Chapter 11: Real Estate Contracts. Key Terms Part 1 Flashcards Preview

Real estate license study > Chapter 11: Real Estate Contracts. Key Terms Part 1 > Flashcards

Flashcards in Chapter 11: Real Estate Contracts. Key Terms Part 1 Deck (16)
Loading flashcards...
1
Q

Assignment

A

Transfer of interest in a contract to a third party.

2
Q

Bilateral contract

A

A contract with a promise by each party.

3
Q

Breach of contract

A

A violation of the agreements set forth by a contract.

4
Q

Competent parties

A

Those legally qualified to enter into contracts.

5
Q

Consideration

A

Something of value given an exchange.

6
Q

Contingency

A

A certain happening on which a contract depends.

7
Q

Contract

A

An agreement between two parties to perform some legal act(s).

8
Q

Counteroffer

A

An offer return to buyer with changes by seller.

9
Q

Earnest money

A

A buyers deposit with a purchase contract.

10
Q

Equitable title

A

The Interest acquired by buyer with land contract

11
Q

Escape clause

A

Protection for seller when a buyer has another house to sell

12
Q

Executed contract

A

A contract that has been fulfilled.

13
Q

Executory contract

A

A contract that has not yet been performed. The transfer of title has not yet been completed. When the title transfers the contract is considered executed.

14
Q

Express contract

A

A contract set down in so many words.

15
Q

Implied contract

A

A contract not put into words but shown by actions. I.e. filling up your gas tank implies that you are going to pay for the gas.

16
Q

Land contract

A

The agreement under which buyer pays in installments and waits for the deed upon completion of payments.

Decks in Real estate license study Class (32):