Ch12 Contracts

Question 1

Listing Agreement

Answer 1

Agency contract between a seller and a real estate broker stipulating the details of their agreement, including the brokers commission with regard to the sellers property

Question 2

Buyer agency agreement

Answer 2

Agency contract between a buyer and a real estate broker, providing the details of their agreement, and how the broker will be compensated for representing the buyer in the purchase or lease of property

Question 3

Sales/Purchase Contract

Answer 3

Contract between a buyer and a seller detailing the sale of real property

Question 4

Lease

Answer 4

Contract between a lessor and less E stipulating the terms of the tenancy, rent, tenants rights and obligations.

Question 5

Contract

Answer 5

Legally enforceable agreement between 2 or more parties to do or not do something

Question 6

Contractual Capacity

Answer 6

Meeting the requirements to enter into a signed agreement/contract: being of legal age, 18, having mental competence and having proper authorization on behalf of corps or other entities.

Question 7

Genuine Assent

Answer 7

Consent freely given by all parties involved in creating a binding contract.