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Session 4
Commission Math+ Purchase contracts
| Question | Answer |
|---|---|
| Assignment of contract | A transfer of rights in a contract from one party to another |
| Commingling | Legally Mixing personal funds with money held in trust on behalf of a client |
| Conversion of Funds | The illegal use of funds being held in a trust |
| Counteroffer | A response to an offer to ender into a contract, changing some of the terms of the original offer and does not create a binding contract until it is agreed upon by both parties. |
| Earnest Money | Money offered by the buyer to show the seller the buyers good faith intention to complete the transaction. |
| Equitable Title | Any present right to acquire legal title to property. |
| Escrow | A system in which things of value are held on behalf of the parties to a transaction by a disinterested third party until the specified conditions have all been met |
| Letter of Intent | A document that expresses the parties intention to invest in, buy, or develop a property without creating a binding legal obligation |
| Offer | A proposal to purchase or lease real property; requires intent to contract and definite terms |
| Offeree | A person who received an offer or to whom an offer is made |
| Offeror | A person who makes an offer |
| Or Nominee | A term used in a purchase contract or lease to indicate that the buyer or lessee may name another person or entity who will complete the transaction |
| Trust Account | A bank account, separate from a real estate broker's personal and business accounts, used to segregate trust funds from the brokers own funds. also called Fiduciary Account |
| Acres in 1 Section | 640 Acres |
| Additional Party Insured | A person, firm, or corporation other than the named insured on a policy, or a lender named in the mortgage clause, who is protected against loss by the terms of the policy. |
| Arbiration | A method for resolving disputes out of court whereby an impartial third party renders a binding decision. |
| Boilerplate | Standardized language used in contracts for the sake of efficiency and completeness |
| Claims History Report (C.L.U.E. report) | A record of insurance losses on the property being purchased or on a specific consumer such as the buyer. |
| Close of Escrow (COE) | A real estate transaction that has been completed and the sale is final. |
| Contingency Clause | a clause that buyers include when making an offer on a home that allows them to back out of buying the house if the terms of the clause aren't met. |
| Cyber Insurance | A policy that protects a business from liability for data breaches that involve sensitive identification and credit information |
| Double Escrow | Simultaneous escrows on the same property wherein the buyer has sold the property prior to closing, uses some of the proceeds from the sale to fund the purchase, and realizes the balance of the proceeds as profit. |
| Escrow Agent | The person charged with coordinating the activities and documentation necessary for completing a real estate transaction |
| Extension | A negotiated agreement to increase the length of time that is specified in a contract |
| Fraudulent Misrepresentation | A misstatement of a material fact but on purpose and for gain |
| Home Warranty | A contract between a homeowner and a home warranty company that provides coverage for the repair or replacement of named components of the home for a specified period of time |
| Identity Theft | The fraudulent acquisition and use of another person private identification information |
| Idemnification Clause | A contract provision that relieves one party of liability for damages that are caused during the execution of the contract. |
| Liquidated Damages | A sum of money to which the parties to a contract agree in advance (At the time of entering into the contract) will serve as compensation in the event of a contract breach |
| Loss Payee | A person designated in an insurance policy to be paid if the insured property is damaged or destroyed |
| Mediation | The process whereby cases already filed with the court are accelerated by referring certain matters to a court referee |
| Mortgage Contingency Clause | A clause in the purchase contract that makes the sale contingent upon the buyer obtaining financing |
| Negligent Misrepresentation | A false statement that is unintentional and as the result of carelessness or negligence rather than to decieve |
| Prorations | The allocation of expenses, real estate taxes, or rents between buyer and seller in proportion to their actual use of an item. |
| Puffing | Exaggerated or superlative comments or opinions |
| Rescission | The annulment of a contract by mutual consent of the parties |
| Specific Performance | A legal remedy by which a court orders someone who has breached a contract to perform as agreed, rather than simply paying monetary damages |
| Wire Fraud | Occurs when a hacker intercepts an email and sends fraudulent wiring instructions directing a clients money to the hackers account |
| Exculpatory Clause | A contract provision that relieves one party of liability for damages that are caused during the execution of the contract. |
| Hold Harmless Clause | A contract provision that relieves one party of liability for damages that are caused during the execution of the contract. |
Created by:
Baayangle
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