real estate ch 11 Flashcards

real estate ch 11 Flashcards a buyer signs a contract under which he is given the right ot purchase a property for $30,000 any time in the next 3 months the buyer pays the current owner $500 at the time that contract is signed. which of the following best decides the agreement?contingencyinstallmentsales""option"" a legally enforceable agreement under which two parties promise to do something for each other is known as bilateral contract the purchase of real estate under an installment contracthas only an equitable interest in the property's title a contract is said to be bilateral ifall parties to the contract exchange binding information a person approaches an owner and says "id like to buy your house" the owner says "sure". and they agree on the price. what kind of contract is this?unenforceable a buyer makes an offer to purchase certain property listed with a license and leaves an escrow deposit with the licensee to show good faith. the broker should put the deposit in an account, as provided by state law a buyer makes an offer on a sellers house and the seller accepts. both parties sign the sales contract. At this point, the buyer has what type of title too the property?equitable during the period of time after a real estate sales contract is signed, but before title actually passes, the status of the contract is executory a buyer and seller enter into a real estate sales contract.under the contracts terms, the buyer will pay the seller $500 a month fo two years. the seller will continue to hold legal title, while the buyer will live in the home and pay all real estate taxes, insurance premiums, and regular upkeep costs. what kind of contract do the buyer and seller have?land or installment contract a broker uses earnest money placed in the company trust account to pay for the rent owed on the brokers office.using escrow funds for this purpose is conversion of funds and is illegal a buyer and a sell sign a contract to purchase the seller backs out and the buyers sues for the specific performance. what is the buyer seeking in this lawsuit?transfer of the property in a standard sales contract several words were crossed our or inserted by the parties. to eliminate further controversy as to whether the changes were made before or after the contract was signed, the usual procedure is to have both parties initial or sign in the margin near each change the sales contract says the buyer will purchase only if an attorney approves the sale by the following Saturday. the attorneys approval is a contingency

while suffering from a mental illness that caused hallucinations and loss of memory, a person signed a contract to purchase real estate. which statement regarding the contract to purchase is true?the contract is voidable a contract for the sale of real estate that does not state the consideration and is not signed by the parties is considered to be void under the statute of frauds, all contracts for the sale of real estate must be in writing to be enforceable if upon the receipt of an offer to purchase a property subject to certain conditions, the seller makes a counter offer, the prospective buyer is relieved of the original offer a buyer and seller agree to the purchase of a house for $200,000. the contract contains a clause stating that time is of the essence. Which statement is true?if the closing date passes and no closing takes place, the contract may be rescinded by the party who was ready to settle on the scheduled date.an option to purchase binds which of the following parties?sellers only