Real Estate Purchase Contracts Flashcards Preview

SCC REA 201 > Real Estate Purchase Contracts > Flashcards

Flashcards in Real Estate Purchase Contracts Deck (9)
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1
Q

Addendum

A

An item of additional material added to a contract

2
Q

Article XXVI

A

Article in the Arizona Constitution that gives brokers and salespersons the right to draft, fill out, and complete instruments relating to real estate

3
Q

Contigency

A

A condition that must be met before a contract can be fully enforceable

4
Q

First Right of Refusal

A

A provision in a lease or other agreement that gives a potentially interested party the right to buy a property before the seller negotiates any other offers

5
Q

Option

A

Something that may be chosen; for example, an option to purchase

6
Q

Optionee

A

Someone making a choice; for example, a prospective buyer

7
Q

Optinoer

A

The owner involved in a contract with an option

8
Q

Ready, Willing, and Able

A

Purchasers who have made up their minds to buy a given parcel of property an are financially able to do so according to the price and terms agreed upon with the seller

9
Q

Sales Contract

A

Purchase contract. Also known as a contract of sale

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