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Real Estate Sales Exam > Contracts and Documents > Flashcards

Flashcards in Contracts and Documents Deck (10)
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1
Q

Details of agreement between a brokerage and homeowner regarding the sale of a particle property.

A

Listing

2
Q

Typically fill-in-the-blank format and displays the terms of the sale of a property (i.e. price). Contingencies are also included.

A

Offer to Purchase

3
Q

Thoroughly explains the responsibilities of each party included in the Offer to Purchase. This document is usually signed once the buyer has completed a home inspection.

A

Purchase and Sale Agreement

4
Q

Contract between a renter and owner/manager. The renter is entitled to use the property for the time outlier in the contract (lease).

A

Lease

5
Q

Written document that transfers title to real property.

A

Deed

6
Q

An IOU that spells out the terms by which the borrower agrees to repay the loan.

A

Mortgage note

7
Q

Explains the collateral (the property) to be used as repayment of debt in cause of default.

A

Mortgage deed

8
Q

Both parties have responsibilities to fulfill.

A

Bilateral contract

9
Q

Only one party has responsibilities to fulfill.

A

Unilateral contract

10
Q

According to the Statute of Frauds, contracts must be in ______ (unless lease is for a year or less).

A

writing