Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Chapter 15 > Flashcards

Chapter 15 Flashcards

1
Q

Property is going to stay in the condition that it is in

A

The as is clause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A replacement of real estate purchase agreement by the lender in the title companies closing documents

A

Abrogation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

One of the parties give some indication by words or actions that they do not plan on moving forward with the contract

A

Anticipatory repudiation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

When a buyer scientist of a contract, another party for various reasons

A

Assignment of a contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

One of the parties does not fulfill a term of the contract

A

Breach of contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Create agency between the buyer and the brokerage

A

Buyer broker agency agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The buyer wants to buy the seller’s house contingent that certain things must happen

A

Contingency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Most common contingency in real estate is financing

A

Contingency clause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Moving a contract along to fulfillment

A

Discharge of contracts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Each party committing to fulfill the terms of the contract in those terms coming to fulfillment

A

Full performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The parties want to perform, but due to unforeseen circumstances, they cannot perform their duties

A

Impossibility of performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A contract between brokers and the agreement to compensate in the event, another broker brings a buyer

A

Multiple listing service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A contract between two parties and each party has the right and ability to enforce the terms of that contract on the other parties

A

Mutual enforcement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A replacement with a release

A

Novation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The remedies and rights are spelled out for both the buyer and the seller and can be enforced if needed

A

Operation of law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The contract comes to completion and is fulfilled

A

Performance

17
Q

Has the authority to act on someone else’s behalf

A

Power of attorney

18
Q

Contract between the buyer and seller

A

Real estate purchase contract

19
Q

Putting things back the way they were before entered into a contract

A

Rescission

20
Q

For one party to sue another party in order to have the court to enforce the contract

A

Specific performance

21
Q

Indicates that every single real estate transaction has to be in writing to be enforceable in the court of law

A

Statue of frauds

22
Q

The contract that creates agency with the sellers

A

The exclusive right to sell

23
Q

When competing contracts, make sure your broker approves of any additional verbiage

A

Agents rule in preparing contracts

24
Q

These in all other employment agreements belong to the broker

A

Buyer broker agency agreement and the exclusive right to sell

25
Q

What are the consequences of a breach of contract?

A

Monetary damages
Specific performance
Recession
Liquidated damages

26
Q

If the buyer cancels before this date, the earnest money goes back to the buyer or after this date, then the money goes back to the seller

A

Earnest money goes to

27
Q

An appraisal

A

Ex of contingency

28
Q

When a client refuses to sign a repair things that was agreed to in the contract

A

Ex of anticipatory repudiation

29
Q

One of the parties did not deliver documents within timeframe as specified

A

Ex of breach of contract

30
Q

Money that the buyer puts up as earnest money would go back to the buyer, and neither party would be obligated further in the transaction or under any of those terms

A

Ex of recession of real estate contract

31
Q

Putting it in writing prevents

A

Fraud prevention

32
Q

Beginning of every contract states that is legally binding

A

Importance of completing contract as agreed

33
Q

Have the new party step in front of the original buyer and seller and take it over but they do not go away

A

Simple assignment

34
Q

What are the contracts of real estate in Utah?

A

Buyer broker agency agreement
Listing agreement
Purchase agreement

35
Q

To verify the signature was put by that person

A

The role of notary public

36
Q

What are the two types of POA?

A

General or specific

37
Q

Ways to terminate

A

Performances
Assignment
Novation
Impossibility of performance
Anticipatory repudiation

Real Estate (34 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions