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Real Estate 7

Real Estate Principals lesson 7

QuestionAnswer
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
Created by: 1535448438
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