Chap 11 Flashcards
The original statue of frauds was created in
1677
Elements in a real estate contract are
Consideration
Offer & acceptance
Lawful subject
In writing
Competent parties
The sale,subrogation, or transfer in a contract is called
Assignment
A oral or written contract is also called a
EXPRESS CONTRACT
Only one person is obligated to perform with this contract
UNILATERAL CONTRACT
A contract is considered what if any terms or conditions are left remained to be performed
EXECUTORY
A contract that is unenforceable is called a what contract
VOID CONTRACT
Agreeing of the minds & communicated to all parties is what form of contract
OFFER AND ACCEPTANCE
The seal of a notary contract is called a
ACKNOWLEDGEMENT
If a contract is oral action must be brought within how many years
4
5 years for this contract if action is enforced
Written Contract
A assignment is a contract between who
An assignor and assignee
Who grants the rights in a contract
Assignor
When both parties agree to perform the terms & conditions in a contract this contract is called
Bilateral contract
A written contract contains all elements of a valid contract and may be recorded in the public records this contract is enforceable under the statue of frauds
Formal contract
A courts interpretation of a contract is called
Construction
Those that are not specified in a contract but are determined by a court ,this damage is a suit for damages called
Unliquidated damages
Two types of damages are
Unliquidated and liquidated
The vendeeis the
Buyer
The vendor is the
Seller
The interest held by one who has agree d to purchase the property but has not yet closed,this title is called
Equitable title
The 3 basic remedies for a breach contract are
Suit for cancelation
Suit for specific performance
Suit for damages
If a offeree changes any terms or conditions of the original offer this is called
Counter offer
A offer can be rejected or terminated by
Lapse of time …Death or Insanity..Destruction of the property…withdrawal…rejection or counteroffer…Acceptance
This contract is written & contains all the elements of a valid contract & maybe recorded in the public records
Formal Contract
A informal contract is also called a
Parol contract
The party who receives the offer is called a
Offeree
Ways in which a contract can be terminated
Breach ..renunciation..performance..abandonment..lapse of time..revocation…
A Licensee can prepare these contracts
Listing contracts…option contracts…buyer representation agreements…including deposit receipts
Licensee are not allowed to prepare these contracts
Mortgages…deeds…leases…or any legal documents
Who prepares leases
Attorney
A typical sales contract includes
Property description…purchase price…signatures…Property inspections…closing date…parties to the contract
The seal of a notary public is called an
Acknowledgement
When all parties have fully performed in a contract this contract is called
Fully Executed
A written contract contains all elements of a valid contract and is
Enforceable under the statue of frauds
Formal Contract
A courts interpretation of a contract
Construction
Earnest money is also called
Binder Deposit
An offer can be rejected by
Withdrawal
Insanity
Lapse of time
Counteroffer
Acceptance
Rejection
Destruction
Federal law prohibited the use of lead based paint subsequent to what date
Jan 1st 1978
The federal residential lead based paint hazard reduction act of 1992 is also called
Title X
Buyers must be given a period after a contract is signed to test for lead based paint hazards within how many days
10
Anyone interested in buying or leasing for more than 45 days must be provided with a
Written disclosure
FIRPTA means
Foreign investment In Real Property Tax Act of 1980
A foreign person purchasing a residenc e must withold how much percentage where the amount is realized to the Irs above 300000 & up to million
10%
Effective Feb 2016 irs will withhold this amount if the residence amount is above 1000000
15%
A homeowner ass. Disclosure must be provided to buyers if not the buyer may void contract within how many days
3 Days
A Listing contract also called a Employment contract must contain what
Price & terms offered
Fee or commission earned
Signature of Property owner
The most commonly way a broker may charge their fee is
Percentage of the sales price
The 2 basic ways in which a brokerage commission maybe established is
Single percentage of the sales price
Sliding scale
A local unit of special force is called
A Community Development District
CDD
The Broker must deliver a copy of any written agreement to the property owner within
24hrs if execution
A residential property has how many acres
10 or less acres
The broker must record a release of lien within how many days after receipt of payment of commission
7 days
A commission notice must be signed by who
Broker and witnessed by notary public
How many days days should a commission be delivered to the owner & closing agent
30 days
When a property owner agrees to accept a stipulated amount & no less upon sale of the property this amount is called a
Sellers Net
When a property owner agrees to accept a stipulated amount & no less upon sale of the property this amount is called a
Sellers Net
The fee charged by a broker for their services may be used on an
Hourly rate
Fixed rate
Flat rate
Percentage sale price
The broker must deliver a copy of any written listing agreement to the property owner within how many hours
24 hours of execution
A contract that is assumed is called a
Implied Contract
