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Unit 11
definitions
| Term | Definition |
|---|---|
| assignment | written instrument that serves to transfer the rights or interests of one person to another |
| attorney-in-fact | one who is authorized to perform certain acts for another under a power of attorney |
| bilateral contract | an agreement wherein both parties are legally obligated to each other to perform |
| buyer brokerage agreement | an employment contract with a purchaser |
| community development district(CDD) | an independent special district created pursuant to Fl law to service the long term specific needs of its community. Constructs, operates, and maintains community wide infrastructure and services for the benefit of its residents...... |
| competent | a party to a contract who possesses the legal capacity to enter into a binding contract |
| contract | an agreement between two or more competent parties to do, or not do, some legal act for a legal consideration |
| enforceable contract | a legally binding contract that the law will recognize |
| exclusive-agency listing | employment contract given to one real estate broker as the sole agent for the sale of an owner's property |
| exclusive-right-of-sale listing | an employment contract given to one real estate broker as the sole agent for the sale of an owner's property, with the commission going to that broker regardless of who actually sells the property during the employment contract period |
| fraud | the intent to misrepresent a material fact of to deceive in order to gain an unfair advantage or to harm another person |
| good consideration | a promise that cannot be measured in terms of money, such as love and affection |
| homeowners association (HOA) | A Fl corp responsible for operation of communityormobile home subdivision whichvoting membershipis made of parcel owners & membershipin HOA is a mandatory condition of parcel ownership.Authorized 2 impose assessments if unpaid maybecome a lien ontheparcel |
| liquidated damages | the amount of valuable consideration specified in an agreement as a penalty for default. See also damages |
| meeting of the minds | the point when two people, thinking of the same thing, reach an agreement through an offer and acceptance |
| misrepresentation | a false or misleading statement of a material fact; concealment of a material fact |
| net listing | an agreement or contract to sell or rent a property for a specified minimum net amount for the owner |
| novation | the substitution of a new party and/or new terms to an existing obligation |
| open listing | an employment contract given to any number of brokers who work simultaneously to sell the owner's property |
| option contract | a right or privilege to purchase or lease real property at a specified price during a designated period based on a sufficient consideration |
| parol contract | an agreement that is not in writing |
| procuring cause | the person whose efforts are the cause of an executed sale contract, regardless of who actually writes the contract |
| statute of frauds | an act requiring that certain real estate instruments and contracts affecting title to real property be in writing in order to be enforceable |
| statute of limitations | an act that prescribes specific time restrictions for enforcement of rights by action of law |
| unenforceable contract | a contract that was valid when made but either cannot be proved or will not be upheld by a court |
| unilateral contract | an agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party |
| valid contract | an agreement binding on both parties and legally enforceable against all parties to the agreement |
| valuable consideration | the money or a promise of something that can be measured in terms of money |
| vendee | the buyer or purchaser of real property under an agreement of sale |
| vendor | the seller of real property under and agreement of sale |
| void contract | An agreement that does not meet all the required elements of a valid contract and has no legal effect |
| voidable contract | a contract that because of the manner or method in which it was brought about, one of the parties is allowed to avoid contractual duties |
Created by:
happythivo
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