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15 Cards in this Set
- Front
- Back
according to the statute of limitations how long can written contracts be enforced and oral contracts.
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five years for written, four for oral
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good faith deposit is consideration T/F
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false - it is not consideration
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an oral agreement is a----------- and is informal
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parol contract
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formal contracts are
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in writing
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option contracts are
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unilateral
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a contract that has not yet been fully performed. real estate contracts from the time of signing till the time of closing is this.
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executory contract
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a real estate contract becomes an ------after title closing
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executed
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the substitution of a new party for the original one.
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novation
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what are the four types of contracts important to real estate
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listing agreements, buyer brokerage agreements, sale and purchase contracts, and option contracts.
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exclusive right of sale listings and exclusive agency listings are
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bilateral contracts
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open listing agreements are
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unilateral contracts
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a seller gives a --------------- to any number of brokers who can work simultaneously to sell the owner's property. seller reserves the right to sell and to list with other brokers. first broker to find a buyer gets commission
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open listing
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a seller gives a -------------- to one broker and the seller reserves the right to sell the property with out paying commission.
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exclusive agency listing.
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the most advantageous listing from the brokers viewpoint. broker is assured commission regardless of who sells the property. only one broker allowed to sell.
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exclusive right of sale
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created when a seller agrees to sell a property for a state acceptable minimum amount. the broker keeps what ever is made over the minimum amount. illegal in most states and discouraged by the regulatory authorities in florida.
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net listing.
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