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RECA Fundamentals > Your Client, Contracts, and Closing > Flashcards

Your Client, Contracts, and Closing Flashcards

1
Q

Definition of contract

A

Agreement between two or more parties that is enforceable by law

Must be between two or more parties

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2
Q

Contract can be written or verbal?

A

Since 1677, legislation mandates that all Canadian contracts be written

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3
Q

Every valid and enforceable contract must include

A

Offer and Acceptance

Consideration

Capacity

Consent

Legality

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4
Q

3P’s of Real Estate Contract

A

Must be included in an offer

Parties

Property

Price

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5
Q

Reasons why true consent may not occur

A

Misrepresentation

Mistake

Duress

Undue Influence

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6
Q

Privity of Contract

A

A unique and legally binding relationship which exists between parties to a contract

Parties to a contract can assign these rights to willing outside parties

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7
Q

Term in a real estate contract

A

Purchase price

possession date

Real Property Report (RPR)

All appliances in working order

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8
Q

Conditions in a Real Estate contract

A

Clauses in a contract which must be satisfied or waived before the contract becomes firm

Home inspection

Obtaining financing

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9
Q

Conditions precedent

A

Required to be completed prior to the expiry of the condition date for the contract to be considered enforceable

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10
Q

Conditions subsequent

A

Conditions that, should they occur, may terminate a contract.

Party A agrees to purchase Party B’s house, subject to being transferred to a new location for work on or before a certain date

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11
Q

Five common methods to end or discharge a contract

A

Performance

Mutual Agreement

Frustration

Operation of law

Breach

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12
Q

What a party can claim if a breach of contract occurs

A

Monetary damages

Quantum meruit

Specific performance

Injunction

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13
Q

Three categories of monetary damages

A

Restitution

Expectation

Reliance

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14
Q

Land use Districts

A

Residential

Multi-residential

Commercial

Industrial

Agricultural

Special purpose

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15
Q

Joint tenant

A

Each tenant has an equal share

if a tenant passes, each remaining tenant acquires equal parts of the remaining shares

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16
Q

Tenancy in common

A

Each tenant owns a specific share of the property

Upon passing their share is acquired by their estate/beneficiaries

17
Q

Test: What are the elements of a enforceable contract?

A

Mutual agreement

Genuine consent

Capacity of parties

Consideration

18
Q

Test: Ways in which a contract can be terminated

A

Breach of contract

Agreement

Frustration

Nonfulfillment of a condition

Performance

19
Q

Test: Does the dower act apply if either party has spent one night in the property

A

Yes

20
Q

Test: Can a lawyer correct error in the contract when drawing up the formal documents

A

No, contracts are legally binding and cannot be changed after they’re signed

21
Q

Test: The rights of the spouse

A

Dower rights

22
Q

test: Duress

A

When one party does not enter into a contract on their own free will

23
Q

Test: A agent may place the interests of the client above all else but the law - True or false

A

True

24
Q

Test: The duty of confidentiality survives the termination of an agency agreement or a change in brokerages by a licensee

A

True

25
Q

Test: What obligations does the agent owe a buyer customer if they’re representing a seller client

A

Honesty

Exercise care and skill

account for funds

Disclose any material latent defects

26
Q

Test: In a Transaction brokerage relationship, the agent has an obligation to disclose to both parties information concerning

A

Material latent defects and facts relevant to the buyers ability to buy

27
Q

Test: This following describes which type of ownership
Enter, use, lease, sell and to give away

A

Fee simple

28
Q

Lien

A

unpaid debt

29
Q

Lines of longitude that run north and south

A

Meridian

30
Q

Land use bylaw combines which two traditional methods of land use control

A

Development control

Zoning control

31
Q

Test: A development permit is required for permitted and discretionary use of a particular property

A

True

RECA Fundamentals (27 decks)

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