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ahora si es que es > Contracts > Flashcards

Contracts Flashcards

1
Q

Statues of frauds

A

Requires that certain types of contracts be in writing, such as the property of ownership transfer, be in writing for being legally enforceable and prevent injury from fraudulent conduct

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2
Q

Offer and acceptance

A

0ccur when the seller accepts a buyer’s offer on the home, usually by signing a Purchase and Sale Agreement already signed by the buyer.

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3
Q

Consideration

A

is something offered by one party and accepted by another

eg. the buyer promises to buy the full purchase price, and the seller primes to transfer a marketable title through the delivery of a deed

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4
Q

Legally competent parties

A

have legally and mentally capacity to enter into a contract

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5
Q

Legal purpose

A

means that the contract results in a legal outcome

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6
Q

Voluntary

A

means the parties enter into an agreement voluntary

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7
Q

A contract is a…

A

legally binding agreement

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8
Q

executory contract

A

is a contract not get fully perform

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9
Q

executed contract

A

has been fully perform

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10
Q

Breach of contract

A

occurs when one party fails to meet contract obligations.

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11
Q

Unilateral recession

A

It when a breach of contract occurs and the innocent party may unilaterally terminate the contract

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12
Q

specific performance

A

when money damages for breach will not be satisfactory

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13
Q

Liquidated damages

A

A definite amount set forth in a contract to be paid by the party breaching the contract

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14
Q

Contract termination

A

one party ends the contract before its fully perform. the termination may own duties or compensation to the party

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15
Q

contract recession (cancelation)

A

is one person breaches the agreement, one person has the right to rescind the contract

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16
Q

assignment

A

means to transfer contractual rights or duties to a new party

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17
Q

Novation

A

one contract is substituted for another

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18
Q

The uniform electronic transactions act (UETA)

A

It gives electronic signatures the same weight as one that is in sign-in paper

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19
Q

unilateral contract

A

only one person makes a promise.

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20
Q

Bilateral contract

A

is a promise for a promise

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21
Q

Option contract

A

is and offer to purchase a specific piece of real estate without the obligation to buy it.

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22
Q

in and option contract the potential buyer is called…?

A

and optionee

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23
Q

In and option contract the seller is called?

A

optionor

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24
Q

ACCELERATION CLAUSE

A

Clause used in an installment note and mortgage (or deed of trust), which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender’s consent, destruction of the property (see Waste), or other events which endangers the security of the loan

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25
Q

Arbitration clause

A

requires the parties to solve their disputes through an arbitration process

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26
Q

Indemnification

A

one or both parties commit to compensate the other for any harm, liability, or loss arising

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27
Q

A statues of limitation

A

sets a time frame in which a party can file a lawsuit relative to the contract

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28
Q

The party extending an offer is called?

A

offeror

29
Q

The party receiving the offer is called

A

Offeree

30
Q

Acceptance occurs when all parties?

A

have signed the contract

31
Q

Binding acceptance

A

happens when the signed contract is delivered back to the offeror

32
Q

acceptance and binding acceptance must take place within

A

the dates specified in the contract

33
Q

Contingency

A

are conditions that must be met before the agreement for sale is complete and enforceable

34
Q

The greater the number of contingencies on and offer,…

A

The less attractive it is to the seller

35
Q

Severability clause

A

tells what happens when part of a contract is unenforceable. Most basic severability clauses state that if one part of a contract is unenforceable, then that clause will be “severed” from the contract

36
Q

Statues of limitations

A

Overton contracts, including purchase agreements, have a 3-year status of limitation

37
Q

Recordkeeping

A

Brokers must keep all real estate forms of for minimum of 5 years

38
Q

A sales contract

A

Is a document that buyers and their agents used to prepare the purchase offer to the seller others names that are also used for a sales contract is called a purchase agreement, earnest money agreement, the offer, offered to purchase, contract of purchase and sale.

The sales contract describes in detailed agreement between the buyer and seller of the home that the buyer wants to purchase

39
Q

The purchase price

A

It presents the buyer’s offer

40
Q

The settlement section

A

Allows the buyer to specify a settlement date

41
Q

The payment term

A

Indicates the amount of artist money the buyer is putting down in the number of deposits

42
Q

Remember the earnest money deposit can be either in the form of a ______ and that initial deposit must be delivered with the offer

A

Personal check

43
Q

The inclusion/exclusion

A

Is used by buyers and sellers to identify items to be included with or excluded from the cell the property

44
Q

As a real estate licensee is important that you verify the license status of the recommended service providers on a

A

Yearly braises

You must include also the last verified Day of service

The recommendation must include a link to a site where the people can look up the license status of each recommended provider

45
Q

The buyer has the right to make a final inspection of the property within____ days before settlement

A

5 days

46
Q

A contingency

A

Is a condition that must be met before the cell’s contract is completed and enforceable. The contingency usually indicates the actress necessary to remove the condition

47
Q

The guarantee found

A

Notice the buyers that they are protected by the Maryland real estate commission for loses of up to $50,000

48
Q

Mortgage contingency

A

Protects the buyers earnest money in the event the buyer is unable to obtain financing

49
Q

Appraisal contingency

A

Is the property does not a price at or more than the selles prize the buyer can terminate

50
Q

Sales contingency

A

The buyer has made the offer to purchase based on the buyer’s career and property selling

51
Q

Insurance contingency

A

If the buyer is unable to obtain insurance for a specific amount, the buyer can terminate and receive a refund

52
Q

inspection contingency

A

Allows the buyer to terminate if an Asia arrives during the inspection that cannot be successful in negotiated

53
Q

The Maryland Real Estate Commission’s Code of Ethics

A

states that real estate licensees must make reasonable efforts to discover all material facts about each property they list.

54
Q

In which section of the Residential Contract of Sale do buyers indicate the amount of earnest money they are putting down?

A

Payment term section

55
Q

In which section of the Residential Contract of Sale do buyers indicate the price they are offering for the property?

A

Purchase price

56
Q

In the Estate section of the Residential Contract of Sale, a property can be conveyed in either _______________ or subject to annual ground rent.

A

Fee simple

57
Q

What is the Forest Conservation and Management Program?

A

A program designed to encourage the preservation or development of land for productive woodland purposes

58
Q

In situations where the buyer is not a first-time Maryland homebuyer, who is generally responsible for paying recording, state, or local transfer taxes associated with the sales transaction?

A

The buyer and seller split the cost equally.

59
Q

Which section of the Residential Contract of Sale states how the brokers in the sales transaction will be compensated?

A

The brokers fee section

60
Q

Which section of the Residential Contract of Sale identifies miscellaneous charges that must be adjusted to the day of settlement?

A

The adjustment section

61
Q

Which section of the Residential Contract of Sale states that the seller is responsible for maintaining the property in the same condition as it is on the date of contract acceptance?

A

The Condition of Property and Possession section

62
Q

Miscellaneous charges that must be adjusted to the day of settlement are referred to in the Residential Contract of Sale as ________________________.

A

Adjustment

63
Q

Which section of the Residential Contract of Sale states that the seller must not negotiate a new lease or renew any existing lease that extends past the settlement or possession date without the buyer’s written consent?

A

The lease section

64
Q

In which section of the Residential Contract of Sale is breach of contract defined

A

The default section

65
Q

What’s the purpose of the Military Installation section in the Residential Contract of Sale?

A

To give notice to buyers that the property may be subject to high noise levels

66
Q

All references to time of day in the Residential Contract of Sale assume which time zone in the U.S.?

A

Eastern time

67
Q

Which section of the Residential Contract of Sale states that the contract will be governed by the laws of the State of Maryland?

A

The entire agreement section

68
Q

When does the sales contract become a binding agreement?

A

Only after both parties have signed it

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