Real Estate Sales Licensing - Notes & Facts for Brief Study Flashcards Preview

AZ Real Estate (ASREB) 5/2017 > Real Estate Sales Licensing - Notes & Facts for Brief Study > Flashcards

Flashcards in Real Estate Sales Licensing - Notes & Facts for Brief Study Deck (171)
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31

What is Color of Title

Gives the appearance of title, but is not.

32

What is Color of Title

Gives the appearance of title, but is not.

33

When may the seller retain the earnest money?

if the buyer signs a contract and then decides not to complete the terms of the contract

34

What is is called when a party has the right of rescission in a contract?

Voidable

35

If a buyer can't qualify for a loan, what clause in a purchase contract would benefit the buyer?

Contingency

36

When a purchase contract is signed by the buer and seller, what is not required?

Notarized Signatures

37

All contracts must have what?

Consideration

38

When a contract is made between a competent party and a minor, it is?

Voidable by the minor

39

When an offer is written on another broker's listing, the selling agent is required to ?

Contact the Listing Broker

40

What would have priority on a purchase contract with handwritten and reprinted language?

The handwritten language would have priority

41

All contracts are required to be written per.... what?

Statue of Frauds

42

When a contract is based on fraud it is....

Voidable by the party the fraud was committed against.

43

A unilateral contract would be.....

Option
First right of refusal
Reward Poster

44

A contract is not considered valid until there is ....

An offer of acceptance

45

When a contract is for an illegal act or purpose it is?

Void

46

A makes an offer to B, the offer is signed by B who makes a counter and dies before A accepts, what is the contract status?

Unenforceable

47

What is Specific Performance?

A court action to compel a buyer or seller to carry out the terms of a contract.

48

What is Specific Performance?

A court action to compel a buyer or seller to carry out the terms of a contract.

49

When a contract is signed by someone other than the seller is would most likely be...

An attorney- in- fact

50

What could government power could terminate a purchase contract?

Eminent Domain or Condemnation

51

What should an agent do is a contract has pre-written language?

Review and alter if necessary

52

Which agent has the original contract and the earnest money?

Selling Agent

53

When an option to buy is exercised, the option is....

Unilateral Executed

54

What is a unilateral contract? Give an example

One party gives a promise in exchange for an act.

Example: Open listing listing contract where a seller agrees to pay the the first broker who brings in a ready, willing and able buyer.

55

When an option to buy is exercised, the new contract is....

Bilateral Executory

56

When can a real estate agent modify a contract

Only if it is signed by the buyer and seller

57

What is not recorded when a real estate transaction is set to close escrow?

Purchase Contract

58

When would a buyer get the earnest money deposit back

If the contract contained a Contingency Clause

59

When a buyer defaults on a purchase contract and the seller keeps the earnest money, this is called....?

Liquidated Damages

60

A makes an offer to B, all parties sign, and then B dies,. Is the contract valid or invalid?

Valid Contract