Chapter 12 Vocabulary Flashcards
Notice relating to offer to purchase:
A. A way of terminating the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their rights to sue.
B. The law pertaining to the period during which certain actions must be brought to court or the right to sue is lost.
C. The legal right to the possession of property.
D. A form used by a party to a purchase contract to give notice to another party.
D. A form used by a party to a purchase contract to give notice to another party.
Bill of sale:
A. A legal document used to transfer ownership of personal property.
B. The sale or lease of a business and the business’ goodwill, enterprise or opportunity, including a sale of the majority of assets or stocks of the business.
C. Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property.
D. A failure to perform as promised in a contract.
A. A legal document used to transfer ownership of personal property.
Cancellation agreement and mutual release:
A. A contract used to terminate a contract for sale or agency agreement when the parties mutually agree to terminate their original agreement.
B. A body of law based on usage, general acceptance and custom as manifested in decrees and judgments of the court’s case law.
C. A claim or encumbrance that would affect or burden an owner’s title to real estate.
D. Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property.
A. A contract used to terminate a contract for sale or agency agreement when the parties mutually agree to terminate their original agreement.
Amendment to listing contract:
A. A written employment agreement that creates an agency relationship between a firm and a buyer.
B. A failure to perform as promised in a contract.
C. An addition to property by the act of joining one thing to another.
D. What a seller or listing firm would use to amend the terms of the original listing contract rather than drafting a new listing contract.
D. What a seller or firm would use to amend the terms of the original listing contract rather than drafting a new listing contract.
Amendment to offer to purchase:
A. A provision in a contract that requires the completion of a certain act or the happening of a particular event before that contract is binding.
B. A bargained-for thing from a promisor to a promisee that is necessary for a valid contract.
C. When both parties mutually agree to change one or more of the terms of an accepted offer.
D. A judicial or administrative proceeding to exercise the power of eminent domain.
C. When both parties mutually agree to change one or more of the terms of an accepted offer.
Counter-offer:
A. A remedy for breach of contract available to a seller where the seller retains the buyer’s earnest money.
B. An offer that rejects a prior offer and proposes new terms.
C. An agreement to keep open for a set period an offer to sell or lease real property.
D. The dollar amount charged by a lender to cover the time and expenses incurred to arrange a loan.
B. An offer that rejects a prior offer and proposes new terms.
Multiple counter-proposal:
A. The uninterrupted chain of events that lead to a sale.
B. A plan showing the layout of improvements on a property site.
C. A way of terminating the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their rights to sue.
D. A way for a seller to engage in non-binding negotiations with multiple buyers.
D. A way for a seller to negotiate with multiple buyers. The seller is not bound to a particular buyer unless the seller accepts the buyer’s approval of the multiple counter-proposal.
Option to purchase:
A. A contract used to terminate a contract for sale or agency agreement when the parties mutually agree to terminate their original agreement.
B. An agreement to keep open for a set period an offer to sell or lease real property.
C. An easement between a landowner and a company that binds subsequent owners.
D. Future physical, economic, social or political changes that may affect the present value of property.
B. An agreement to keep open for a set period an offer to sell or lease real property.
