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R.E. Transactions

All about the basic terms of real estate transactions

Basic Real Estate DescriptionBasic 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
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.)
Created by: Rapunzel86