Chapter 11: Contracts (FITB) Flashcards Preview

Real Estate > Chapter 11: Contracts (FITB) > Flashcards

Flashcards in Chapter 11: Contracts (FITB) Deck (15):
1

The type of listing given to only one broker but allows the owner to sell the property without paying the broker is a ____ listing.

exclusive

2

An owner must be given a copy of a written listing within ____ hours.

24

3

The type of listing that gives the broker the greatest degree of protection is the ____ ____ ____ ____ listing.

exclusive right of sale

4

When a court is called upon to interpret the meaning of a contract, the process is called ____.

construction

5

Damages specified in a contract are ____ damages.

liquidated

6

When a contract has not yet been fully performed, it is an ____ contract.

executory

7

A contract wholly in writing may be enforced for ____ years, as specified by the ____ ____ ____.

5 years, statute of limitations

8

Oral real estate sales contracts are considered to be ____, but are not ____.

valid, but not enforceable

9

Valuable consideration in a contract may consist of ____ property, ____ property or ____ ____.

real property, personal property, or enforceable promises

10

The parties to a real estate sales contract are the ____, who is the seller, and the ____, who is the buyer.

vendor, vendee

11

Witnesses on a real estate contract are ____ ____.

not required

12

To be valid, an option must be accompanied by a ____ ____ ____.

definite valuable consideration

13

The parties to an option are the ____, who is the owner of the property, and the ____, who is the potential purchaser.

optionor, optionee

14

An option not accompanied by a definite valuable consideration is ____.

void

15

With a contract for deed, a vendee has acquired ____ ____ in the property prior to closing.

equitable title

Decks in Real Estate Class (39):