Part 7 Flashcards
An __________ contract is an agreement put into words, written or spoken
Express
7-107
___________ contract is a contract where only one of the parties to the contract is legally obligated to perform. An example is an option agreement in real estate
Unilateral
7-107
A __________ contract is a type of contract that exists when each party makes a binding agreement to perform according to the contract. Most real estate contracts are this
Bilateral
7-107
The 5 elements of a valid contract are:
1 -
2 - ___________ and acceptance
3 - Legally ______________ parties
4 -
5 - Legal ___________
1 - Consent
2 - Offer
3 - competent
4 - Consideration
5 - purpose
7-108
3 categories of a contracts legal status:
1 - ________
2 - Void
3 - _________able
1- Valid
3- Voidable
7-109
_________ fee interest is the ownership interest held by the lesser, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires
Leased
7-115
______________ interest is the right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease
Leasehold
7-115
A ________ is a contract in which the rights to use and occupy land, space or structures are transferred by the owner to another for a specified period of time in return for a specified rent
Lease
7-115
_________ Rental Lease the lesser pays some or all of the operating expenses
_________ Rental Lease the tenant pays all the operating expenses (taxes, insurance, utilities…)
Gross
Net
7-115
__________ warranty deed provides the greatest amount of protection that the property is free and clear of liens or encumbrances
General
7-118
__________ warranty deed the grantor provides two covenants
1) The grantor received title to the property
2) The grantor and their heirs will defend the title to the lands against legal claims created by the actions or omissions of the grantor or their heirs
Special
7-118
__________ and sale deed, the grantor conveys the property but does not guarantee a clear title
Bargain
7-118
___________ deed, the grantor conveys any interest held in the property to the grantee without warranty of title. Offers the least protection. Often used to clear a defect in the title
Quitclaim
7-118