Contracts and Documents

Question 1

Details of agreement between a brokerage and homeowner regarding the sale of a particle property.

Answer 1

Listing

Question 2

Typically fill-in-the-blank format and displays the terms of the sale of a property (i.e. price). Contingencies are also included.

Answer 2

Offer to Purchase

Question 3

Thoroughly explains the responsibilities of each party included in the Offer to Purchase. This document is usually signed once the buyer has completed a home inspection.

Answer 3

Purchase and Sale Agreement

Question 4

Contract between a renter and owner/manager. The renter is entitled to use the property for the time outlier in the contract (lease).

Answer 4

Lease

Question 5

Written document that transfers title to real property.

Answer 5

Deed

Question 6

An IOU that spells out the terms by which the borrower agrees to repay the loan.

Answer 6

Mortgage note

Question 7

Explains the collateral (the property) to be used as repayment of debt in cause of default.

Answer 7

Mortgage deed

Question 8

Both parties have responsibilities to fulfill.

Answer 8

Bilateral contract

Question 9

Only one party has responsibilities to fulfill.

Answer 9

Unilateral contract

Question 10

According to the Statute of Frauds, contracts must be in ______ (unless lease is for a year or less).

Answer 10

writing