Ch 8 Quiz Deeds, Contracts, and Leases Flashcards
“The cancellation of a contract by mutual agreement of the parties” is the definition of
Rescission
“The mental ability to understand the general effect of a transaction or document” is the definition of
competency
In a real estate transaction, who is the grantee?
buyer
In most appraisals for residential mortgage lending transactions, personal property items are
not included in the real property appraisal
If a seller defaults in a real estate contract, the buyer may take all of these actions EXCEPT
sue the seller for punitive damages. If a seller defaults, the buyer can rescind the contract and recover her earnest money deposit, file suit for specific performance, or sue the seller for compensatory damages. The buyer cannot sue the seller for punitive damages.
An offer may be __________at any time prior to the communication of acceptance of the offer.
revoked
Which would NOT be a required element of a valid deed?
must be recorded
The seller of a property is called the
grantor
If the parties to a contract agree to substitute a new contract for the old one, this is called
novation
A firm agreement to perform an act, refrain from acting or make a payment or delivery” is the definition of a(n)
promise
“A writ (order) issued by a court ordering someone to do something or prohibiting some act after a court hearing” is the definition of
injunction. An example of an injunction would be a court order prohibiting cutting a tree down.
“The act of transferring an interest in property or some right (such as contract benefits) to another” is the definition of
assignment
A(n) __________ contract is one that has not been fully performed or completed.
executory
A ________ contract is binding and enforceable on all parties.
valid
Breach of contract is also known as
default
“Failing to perform any term of a contract, written or oral, without a legitimate legal excuse” is the definition of
breach of contract
“A written, legal instrument that conveys an estate or interest in real property when it is executed and delivered” is the definition of a
deed
Standards Rule 1-5(a) of USPAP requires an appraiser to
analyze all current agreements of sale, options, or listings of the subject property
Which of these is NOT listed as a way that a contract can be terminated?
unilateral recission
All of the following are required ingredients of a valid contract EXCEPT
legal description
“Failing to perform any term of a contract, written or oral, without a legitimate legal excuse” is the definition of
breach of contract