4.2 Flashcards
True or False:
A listing agreement is a unilateral contract because only the broker promises performance.
False
True or False:
A purchase agreement is a bi-lateral contract because all parties promise performance.
True
In a purchase agreement, the vendor (seller) holds legal title, and the vendee (buyer) holds _____ title.
Equitable
A listing agreement is a unilateral contract, but a purchase agreement is a ______ contract.
Bilateral
In a purchase agreement, the _____ is the vendor.
Seller
In a purchase agreement, the _____ is the vendee.
Buyer
In a purchase agreement, the vendor (seller) holds ________ title.
Legal
In a purchase agreement, the _______ (buyer) holds equitable title.
Vendee
A contract that exchanges a promise for a promise is called a ______ contract.
Bilateral
The statute of _______ requires contracts to be in writing.
Frauds
_______ is the term for the person who gives a contract.
Offeror
A _______ agreement is between a real estate broker and a seller.
Listing
A listing agreement has a beginning date and a ______ date.
Termination
A listing agreement has a ______ price, which is the seller’s asking price.
List
In a lease, the owner is called the _____ or landlord.
Lessor
The person leasing a property is called the _______, or tenant.
Lessee
A _____ Lease is renewed automatically, usually on a monthly or weekly basis.
periodic
A ________ lease continues until some specified event occurs, such as the death of a specified individual.
Conditional
A _______ lease continues only as long as the parties wish it to, and can be terminated without penalty by either party.
At will
A _______ lease provides for a single amount of rent set for a definite period of time.
Flat or Fixed
A ______ lease provides that the tenant pays a flat monthly amount.
Gross
With a _____ lease, the landlord pays for all the building’s operating costs.
Gross
With a _____ lease, rent is increased a set amount every year during the life of the agreement.
Step
With a _____ lease, the rent is tied to rises in the cost of living, and goes up with general inflation.
Cost-of-Living
With a ______ lease, the tenant pays a base monthly rent plus some of the expenses.
Net
With a _____ lease, the tenant pays the base rental amount, real estate taxes, and insurance premiums.
Net-Net
With a _____ lease, (Also known as the “triple net lease”) the tenant pays a base rental amount plus the landlord’s operating costs.
Net-Net-Net
With a ______, the tenant pays both a base amount and a percentage of gross income.
Percentage
With a _____, the rent is adjusted periodically based on changes to an agreed-upon index.
Index
With a _____ lease, a lessor has sub-leased the premises to someone else ( a sub-tenant).
Sandwich
When a seller leases back the property in order to maintain uninterrupted occupancy, the transaction is called a ______.
Sale-leaseback
Constructive ______ is when a landlord renders a property uninhabitable, and the tenant has the right to cancel the lease.
Eviction
With a _____ a property title is transferred only after the buyer makes a certain number of periodic payments (sometimes called a “land contract”).
Contract for deed
With a contract for deed, the seller is called the ______.
Vendor
With a contract for deed, the buyer is called the ______.
Vendee
With a contract for deed, when the full amount of the purchase price is paid, the vendor is obligated to deliver legal title to the vendee by a _______.
Deed
