Chapter 11: Contracts (FITB) Flashcards Preview

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Flashcards in Chapter 11: Contracts (FITB) Deck (15)
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1
Q

The type of listing given to only one broker but allows the owner to sell the property without paying the broker is a ____ listing.

A

exclusive

2
Q

An owner must be given a copy of a written listing within ____ hours.

A

24

3
Q

The type of listing that gives the broker the greatest degree of protection is the ____ ____ ____ ____ listing.

A

exclusive right of sale

4
Q

When a court is called upon to interpret the meaning of a contract, the process is called ____.

A

construction

5
Q

Damages specified in a contract are ____ damages.

A

liquidated

6
Q

When a contract has not yet been fully performed, it is an ____ contract.

A

executory

7
Q

A contract wholly in writing may be enforced for ____ years, as specified by the ____ ____ ____.

A

5 years, statute of limitations

8
Q

Oral real estate sales contracts are considered to be ____, but are not ____.

A

valid, but not enforceable

9
Q

Valuable consideration in a contract may consist of ____ property, ____ property or ____ ____.

A

real property, personal property, or enforceable promises

10
Q

The parties to a real estate sales contract are the ____, who is the seller, and the ____, who is the buyer.

A

vendor, vendee

11
Q

Witnesses on a real estate contract are ____ ____.

A

not required

12
Q

To be valid, an option must be accompanied by a ____ ____ ____.

A

definite valuable consideration

13
Q

The parties to an option are the ____, who is the owner of the property, and the ____, who is the potential purchaser.

A

optionor, optionee

14
Q

An option not accompanied by a definite valuable consideration is ____.

A

void

15
Q

With a contract for deed, a vendee has acquired ____ ____ in the property prior to closing.

A

equitable title

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