Chapter 15

Question 1

Property is going to stay in the condition that it is in

Answer 1

The as is clause

Question 2

A replacement of real estate purchase agreement by the lender in the title companies closing documents

Answer 2

Abrogation

Question 3

One of the parties give some indication by words or actions that they do not plan on moving forward with the contract

Answer 3

Anticipatory repudiation

Question 4

When a buyer scientist of a contract, another party for various reasons

Answer 4

Assignment of a contract

Question 5

One of the parties does not fulfill a term of the contract

Answer 5

Breach of contract

Question 6

Create agency between the buyer and the brokerage

Answer 6

Buyer broker agency agreement

Question 7

The buyer wants to buy the seller’s house contingent that certain things must happen

Answer 7

Contingency

Question 8

Most common contingency in real estate is financing

Answer 8

Contingency clause

Question 9

Moving a contract along to fulfillment

Answer 9

Discharge of contracts

Question 10

Each party committing to fulfill the terms of the contract in those terms coming to fulfillment

Answer 10

Full performance

Question 11

The parties want to perform, but due to unforeseen circumstances, they cannot perform their duties

Answer 11

Impossibility of performance

Question 12

A contract between brokers and the agreement to compensate in the event, another broker brings a buyer

Answer 12

Multiple listing service

Question 13

A contract between two parties and each party has the right and ability to enforce the terms of that contract on the other parties

Answer 13

Mutual enforcement

Question 14

A replacement with a release

Answer 14

Novation

Question 15

The remedies and rights are spelled out for both the buyer and the seller and can be enforced if needed

Answer 15

Operation of law

Question 16

The contract comes to completion and is fulfilled

Answer 16

Performance

Question 17

Has the authority to act on someone else’s behalf

Answer 17

Power of attorney

Question 18

Contract between the buyer and seller

Answer 18

Real estate purchase contract

Question 19

Putting things back the way they were before entered into a contract

Answer 19

Rescission

Question 20

For one party to sue another party in order to have the court to enforce the contract

Answer 20

Specific performance

Question 21

Indicates that every single real estate transaction has to be in writing to be enforceable in the court of law

Answer 21

Statue of frauds

Question 22

The contract that creates agency with the sellers

Answer 22

The exclusive right to sell

Question 23

When competing contracts, make sure your broker approves of any additional verbiage

Answer 23

Agents rule in preparing contracts

Question 24

These in all other employment agreements belong to the broker

Answer 24

Buyer broker agency agreement and the exclusive right to sell

Question 25

What are the consequences of a breach of contract?

Answer 25

Monetary damages Specific performance Recession Liquidated damages

Question 26

If the buyer cancels before this date, the earnest money goes back to the buyer or after this date, then the money goes back to the seller

Answer 26

Earnest money goes to

Question 27

An appraisal

Answer 27

Ex of contingency

Question 28

When a client refuses to sign a repair things that was agreed to in the contract

Answer 28

Ex of anticipatory repudiation

Question 29

One of the parties did not deliver documents within timeframe as specified

Answer 29

Ex of breach of contract

Question 30

Money that the buyer puts up as earnest money would go back to the buyer, and neither party would be obligated further in the transaction or under any of those terms

Answer 30

Ex of recession of real estate contract

Question 31

Putting it in writing prevents

Answer 31

Fraud prevention

Question 32

Beginning of every contract states that is legally binding

Answer 32

Importance of completing contract as agreed

Question 33

Have the new party step in front of the original buyer and seller and take it over but they do not go away

Answer 33

Simple assignment

Question 34

What are the contracts of real estate in Utah?

Answer 34

Buyer broker agency agreement Listing agreement Purchase agreement

Question 35

To verify the signature was put by that person

Answer 35

The role of notary public

Question 36

What are the two types of POA?

Answer 36

General or specific

Question 37

Ways to terminate

Answer 37

Performances Assignment Novation Impossibility of performance Anticipatory repudiation