| Basic Real Estate Description |
Basic Real Estate Definition |
| Legally enforcable agreement for consideration (something of value, money) between competent parties to perform or not perfom an act is a... | Contract
(Death does not destroy. Illegal for real estate agent to charge for a contract article 26 in Az. To be Valid: competent parties, legal age 18 in az, sound mind, offer clear, legal purpose and description, signatures from all, & consideration. |
| False statement or concealment of a fact is... | Misrepresentation |
| A doctrine to bar a legal claim due to delay or failure to assert the claim or right is... | Laches
(Like when someone has latched onto your property and starts building, but you don't bring to court's attention until they are on the 80th story rather than right away.) |
| When exercising an option the buyer is the... | Optionee Remember When it comes to options, buyer is Optionee |
| When exercising an option the seller is the... | Optionor Remember, when it comes to options, the seller is the optionor |
| The giver of the offer is called the... | Offeror (giver of something usually ends in "or") |
| The receiver of the offer is called the... | Offeree (Receiver usually ends in "ee") |
| Laws which regulate the registration and sale of investment securities are called... | Blue Sky Laws |
| Mutual agreement signed by the seller and buyer to cancel contract, stating disposition of earnest money is called... | Recission Agreement (Also known as Mutual Cancellations) |
| A legal action to compel a party to carry out the terms of a contract is... | Specific Performance
(I.E. Used when seller won't close. Must bring to court within 4 years.) |
| Expressed promise made by one party to act or perform in a specified manner is called an... | Offer
(Can be communicated via phone, but statute of frauds states it must be in writing) Acceptance=buyer expresses intent to be bound by contract terms. Counteroffer=Rejects original offer by creating a new one. Completion of contract=Close of escrow |
| An agreement kept open to buy or lease the owner's property at a fixed price within a stated period of time is an... | Option
(Types of contract: Implied=agreeement of parties is recognized by action; Unilateral=Only one party makes promise of action in hopes of influencing another to perform action i.e. option; Bilateral=Contains promises on 2 sides i.e. sales contract. |
| A requirement that everything must be in writing is called... | Statute of Frauds
(Exceptions: contracts between brokers as in MLS,however if you belong to a different MLS you will need something in writing, and a lease for one year or less. |
| Written agreement is the final expression of the agreement of the parties and prevails over prior oral negotiations is the... | Parol Evidence Rule
(If there is a discrepancy between printed and written word, the Written word has authority.) |
| Violation of any terms in a contract without legal excuse is called... | Breach of Contract |
| Any form of misrepresentation with the intent to deceive is... | Fraud |
| Compensation amount predetermined and paid to an injured party should there be a contract breach is... | Liquidated Damages |
| When a broker spends trust money it is called... | Conversion
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| Mixing of the broker's operating money with trust funds is called... | Commingling
(Broker can have $500.00 of their own money funds in trust account to take care of bank fees.) |
