Real Estate Purchase Contracts

Question 1

Addendum

Answer 1

An item of additional material added to a contract

Question 2

Article XXVI

Answer 2

Article in the Arizona Constitution that gives brokers and salespersons the right to draft, fill out, and complete instruments relating to real estate

Question 3

Contigency

Answer 3

A condition that must be met before a contract can be fully enforceable

Question 4

First Right of Refusal

Answer 4

A provision in a lease or other agreement that gives a potentially interested party the right to buy a property before the seller negotiates any other offers

Question 5

Option

Answer 5

Something that may be chosen; for example, an option to purchase

Question 6

Optionee

Answer 6

Someone making a choice; for example, a prospective buyer

Question 7

Optinoer

Answer 7

The owner involved in a contract with an option

Question 8

Ready, Willing, and Able

Answer 8

Purchasers who have made up their minds to buy a given parcel of property an are financially able to do so according to the price and terms agreed upon with the seller

Question 9

Sales Contract

Answer 9

Purchase contract. Also known as a contract of sale