Real Estate Contracts Flashcards

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1
Q

Listing Contracts

A

bilateral contract; client promises to pay a commission or other compensation to a broker and the broker promises to attempt to procure a ready, willing and able buyer

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2
Q

Contingency Provisions

A

details in the contract that would allow the buyer to be excused from the contract; i.e mortgage contingency and building inspection contingency

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3
Q

Deposit Money

A

generally the real estate sales contract provides that the broker will hold the money deposited by the buyer; deposits must be made within three banking days from the date of obtaining all signatures from all parties

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4
Q

Destruction of the Premises

A

if the sales contract is silent; it is presumed the seller will carry the risk of loss and maintain fire insurance coverage until the date of closing

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