Flashcards in Chapter 11: Contracts (FITB) Deck (15)
The type of listing given to only one broker but allows the owner to sell the property without paying the broker is a ____ listing.
An owner must be given a copy of a written listing within ____ hours.
The type of listing that gives the broker the greatest degree of protection is the ____ ____ ____ ____ listing.
exclusive right of sale
When a court is called upon to interpret the meaning of a contract, the process is called ____.
Damages specified in a contract are ____ damages.
When a contract has not yet been fully performed, it is an ____ contract.
A contract wholly in writing may be enforced for ____ years, as specified by the ____ ____ ____.
5 years, statute of limitations
Oral real estate sales contracts are considered to be ____, but are not ____.
valid, but not enforceable
Valuable consideration in a contract may consist of ____ property, ____ property or ____ ____.
real property, personal property, or enforceable promises
The parties to a real estate sales contract are the ____, who is the seller, and the ____, who is the buyer.
Witnesses on a real estate contract are ____ ____.
To be valid, an option must be accompanied by a ____ ____ ____.
definite valuable consideration
The parties to an option are the ____, who is the owner of the property, and the ____, who is the potential purchaser.
An option not accompanied by a definite valuable consideration is ____.