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Real Estate 7
Real Estate Principals lesson 7
| Question | Answer |
|---|---|
| Contract | an agreement to do or not to do a certain thing |
| valid contract | one that is binding an enforceable in the court of law, and has the four elements |
| voidable contract | valid until voided |
| void contract | lacks legal effect |
| executory contract | remains to be done by one or both perties |
| excuted contract | both parties have erformed |
| bilateral contract | a promise for a promise |
| unilateral contract | a promise for a act |
| illegal contract | breaks the law |
| parol contract | oral |
| the acceptance in a mutual contract | must be a mirror image of the other |
| What is the last step in the 3 step process for mutual consent | the acceptance must be communicated back to the offeror |
| fraud | contract is usually voidable |
| Actual fraud | On purpose |
| Constructive fraud | Accident |
| Duress | voidable |
| menae | voidable |
| undue influence | voidable |
| Consideration | Doesn't have to be money |
| good consideration | love and affection |
| valuable consideration | anything of value |
| capable parties | Everyone who isn't a minor |
| minor | person under the age of 18 |
| lawful object | contract must be totally legal |
| what takes priority over an oral agreement? | written |
| parol evidence rule | oral is considered over written do to incomplete or understood written |
| handwritten or typed parts? | take priority over pre-printed parts |
| waiver | a unilateral act which relinquishes a right in a contract |
| privity | a relationship of privateness exists in a contractual relationship |
| is a listing contract assignable? | no, it can not be given to another broker |
| novation | new |
| tender | an offer of money or performance in connection with a contract |
| can a broker bring a suit for breach of contract | no |
| liquidated damages clause | clause that state the consequence of breaking a contract |
| unilaterally rescind? | if they don't do their part you don't have to do yours |
| when is a contract have to be in writing, in terms of time? | if the terms are not to be performed within a year |
| what agreement does NOT have to be in writting | an agreement between brokers to share a commission |
| what is the statute of limitations on a oral contract? | V-two years |
| what is the statute of limitations on an encroachment or inverse condemnation? | E-three years |
| what is that statute of limitations on a written contract | W-4 years |
| what is the statute of limitation for a deed? | it doesn't have one |
| fiduciary relationship | integrity,honesty, loyalty |
| law of agency | an agent must reveal witch agency they are with |
| can an agent tell a buyer anything (the seller would take anything) just to get a sale? | No |
| what does not create an agency relationship? | voluntary offer |
| actual athority | a broker is usually employed as an actual agent |
| the principle of estoppel | bars a principal from denying an agency (can't let someone start something and then only deny it when they screw up) |
| if the property sells what happens to the agency? | it terminates |
| fiduciary obligation | disclose all offers |
| what should happen to all written offers? | they should be submitted immediately, unless frivolous |
| when acting exclusively as agent of the buyer, who else can the agent represent? | other buyers |
| is the oral promise of commission to a broker enforceable? | no |
| how does the broker officially earn commission? | by communicating acceptance |
| hold harmless clause | "you be honest with me and i'll be honest with you" |
| silence | known material fact that agent fails to disclose |
| "as is" clause | doesn't eliminate the duty to disclose material facts |
| even though a broker does not hold a fiduciary relationship with a customer/prospect? | the broker should still treat them fairly and honestly |
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