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Contracts

memorize.ai (lvl 286)

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20 cards

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Section 1

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Earnest Money

Front

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Last updated

6 years ago

Date created

Mar 14, 2020

Cards (20)

Section 1

(20 cards)

Earnest Money

Front

If specified in the contract, this can be used as liquidated damages

Back

Acceptance

Front

Notification and delivery to buyers of their signed offer by the seller

Back

Purchase Agreement

Front

Prior to acceptance these are considered offers

Back

Open Listing

Front

One the real estate firm who procures the buyer gets paid by the seller

Back

Consideration

Front

A legal requirement to create a valid contract that be good and signed by an offeror or valuable

Back

Legal Title

Front

A type of title that one receives as the deed is delivered

Back

Equitable Title

Front

A type of title that one receives as the deed is delivered

Back

Optionor

Front

The person who owns the property and has a signed an option contract with a potential buyer

Back

Implied Contract

Front

Pumping gas prior to paying is an example of this type of contract

Back

Net Listings

Front

Because of the uncertainty of the selling price, this type of listing is prohibited in most states

Back

Unilateral Contract

Front

An option is an example of this type of contract

Back

Vendee

Front

The buyer in a land contract for deed

Back

Expressed Contract

Front

A contract in which the parties state the exact terms

Back

Exclusive Right To Sell

Front

Type of listing stating, regardless of who procures the buyer, the listing broker gets paid

Back

Contingency

Front

A termite inspection is an example of this prerequisite to settlement

Back

Counteroffer

Front

This act by the offeree invalidates an original offer

Back

Voidable Contract

Front

A contract with a minor

Back

Listing Contracts

Front

In a real estate office these contracts are the property of the broker

Back

Statute of Frauds

Front

Requires contracts of sale such as purchase agreement to be in writing

Back

Specific Performance

Front

A court order requiring a promise make to be carried out

Back