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REAL ESTATE > Chap 11 > Flashcards

Chap 11 Flashcards

1
Q

The original statue of frauds was created in

A

1677

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2
Q

Elements in a real estate contract are

A

Consideration
Offer & acceptance
Lawful subject
In writing
Competent parties

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3
Q

The sale,subrogation, or transfer in a contract is called

A

Assignment

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4
Q

A oral or written contract is also called a

A

EXPRESS CONTRACT

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5
Q

Only one person is obligated to perform with this contract

A

UNILATERAL CONTRACT

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6
Q

A contract is considered what if any terms or conditions are left remained to be performed

A

EXECUTORY

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7
Q

A contract that is unenforceable is called a what contract

A

VOID CONTRACT

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8
Q

Agreeing of the minds & communicated to all parties is what form of contract

A

OFFER AND ACCEPTANCE

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9
Q

The seal of a notary contract is called a

A

ACKNOWLEDGEMENT

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10
Q

If a contract is oral action must be brought within how many years

A

4

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11
Q

5 years for this contract if action is enforced

A

Written Contract

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12
Q

A assignment is a contract between who

A

An assignor and assignee

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13
Q

Who grants the rights in a contract

A

Assignor

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14
Q

When both parties agree to perform the terms & conditions in a contract this contract is called

A

Bilateral contract

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15
Q

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

A

Formal contract

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16
Q

A courts interpretation of a contract is called

A

Construction

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17
Q

Those that are not specified in a contract but are determined by a court ,this damage is a suit for damages called

A

Unliquidated damages

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18
Q

Two types of damages are

A

Unliquidated and liquidated

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19
Q

The vendeeis the

A

Buyer

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20
Q

The vendor is the

A

Seller

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21
Q

The interest held by one who has agree d to purchase the property but has not yet closed,this title is called

A

Equitable title

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22
Q

The 3 basic remedies for a breach contract are

A

Suit for cancelation
Suit for specific performance
Suit for damages

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23
Q

If a offeree changes any terms or conditions of the original offer this is called

A

Counter offer

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24
Q

A offer can be rejected or terminated by

A

Lapse of time …Death or Insanity..Destruction of the property…withdrawal…rejection or counteroffer…Acceptance

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25
This contract is written & contains all the elements of a valid contract & maybe recorded in the public records
Formal Contract
26
A informal contract is also called a
Parol contract
27
The party who receives the offer is called a
Offeree
28
Ways in which a contract can be terminated
Breach ..renunciation..performance..abandonment..lapse of time..revocation...
29
A Licensee can prepare these contracts
Listing contracts...option contracts...buyer representation agreements...including deposit receipts
30
Licensee are not allowed to prepare these contracts
Mortgages...deeds...leases...or any legal documents
31
Who prepares leases
Attorney
32
A typical sales contract includes
Property description...purchase price...signatures...Property inspections...closing date...parties to the contract
33
The seal of a notary public is called an
Acknowledgement
34
When all parties have fully performed in a contract this contract is called
Fully Executed
35
A written contract contains all elements of a valid contract and is Enforceable under the statue of frauds
Formal Contract
36
A courts interpretation of a contract
Construction
37
Earnest money is also called
Binder Deposit
38
An offer can be rejected by
Withdrawal Insanity Lapse of time Counteroffer Acceptance Rejection Destruction
39
Federal law prohibited the use of lead based paint subsequent to what date
Jan 1st 1978
40
The federal residential lead based paint hazard reduction act of 1992 is also called
Title X
41
Buyers must be given a period after a contract is signed to test for lead based paint hazards within how many days
10
42
Anyone interested in buying or leasing for more than 45 days must be provided with a
Written disclosure
43
FIRPTA means
Foreign investment In Real Property Tax Act of 1980
44
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%
45
Effective Feb 2016 irs will withhold this amount if the residence amount is above 1000000
15%
46
A homeowner ass. Disclosure must be provided to buyers if not the buyer may void contract within how many days
3 Days
47
A Listing contract also called a Employment contract must contain what
Price & terms offered Fee or commission earned Signature of Property owner
48
The most commonly way a broker may charge their fee is
Percentage of the sales price
49
The 2 basic ways in which a brokerage commission maybe established is
Single percentage of the sales price Sliding scale
50
A local unit of special force is called
A Community Development District CDD
51
The Broker must deliver a copy of any written agreement to the property owner within
24hrs if execution
52
A residential property has how many acres
10 or less acres
53
The broker must record a release of lien within how many days after receipt of payment of commission
7 days
54
A commission notice must be signed by who
Broker and witnessed by notary public
55
How many days days should a commission be delivered to the owner & closing agent
30 days
56
When a property owner agrees to accept a stipulated amount & no less upon sale of the property this amount is called a
Sellers Net
57
When a property owner agrees to accept a stipulated amount & no less upon sale of the property this amount is called a
Sellers Net
58
The fee charged by a broker for their services may be used on an
Hourly rate Fixed rate Flat rate Percentage sale price
59
The broker must deliver a copy of any written listing agreement to the property owner within how many hours
24 hours of execution
60
A contract that is assumed is called a
Implied Contract

REAL ESTATE (12 decks)

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