Study sets matching "estate contracts"

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Study sets matching "estate contracts"

17 terms
Real Estate Contracts & Practice - Contracts
Contract
Elements of contract:
Legality of object
Consideration
Agreement between competent parties and based upon legal cons…
Competent parties promising to do or not to do certain things…
Contract must not be for illegal purpose or against public po…
May be exchange of promises (mutual promises), forbearance to…
Contract
Agreement between competent parties and based upon legal cons…
Elements of contract:
Competent parties promising to do or not to do certain things…
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
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…
Contracts - Real Estate Law
Statute of Frauds
memorandum
marketable
contingency clause
A statute that states certain contracts, to be enforceable, m…
A writing that contains essential terms in satisfaction of th…
refers to title that is free of liens or other encumbrances
A provision within a contract that makes performance under th…
Statute of Frauds
A statute that states certain contracts, to be enforceable, m…
memorandum
A writing that contains essential terms in satisfaction of th…
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…
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.
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…
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…
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
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…
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…
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
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…
Real Estate Contracts - In Practice
CONTRACT
BILATERAL/UNILATERAL CONTRACTS
VALIDITY OF A CONTRACT
PERFORMANCE OF A CONTRACT
Real Estate professionals may be permitted by state law to us…
A broker lists a property for sale with the multiple listing…
Mental capacity to enter into a contract is not the same as m…
When a time is of the essence clause is used in a contract, t…
CONTRACT
Real Estate professionals may be permitted by state law to us…
BILATERAL/UNILATERAL CONTRACTS
A broker lists a property for sale with the multiple listing…
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…
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
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
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.
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…
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…
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…
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…
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.
#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…
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…
60 terms
Real Estate Exam: Law of Contracts
This requires a contract for the conve…
These are drafted by the Broker Lawyer…
An example of a unilateral contract
In a lease with a "right of first refu…
Statute of Frauds
TREC residential contract forms
Option Contract
match or better any offer the landlord receives to prevent th…
This requires a contract for the conve…
Statute of Frauds
These are drafted by the Broker Lawyer…
TREC residential contract forms
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…
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.
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.
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
42 terms
Unit 12: Real Estate Contracts
Contract
In addition to ESSENTIAL ELEMENTS, a r…
Contract Law
Express Contract
A VOLUNTARY agreement or PROMISE between two COMPETENT partie…
-Purchase price and terms and how buyer intends to pay for pr…
The area of law that governs contracts and agreements.
An oral or written contract in which the parties state the co…
Contract
A VOLUNTARY agreement or PROMISE between two COMPETENT partie…
In addition to ESSENTIAL ELEMENTS, a r…
-Purchase price and terms and how buyer intends to pay for pr…
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…
AZ Real Estate Contracts
Statute of Frauds
Elements of a contract
Voidable contract
Community property state
all contracts must be in writing to be enforceable, except le…
Offer and acceptance, Consideration, legally competent partie…
with a minor
both husband and wife have to sign all contracts and other ag…
Statute of Frauds
all contracts must be in writing to be enforceable, except le…
Elements of a contract
Offer and acceptance, Consideration, legally competent partie…
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
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…
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…
REAL ESTATE LAW: CONTRACTS
4 Essentials for a Valid Contract
Unilateral vs. Bilateral Contract
Compensatory Damages
MONETARY DAMAGES
1. Competent Parties... 2. Mutual Consent... 3. Legal Purpose... 4. Co…
...
- purpose is to make the injured party whole... -
MONETARY DAMAGES
4 Essentials for a Valid Contract
1. Competent Parties... 2. Mutual Consent... 3. Legal Purpose... 4. Co…
Unilateral vs. Bilateral Contract
...
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…
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…
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…
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,…
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…
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…
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
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
6 terms
Real Estate Contracts & Practice - Options
Option
Unilateral contract
Irrevocable
Voluntary encumbrance
Agreement to keep open, over prior set period of time, offer…
Option is unilateral as only optionor has an obligation
Option may not be revoked by optionor before its term expires
Option is voluntary encumbrance... Option does not give optione…
Option
Agreement to keep open, over prior set period of time, offer…
Unilateral contract
Option is unilateral as only optionor has an obligation
Real Estate Contracts - In Practice
CONTRACT
BILATERAL/UNILATERAL CONTRACTS
VALIDITY OF A CONTRACT
PERFORMANCE OF A CONTRACT
Real Estate professionals may be permitted by state law to us…
A broker lists a property for sale with the multiple listing…
Mental capacity to enter into a contract is not the same as m…
When a time is of the essence clause is used in a contract, t…
CONTRACT
Real Estate professionals may be permitted by state law to us…
BILATERAL/UNILATERAL CONTRACTS
A broker lists a property for sale with the multiple listing…
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