Unit 24 Key Terms

Question 1

When checked as a condition for an agreement between the parties, if a certified appraisal of the property does not show a value equal to or greater than the contract price, the buyer has the right to terminate.

Answer 1

appraisal contingency

Question 2

Monday-Friday, excluding Federal Holidays

Answer 2

Banking days

Question 3

a

Answer 3

Broker

Question 4

At closing the buyer is responsible for transfer tax, deed, recording fees and title insurance.

Answer 4

Buyer expenses

Question 5

Broker assisting the buyer, who may be a client or customer of the broker.

Answer 5

Buyers broker

Question 6

a

Answer 6

constructive eviction

Question 7

An executed purchase and sale agreement between a buyer and a seller for the purchase of real property.

Answer 7

contract

Question 8

This form instructs closing attorneys as to the specific distribution of the commission funds.

Answer 8

commission acknowledgement form

Question 9

a

Answer 9

contract accpetance

Question 10

a

Answer 10

contract exhibits

Question 11

a

Answer 11

correlate/correlation

Question 12

a

Answer 12

dispossessory affidavit

Question 13

a

Answer 13

escrow agent

Question 14

a

Answer 14

right of possession

Question 15

a

Answer 15

exclusive buyer brokerage agreement

Question 16

a

Answer 16

exclusive right-to-sell listing agreement

Question 17

For Sale by Owner

Answer 17

FSBO

Question 18

A

Answer 18

Georgia landlord-tenant code

Question 19

May allow a verbal real estate contract to be enforced if both partied admit there is a verbal contract and agree with the terms.

Answer 19

Georgia statue of frauds

Question 20

A right of, as well as, an obligation for the buyer to hire and independent, qualified professional to complete a ____ of the home. `

Answer 20

inspection

Question 21

Refers to all persons named in the lease and signing the lease as landlord.

Answer 21

landlord

Question 22

Material facts concerning the physical condition of the property that buyers could not discover through a reasonably diligent inspection of the property.

Answer 22

latent defects

Question 23

The tenant and landlord mutually agree that at the end of the lease term, the tenant will purchase the property as buyer, and the landlord as seller.

Answer 23

lease/purchase offer

Question 24

Establishes a right for the tenant to purchase, while committing the landlord to sell only if the tenant decides to buy the property. Unilateral option turns into bilateral if the tenant agrees to buy.

Answer 24

option to purchase leased property

Question 25

Each person named in the contract as the buyer or seller, does not include any broker or other third party named in the contract.

Answer 25

party

Question 26

In effort to avoid appearing to outright reject an offer, parties often refer to their counteroffers as _____.

Answer 26

qualified acceptance

Question 27

The seller-client might pay the broker a predetermined sum of money that would help offset some of the brokerage costs in marketing a property if no commission is earned.

Answer 27

retainer fee

Question 28

a

Answer 28

safety/protection clause

Question 29

A landlord seeking to recover possession of property from a tenant in default and is prohibited by Georgia is called_____.

Answer 29

self-help eviction

Question 30

The seller will bear the costs of the attorney fees if the attorney is representing the seller.

Answer 30

seller Closing Costs

Question 31

The seller warrant that all information provided for the home, including adverse property defects is to the best of their knowledge true and accurate.

Answer 31

seller’s property condition disclosure

Question 32

Conditional items found in the contract under______.

• The sellers rejection of dual agency
• Property showing instructions
• limitations on the property’s internet advertising

Answer 32

special stipulations

Question 33

a

Answer 33

standard terms

Question 34

a

Answer 34

survival clause

Question 35

All persons named in the lease and signing the lease as tenant.

Answer 35

tenant

Question 36

A party who occupies rental property with the landlords consent and makes rental payments without a written lease for an indefinite period.

Answer 36

tenant at will

Question 37

The termination of the contract pursuant to a right to do so as provided in the contract.

Answer 37

terminate or termination

Question 38

a

Answer 38

time is of the essence

Question 39

By checking this box in the contract form, the buyer is essentially making the offer on “due diligence” and can terminate the contract for any reason by written notice and receive a full refund of any earnest money.

Answer 39

Buyers general right to terminate