Contracts

Question 1

Valid (legal)

Answer 1

has all essential elements (competent parties, offer and communicated acceptance, consideration, and legality)

Question 2

Invalid

Answer 2

Validity has ended (listing expired)

Question 3

Void

Answer 3

Missing one or more essential elements never was a contract.

Question 4

Voidable

Answer 4

Defected element and voidable only by injured party. two different types.

Question 5

Types of voidable contracts

Answer 5

1. Misrepresentation: buyer or seller = voidable Agent = suit for damages
2. Minor buyer
3. Under Duress

Question 6

Unenforceable

Answer 6

Will NOT stand up in court

Question 7

Enforceable

Answer 7

will stand up in court
Statute of Frauds: must be in writing to be enforceable.

Question 8

Expressed

Answer 8

words - written or verbal

Question 9

Implied

Answer 9

Actions. Your actions by taking a customer to homes creates client-Agent relationship. Implied contract

Question 10

Uni- lateral vs Bi-lateral

Answer 10

Uni= one promise Bi= two promises

Question 11

Executory

Answer 11

promises made but not completed (unfinished contract)

Question 12

Executed

Answer 12

All promises made are completed.

Question 13

Who can draft contracts from scratch?

Answer 13

ONLY licensed attorneys

Question 14

How can a contract be filled in?

Answer 14

Only with blue ink or typed.

Question 15

Office Broker Policy (GA law)

Answer 15

Types of agencies offered and not offered must be disclosed to prospective client prior to the agreement of an agency contract.

Question 16

All broker engagements (agency agreements/contracts) must include?

Answer 16

duties and compensation in writing

Question 17

Listing agreements = between?

Answer 17

Seller and listing Broker

Question 18

Buyers broker Agreement = between?

Answer 18

Buyer and buyers broker. Exclusive, expiration date, duties, agency disclosures and compensation.

Question 19

Property Management = Between?

Answer 19

Owner and broker ( property manager)

Question 20

Community Association Management (CAM) = between?

Answer 20

HOA and Broker (property manager)

Question 21

Employment (affiliation) agreement = between?

Answer 21

Affiliate with broker. in writing, duties, and compensation. (while affiliated and after affiliation)

Question 22

Open listing Agreement?

Answer 22

Open to all brokers. Only the broker that procures cause gets paid. Uni-lateral contracts. Expires in one year by GA law.

Question 23

What type of listing agreement is where the owner (seller) may sell (procure cause) and not pay Brokers commission?

Answer 23

Exclusive Agency Listing Agreement

Question 24

What type of listing agreement is Exclusive to only one broker. No procuring cause required to earn and sue for the commission.

Answer 24

Exclusive right to sell Agreement.