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A1 Florida Real Estate Sales Associate License > Chapter 11: Contracts > Flashcards

Chapter 11: Contracts Flashcards

1
Q

A contract is an _____ between 2 or more parties to do or not do a particular thing.

A

agreement

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2
Q

Oral contracts are also known as _____ contracts.

A

parol

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3
Q

true/false: Valid oral and written contracts can be enforced in court.

A

true

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4
Q

The five essential elements of an enforceable real estate contract are (COLIC):

  1. _____
  2. _____
  3. _____
  4. _____
A 
Competent parties
Offer and acceptance
Legality
In writing
Consideration
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5
Q

An _____ contract is one in which all terms and conditions are specified and agreed to by the parties.

A

express

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6
Q

An _____ contract exists when some or all of the terms or conditions can be assumed by the nature of the agreement.

A

implied

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7
Q

A _____ contract is one in which both of the parties mutually agree to be bound to performance.

A

bilateral

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8
Q

A _____ contract is one in which only one party agrees to be bound to performance.

A

unilateral

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9
Q

When all parties have performed, the contract has been _____.

A

executed

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10
Q

The party making the offer is the _____ and the party receiving is the _____.

A

offeror

offeree

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11
Q

A contract is created when one party accepts the offer of another and the acceptance is ______ to the offeror.

A

communicated

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12
Q

The ________ requires a contract to be in writing to be enforceable.

A

Statute of Frauds

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13
Q

The Statute of Frauds _____ make an oral real estate sales contract invalid or illegal.

A

does not - only unenforceable

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14
Q

An exception to the Statute of Frauds exists when a buyer makes a ______ AND either ______ or ______.

A

partial payment
takes possession
makes improvements

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15
Q

Offers can be terminated by (WILD CARD):

  1. _____
  2. _____
  3. _____
  4. _____
  5. _____
  6. _____
  7. _____
  8. _____
A 
Withdrawal
Insanity
Lapse of time
Death
Counteroffer
Acceptance
Rejection
Destruction of property
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16
Q

true/false: Acknowledgement is necessary if documents are to be recorded in public record.

A

true

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17
Q

A _____ contract is one that is wholly written and under seal.

A

formal

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18
Q

Contracts can be terminated by (BRRLAP):

  1. _____
  2. _____
  3. _____
  4. _____
  5. _____
  6. _____
A 
Breach
Renunciation
Revocation
Lapse of time
Abandonment
Performance
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19
Q

If a contract is breached, parties can be sued for _______, _______, or _______.

A

cancellation
specific performance
damages

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20
Q

_____ damages are those agreed upon in the contract.

A

Liquidated

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21
Q

_____ damages are those that are not specified in the contact, that the court has decided upon.

A

Unliquidated (compensatory)

22
Q

Statute of limitations on contracts is _____ years on parol and _____ years on written.

A

4

5

23
Q

In an assignment of contracts, the ______ is ultimately responsible.

A

assignor

24
Q

Listing contracts are between an owner and a _____.

A

broker

25
Q

Listing contracts _____ contain an automatic renewal provision.

A

can not

26
Q

The broker must deliver a copy of any written listing agreement to the property owner with ______.

A

24 hours

27
Q

A(n) _____ listing is a unilateral contract in which the brokers are competing to sell the property.

A

open

28
Q

A listing contract must contain: definite termination date, legal description of the property, _____, _____, and _____.

A

price and terms
fee or commission
signature of the owner

29
Q

The broker who finds a ready, willing, and able buyer is said to be ______ of the sale.

A

procuring cause

30
Q

A(n) ______ listing is a unilateral contract in which the property owner promises to list the property with only one broker.

A

exclusive

31
Q

A(n) _____ listing is a bilateral contract in which the property is only listed with one broker, and the broker is paid commission whether they procure cause or not.

A

exclusive right of sale

32
Q

The only property listing type that must be in writing is the ______ listing.

A

exclusive right of sale

33
Q

_______ listings presume the broker to have a lien against the seller’s net proceeds for their commission.

A

commercial

34
Q

In a _____ listing, the broker retains all money over the seller’s net a commission.

A

net

35
Q

Two commission types are _____ and _____.

A

single percentage

sliding scale

36
Q

true/false: A listing contract can be terminated by bankruptcy of either the broker or property owner.

A

true

37
Q

true/false: A broker can terminate a listing agreement by giving notice of revocation to the other party.

A

true

38
Q

A(n) _____ contract is a right to buy a specified property during a particular time period.

A

option

39
Q

A property owner giving a right to option is called an _____ and the other party is an _____.

A

optionor

optionee

40
Q

In an option contract, which party is the only one with an obligation?

A

The optionor

41
Q

Once an optionor notifies an optionee of the intent to purchase, the option becomes a _____.

A

purchase and sale contract

42
Q

true/false: Option contracts must include valuable consideration, otherwise they are considered listings.

A

true

43
Q

The parties to a purchase and sale contract are the ______ (seller) and ______ (buyer).

A

vendor

vendee

44
Q

true/false: Enforceable promises are considered valuable consideration.

A

true

45
Q

Witnesses _____ required an a real estate purchase and sale contract.

A

are not

46
Q

Upon entering into a purchase and sale contract, the vendor acquires _____ title until closing, even though the vendee retains _____ title. This obligates the vendor to maintain the property.

A

equitable

legal

47
Q

A ______, also known as agreement for deed, land contract, conditional sales contract, or installment sale contract, is a financing device used in seller financing / PMM.

A

contract for deed

48
Q

Brokers can legally prepare:

  1. _____
  2. _____
  3. _____
  4. _____
A

listing contracts
sales contracts
option contracts
buyer representation agreements

49
Q

The use of an “as-is” contract ______ relieve the seller of the obligation to disclose material defects in the property.

A

does not

50
Q

Licensees are allowed to fill in the blanks on a residential lease agreement for a term of up to ______.

A

1 year

A1 Florida Real Estate Sales Associate License (20 decks)

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