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Florida Real Estate > Section 11 > Flashcards

Section 11 Flashcards

1
Q

A verbal contract is referred to as a parol or

A

oral contract

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2
Q

Contracts that can be upheld in court are

A

enforceable

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3
Q

Per Statute of Frauds, some contracts are only enforceable if they are in writing and signed which
includes:

A

Real estate purchase sales agreements
option contracts
deeds
mortgages
lease agreements that are for more than one year
listing agreements that are for longer than one year
any contract that cannot be performed within one year of the date created.

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4
Q

may cause an unenforceable contract to be deemed as valid and enforceable

A

Partial performance

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5
Q

Per the Statute of Limitations, a legal remedy for a WRITTEN contract can be pursued for __ years

A

5

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6
Q

Per the Statute of Limitations, a legal remedy for a VERBAL contract can be pursued for __ years

A

4

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7
Q

legally never existed and is unenforceable

A

A void contract

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8
Q

a contract that can be upheld by one of the parties but not all of the parties

A

A voidable contract

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9
Q

Essential elements for a valid contract include:

A

Competent Parties
Offer and Acceptance
Legal Purpose
Consideration

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10
Q

A minor may enter into a contract, the contract is voidable by:

A

only the minor

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11
Q

An offer must be made and accepted to form a contract each with a natural meeting of minds and with

A

no coercion

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12
Q

the promise to perform and fulfill the contract

A

Consideration

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13
Q

Consideration that can be measured in terms of money

A

Valuable consideration

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14
Q

That cannot be measured in terms of money such as love and affection.

A

Good consideration

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15
Q

is not required to form a contract to purchase real estate.

A

Money (earnest money deposit)

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16
Q

Real estate licensees may draw up from scratch four specific types of contracts:

A

Listing Contracts
Buyer Broker Contracts
Sale and Purchase Contracts
Option Contracts

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17
Q

the individual who takes an option

A

The Optionee

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18
Q

the individual who gives an option

A

The optionor

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19
Q

obligates both parties to perform

A

bilateral contract

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20
Q

only obligates one party

A

unilateral contract

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21
Q

A purchase and sale contract is an example of

A

bilateral contract

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22
Q

An option contract is an example of

A

unilateral contract

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23
Q

details the contract terms in either a written or verbal agreement

A

expressed contract

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24
Q

contract created by action

A

an implied contract

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25
Q

a contract with terms yet to be fulfilled

A

An executory contract

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26
Q

an contract that has been completed

A

an executed contract

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27
Q

A contract that must be written in a certain way to be valid by law

A

formal contract

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28
Q

A promissory note or a mortgage are examples of

A

formal contract

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29
Q

Contract that may be written using any format

A

Informal contract

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30
Q

the person making the offer

A

offeror

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31
Q

The offer is made to the

A

offeree

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32
Q

Methods of terminating offers include:

A 
Counteroffer
Acceptance
Rejection
Withdrawal
Time
Death/mental instability
Destruction of property.
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33
Q

Methods of terminating contracts include:

A 
Performance not accomplished
time specified not met
impossibility of performing
mutual agreement
breach of contract
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34
Q

occurs with the failure of one or both parties to perform

A

A breach of contract

35
Q

Remedies for breach of contract include:

A

specific performance
award of damages
rescission
compensatory damages

36
Q

when one party demands that the other party perform as stated in the contract.

A

Specific performance

37
Q

the retaining of the earnest money deposit in a real estate purchase and sale agreement

A

Liquidated damages

38
Q

the court rectifying that the parties be made whole matching how they were before the contract.

A

Rescission

39
Q

are damages equal to the amount lost.

A

Compensatory damages

40
Q

replaces one party with another in a contract

A

Assignment of contract

41
Q

Assignment of mortgage does not release the original party from the obligation or debt of the contract unless _______ occurs.

A

novation

42
Q

Legally per Florida Statutes Chapter 475, listing contracts can be

A

in writing
verbal
implied

43
Q

Listing agreements must be in writing if for a period longer than __ ____

A

1 year

44
Q

Florida Statutes Chapter 475 prescribes that written listing agreements must contain

A

a definite expiration date
a description of the property
the listing price with acceptable sale terms

the commission structure to be paid to the broker either at the time of listing or upon a sale

45
Q

A copy of the signed listing agreement must be delivered to the owners

A

either at the time of listing or within 24 hours

46
Q

Listing agreements must not contain a provision for

A

automatic renewal

47
Q

allows for the seller to list the property with multiple brokerages

A

open listing

48
Q

prevents the seller from listing with any other brokerage.

A

exclusive agency listing

49
Q

obligates the seller to only list with the one brokerage and to pay the broker no matter who secures the buyer

A

exclusive right of sale listing agreement

50
Q

the seller agrees to an amount that the seller will receive after all selling costs

A

net listing

51
Q

Should an amount less than agreed upon be paid by the listing broker to the buyer broker, then the ______ would be obligated for the difference.

A

buyer

52
Q

The sales contract must contain certain information to be a legal contract:

A 
Date, time and Place of closing
Price and Financing Terms of Purchase
Quality of Title to be Conveyed
Type of Deed
Items of Personal Property included
Type of Title
Prorated Items
53
Q

Required disclosures for purchase and sale agreements include:

A 
Radon Gas Disclosure
Energy Efficiency Disclosure
Lead-based Paint Disclosure
HOA Disclosure
Flood Insurance Disclosure
Condo/Coop Disclosures
Property Tax Disclosure
Building Code Violation Disclosure
54
Q

Buyers and renters must receive a written disclosure about _____ ___ before or at the time of executing an agreement.

A

radon gas

55
Q

Buyers entering into a purchase and sale agreement must receive an ______ ________ prior to signing the agreement.

A

energy disclosure

56
Q

Buyers and renters of homes built before 1978 must receive a

A

lead-based paint disclosure

57
Q

Buyers are allowed a __ _______ ____ right of rescission upon receipt of an HOA disclosure summary if the disclosure summary was not provided at the time the contract was signed.

A

3 calendar day

58
Q

Buyers must receive this before or at the time of signing purchase agreements

A

Property Tax Disclosure

59
Q

Designed to warn buyers that the amount of ad valorem taxes may be dramatically different for new buyers as compared to existing homeowners.

A

property tax disclosure

60
Q

If one exists, sellers are required to disclose this to buyers as part of the purchase agreement with full details provided prior to closing

A

building code violation

61
Q

Upon the transfer of property, the seller is obligated to notify the code enforcement department the name and address of the new owner within __ days of the sale

A

5

62
Q

the landmark case that set the legal precedence that material defects must be disclosed by the seller.

A

Johnson vs Davis

63
Q

further clarified that it is not only the seller who has the duty to disclose a material defect.

A

Rayner vs. Wise Realty of Tallahassee

64
Q

Failure to disclose can lead to charges under

A

misrepresentation
fraud
breach of contract

65
Q

consists of both the practice to deceive and by willful device with intent to deprive another of his right, or in some manner to do him an injury.

A

Fraud

66
Q

Real Estate licensees who choose to join the National Association of Realtors® are held to a standard of conduct established by the

A

NAR Code of Ethics

67
Q

a private organization with brokers from different brokerages agreeing to share listing information and compensation

A

The multiple listing service, or MLS

68
Q

states that if a broker (when members of the MLS) introduced the buyer to the property continued to work with the buyer in an uninterrupted manner – that broker deserves to be paid a commission as outlined in the multiple listing service agreement.

A

Procuring cause

69
Q

also called a land contract or contract for deed.

A

installment sales contract

70
Q

The guilt of fraud is based on four elements:

A

Misstatement or failed to disclose material fact
The licensee knew or should have known the statement was inaccurate
The party relied on the misstatement
Damage resulted to the party who relied on the statement

71
Q

the level of criminal violation for fraud depends upon the amount of money involved in the value of the property: $50,000 or more =

A

a felony of the first-degree;

72
Q

the level of criminal violation for fraud depends upon the amount of money involved in the value of the property: between $20,000 up to $50,000 =

A

a felony of the second-degree

73
Q

the level of criminal violation for fraud depends upon the amount of money involved in the value of the property: less than $20,000 =

A

a felony of the third-degree.

74
Q

Real estate licensees may be charged with culpable negligence even if the licensee did not know of a damaging issue - but should have which is punishable as

A

misdemeanor of the second-degree.

75
Q

Only someone who has a power of attorney acting as an attorney-in-fact may sign a contract for
another person and never the

A

real estate licensee

76
Q

a way for one party to be released from obligation to a contract without actually terminating the contract.

A

Assignment of contract

77
Q

Performing duties of an attorney under their direction.

A

attorney-in-fact

78
Q

an equally binding agreement between two or more parties

A

contract

79
Q

Failing to use the same care a reasonable person would exercise in a given situation

A

culpable negligence (failure to account for and deliver)

80
Q

When two parties reach an agreement through mutual assent

A

meeting of the minds

81
Q

relieves the first party of legal responsibility

A

novation

82
Q

an agreement between a buyer and seller that gives the purchaser the right to buy or sell a particular asset at a later date at an agreed upon price.

A

option contract

83
Q

a law which places a time limit on pursuing a legal remedy in relation to wrongful conduct.

A

statute of limitations

Florida Real Estate (20 decks)

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