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National Real Estate Exam: Contracts Flashcards
RecissionAn agreement to waive all the remaining duties and to terminate the contract.Attachmentwhen property is taken into legal custody NovationThe substitution of one contract for another, and can release liability.Real estateOnly ____ contracts are required to be in writing.Right of Reversionproperty is returned from tenant to owner.. end of the lease AssignmentThe transfer of the right, title or interest in a property. (also personal service contracts) OfferorThe giver NOTPerformance is ___ part of a valid contract.Voidable ContractDuress, Misrepresentation and fraud are all elements of a ___ Earnest Money Deposit___ says the buyer is serious about buying a house.Capable Parties. Lawful Object. Consideration. Offer and Acceptance The essential elements of a contract OffereeThe receiver As-Is ClauseBuying the property with all existing Conditions Specific PerformanceThe requirements have been met in a contract, but the seller refuses to sell. The buyer may sue for ___.Voidableseemingly valid, however may be rescinded.Offer and Acceptanceaka 'Meeting of the Minds' Express Contractparties agree on specific terms (written/oral) VoidA contract with an illegal purpose is __.Exclusive Right to SellNo matter if someone else sells the house, the agent gets a commission Essential Elements of a ContractLawful object, competency, mutual consent, consideration Unenforceableneither party can sue to force performance (some type of verbal agreement) Statute of FraudsIn writing. (Sales Contracts, Deeds, Mortgages) VoidableA lease contains an assignment clause requiring the consent of the landlord. The lessee assigns the lease without approval, the assignment is__?Counter-OfferThe offeree changes the terms. aka.. The offeree becomes the offeror. The Offeror becomes the Offeree.VoidableGoing to buy a blue house, but the house ends up being green makes it a ____ contract because you could still follow through with it.Implied Contractacts & conduct "implies" agreement, but no official promise Capable PartyPerson must be 18 and sound mind. Person given the power of attorney. Emancipated Minor
Specific Performancecontracts must be fulfilled by parties involved Open Listingopen relationship, not committed. Will pay whichever broker sells the property ConsiderationAnything of value..Money, love & affection, a new car.Executed Contractcontract (promises) have been fulfilled by all parties UnenforcableA 17 year old unemancipated minor enter into a contract.That contract is ___.Specific Performance___ is a court action to enforce the completion of the contract Time is of the EssenceWhen a contract contains a time for performance Net Listingbroker is entitled to keep any amount over the agreed sell amount.Lawful ObjectA legal purpose is a __.property defects, but not make repairs.In an As-Is Clause the seller must still disclose: Executory Contractpromises made in the contract are in the process of being fulfilled BobBob signs a contract under duress. By whom can the contract be voided?NOVAationNEW
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