costs of h…
It lays out the exact terms of the financial obligation of a…
amortizing
repayment through a series of balance restrictions
What are the two components of a mortg…
Note... Mortgage
30 terms
Real Estate Contracts - #11
Void Contract
Voidable contract
Valid contract
Unilateral contract
A contract that has no legal force or effect because it does…
A contract that seems to be valid on the surface but maybe re…
A contract that complies with all the essentials of a contact…
An agreement that is binding on only one of the parties.
Void Contract
A contract that has no legal force or effect because it does…
Voidable contract
A contract that seems to be valid on the surface but maybe re…
42 terms
Real Estate Contracts
option
novation
purchase money mortgage
consideration
an agreement to keep open for a set period an offer to sell o…
substituting a new obligation for an old one or substituting…
a note secured by a mortgage or deed of trust given by a buye…
that received by the grantor in exchange for the deed; someth…
option
an agreement to keep open for a set period an offer to sell o…
novation
substituting a new obligation for an old one or substituting…
113 terms
REAL ESTATE CONTRACTS
an option must contain all the followi…
an option is given by the... optionee... opt…
mr baker makes an offer to mr. burk of…
a legal preceding that may be filed th…
two witnesses
optioner
the offeror
lis pendens
an option must contain all the followi…
two witnesses
an option is given by the... optionee... opt…
optioner
46 terms
12 Real Estate Contracts
Contract
Contract must have:
Consideration
Express contract
voluntary agreement or promise between legally competent part…
1. voluntary... 2. a promise... 3. legally competent parties... 4. con…
must be supported by something of value that induces party to…
parties state in written terms their intentions
Contract
voluntary agreement or promise between legally competent part…
Contract must have:
1. voluntary... 2. a promise... 3. legally competent parties... 4. con…
41 terms
11. Real Estate Basics - Real Estate Contracts
Contract Law
Essential Elements of a Valid Contract
Parol Evidence Rule
Competent Parties
General body of law that governs the operations of: listing a…
Competent parties; Offer and acceptance; Consideration; Legal…
Written contracts take precedence over oral contracts.
Over 18 years old (or married and 17) and of sound mind.
Contract Law
General body of law that governs the operations of: listing a…
Essential Elements of a Valid Contract
Competent parties; Offer and acceptance; Consideration; Legal…
15 terms
#6 - Real Estate Contracts
purchase agreement
option
tenancy
lease
Acts as the receipt for earnest money given by the buyer to s…
Is a contract to keep open, for a set period of time, an offe…
the interest of a person holding property by any right or tit…
usually a written agreement that transfers the right of exclu…
purchase agreement
Acts as the receipt for earnest money given by the buyer to s…
option
Is a contract to keep open, for a set period of time, an offe…
295 terms
Colorado Real Estate - Contracts
vicarious liability
Sam is an associate broker who wishes…
What is typically not negotiable in th…
Employing Broker "reasonable supervisi…
a principal's liability for an agent's acts performed within…
Sam must disclose that he has a real estate license and he sh…
mediation fee
attending first meeting with client (they do review contracts…
vicarious liability
a principal's liability for an agent's acts performed within…
Sam is an associate broker who wishes…
Sam must disclose that he has a real estate license and he sh…
70 terms
Texas Real Estate Contracts
Express Contract
Implied Contracts
Void
"CLAMS"
Contracts where the terms are set forth either orally or in w…
Based upon the actions of the parties.
A contract that may have been valid at one time but is no lon…
Competent parties... Legal purpose... Adequate consideration... Mutual…
Express Contract
Contracts where the terms are set forth either orally or in w…
Implied Contracts
Based upon the actions of the parties.
38 terms
Real Estate Contracts
express contract
unilateral contract
voidable contract
implied contract
a contract whose terms have been explicitly declared either v…
when only one party to the agreement makes a promise, the res…
a contract in which one party has the right to void the contr…
a contract created by the actions of the parties is an... no im…
express contract
a contract whose terms have been explicitly declared either v…
unilateral contract
when only one party to the agreement makes a promise, the res…
17 terms
Real Estate - Contracts 4
Option Contract
Optionor
Optionee
Does an Option Contract give an exclus…
A contract which gives the right to buy a property within a c…
The person who gives another the right to buy the property... -T…
The potential buyer, who receives the option (the right to bu…
Yes, this means that no one other than the person holding the…
Option Contract
A contract which gives the right to buy a property within a c…
Optionor
The person who gives another the right to buy the property... -T…
12 terms
Real Estate - Contracts 2
4 Elements to Contract Validity
Consideration
Valuable Consideration
Good Consideration
C - Consideration... A - Agreement... L - Legal Objective... L - Legal…
is a promise that someone makes to give up something of value…
Anything that has a monetary value, such as money, services,…
Something of worth that does not have a monetary value, such…
4 Elements to Contract Validity
C - Consideration... A - Agreement... L - Legal Objective... L - Legal…
Consideration
is a promise that someone makes to give up something of value…
17 terms
Real Estate - Contracts 1
Contract
Contract for forbearance
Oral Contract is called a
RE Contracts can be
is an agreement between two parties.... -TO do something... -NOT to…
is an agreement NOT to do something
PAROL Contract
Oral or Written
Contract
is an agreement between two parties.... -TO do something... -NOT to…
Contract for forbearance
is an agreement NOT to do something
46 terms
Real Estate Contracts and Agency
Agent
Assignment
Attorney-in-fact
Bilateral contract
One who acts for another
Transfer of one's rights under a contract to an individual no…
An individual with written authority to act for another
A contract where both parties are obligated to perform
Agent
One who acts for another
Assignment
Transfer of one's rights under a contract to an individual no…
72 terms
Real Estate Contracts
sales price of property, time limit, a…
the offeror
optionor
lis pendens
An option must contain all the following
Mr. Baker made an offer to Mr. Burk of $80,000.00. Mr. Burk c…
An option is given by the
a legal proceeding that may be filed that could have a future…
sales price of property, time limit, a…
An option must contain all the following
the offeror
Mr. Baker made an offer to Mr. Burk of $80,000.00. Mr. Burk c…
70 terms
Texas Real Estate Contracts
Express Contract
Implied Contracts
Void
"CLAMS"
Contracts where the terms are set forth either orally or in w…
Based upon the actions of the parties.
A contract that may have been valid at one time but is no lon…
Competent parties... Legal purpose... Adequate consideration... Mutual…
Express Contract
Contracts where the terms are set forth either orally or in w…
Implied Contracts
Based upon the actions of the parties.
70 terms
Texas Real Estate Contracts
Express Contract
Implied Contracts
Void
"CLAMS"
Contracts where the terms are set forth either orally or in w…
Based upon the actions of the parties.
A contract that may have been valid at one time but is no lon…
Competent parties... Legal purpose... Adequate consideration... Mutual…
Express Contract
Contracts where the terms are set forth either orally or in w…
Implied Contracts
Based upon the actions of the parties.
22 terms
Florida real estate contracts & estates
Executed Contract
Required elements of valid contracts.
Option contract
A right to buy a property during a spe…
Both parties have fully performed
Legal subject, agreement, consideration, and two or more comp…
A unilateral contract, binding upon the optionor
Option contract
Executed Contract
Both parties have fully performed
Required elements of valid contracts.
Legal subject, agreement, consideration, and two or more comp…
7 terms
Real Estate Contracts
Expressed Contracts
Implied Contract
Unilateral Contract
Oral contract
Parties declare their intentions orally or writing
Parties implied by actions are creating contract
One party makes a promise in order to induce the second to do…
Verbal contract
Expressed Contracts
Parties declare their intentions orally or writing
Implied Contract
Parties implied by actions are creating contract
28 terms
National Real Estate - Contracts
To be valid and enforceable, the contr…
All contracts that relate to the trans…
Void/Invalid
Voidable
1. Competent parties... 2. Offer and acceptance (mutual agreemen…
In writing
no binding effect on the parties who made it. (with a person…
One party has the right to withdraw (a minor, someone who sig…
To be valid and enforceable, the contr…
1. Competent parties... 2. Offer and acceptance (mutual agreemen…
All contracts that relate to the trans…
In writing
120 terms
Texas Real Estate Contracts
1-1... A real estate contract is importan…
1-2... A licensee does not have to use a…
1 Exam... By filling out a real estate co…
1 Exam... The Texas Real Estate License A…
identifies the parties and the property provides a written re…
the property owner or an attorney for a contract required by…
-PROTECT YOURSELF... -PROTECT YOUR CLIENT... -PROVIDE LEGAL COUNSEL
regulate licensing and provide ground rules for licensees fil…
1-1... A real estate contract is importan…
identifies the parties and the property provides a written re…
1-2... A licensee does not have to use a…
the property owner or an attorney for a contract required by…
59 terms
Real Estate Contracts
General Partnership
Duties Owned to Client (O.L.D.C.A.R.)
Housing and Community Development Act…
Trust
Both have equal say.
Obedience... Loyalty... Disclosure... Confidentiality... Accounting... Reaso…
No discrimination in housing on basis of sex
1. Trustor... 2. Trustee... 3. Beneficiary
General Partnership
Both have equal say.
Duties Owned to Client (O.L.D.C.A.R.)
Obedience... Loyalty... Disclosure... Confidentiality... Accounting... Reaso…
16 terms
Real Estate Contracts, etc...
Express Contract
Promissory Note
Executed Contract
Implied Contract
the parties to the contract have definitely agreed upon all t…
the promise of one person to pay a certain sum of money to an…
A contract that is fully performed
An agreement that may be enforced even though its terms are n…
Express Contract
the parties to the contract have definitely agreed upon all t…
Promissory Note
the promise of one person to pay a certain sum of money to an…
25 terms
REAL ESTATE CONTRACTS
ACCEPTANCE
ADDENDA
ASSIGNMENT
BILATERAL CONTRACT
A promise by the offeree to be bound by the exact terms propo…
Additional material attached to and made part of a document,…
The transfer in writing of interest in a bond, mortgage, leas…
A legally enforceable promise or set of promises that must be…
ACCEPTANCE
A promise by the offeree to be bound by the exact terms propo…
ADDENDA
Additional material attached to and made part of a document,…
20 terms
Real Estate contracts
A legally enforceable agreement under…
A person approaches an owner and says,…
A contract is said to be bilateral if…
During the period of time after a real…
c. bilateral contract.
b. Unenforceable
d. all parties to the contract exchange binding promises.
b. executory
A legally enforceable agreement under…
c. bilateral contract.
A person approaches an owner and says,…
b. Unenforceable
120 terms
Texas Real Estate Contracts
1-1... A real estate contract is importan…
1-2... A licensee does not have to use a…
1 Exam... By filling out a real estate co…
1 Exam... The Texas Real Estate License A…
identifies the parties and the property provides a written re…
the property owner or an attorney for a contract required by…
-PROTECT YOURSELF... -PROTECT YOUR CLIENT... -PROVIDE LEGAL COUNSEL
regulate licensing and provide ground rules for licensees fil…
1-1... A real estate contract is importan…
identifies the parties and the property provides a written re…
1-2... A licensee does not have to use a…
the property owner or an attorney for a contract required by…
48 terms
NJ Real Estate- contracts
Acceptance
Assignment
Binder
Breach of contract
Voluntary expression by the offeree to be bound by the exact…
The method or manner by which a right or contract such as a l…
An agreement to cover s down payment for the purchase of real…
Violation of any of the terms or conditions of a contract; de…
Acceptance
Voluntary expression by the offeree to be bound by the exact…
Assignment
The method or manner by which a right or contract such as a l…
51 terms
Real Estate : Contracts
Contract
Forbearance Clause
**Elements of a Valid Contract
Contract Classifications
Voluntary agreement between legally and competent parties to…
When you agree not to do something.
1.Competent Parties - Legal age and sound mind... 2. Offer and…
1. Expressed... 2. Implied... 3.Bilateral... 4. Unilateral... 5. Executed…
Contract
Voluntary agreement between legally and competent parties to…
Forbearance Clause
When you agree not to do something.
35 terms
Real estate contracts
Joe offers to buy Susies house for $22…
The law that requires contracts for sa…
A person who has the power to sign the…
A valid contract of purchase and sale…
An offer from Susie to Joe now exists
The Statutes of Fraud
Attorney-in-fact
buyer and seller
Joe offers to buy Susies house for $22…
An offer from Susie to Joe now exists
The law that requires contracts for sa…
The Statutes of Fraud
1 of 10