Purchase agreements

Question 0

Legal Title

Answer 0

Received after closing

Question 1

Equitable Title

Answer 1

Limited ownership interest that conveys the right to receive legal title upon full performance

Question 2

Closing

Answer 2

When the seller tenders title to the buyer in exchange of payment

Question 3

Vendee

Answer 3

Buyer

Question 4

Vendor

Answer 4

Seller

Question 5

3 essential contract elements

Answer 5

Offer/acceptance
Consideration
No defense

Question 6

Purchase agreements contain 3 provisions

Answer 6

Timing
Property description
Earnest money

Question 7

Exclusive Agency Listing

Answer 7

Gives one broker the exclusive right to sell a particular property and earn a commission

No commission if the seller sells

Question 8

Exclusive Right to Sell

Answer 8

Gives one broker the exclusive right to collect a commission no matter who sells it

Question 9

Open Listing

Answer 9

Also know as general listing in which one or more broker may be employed to sell the property but only the broker who sells gets commission

If seller sells no commission to broker

Question 10

Net Listing

Answer 10

Seller pays a commission more than what was in the contract. Illegal

Question 11

Principal

Answer 11

Seller and buyer

Question 12

Requirements of a listing

Answer 12

Legal description of the property
Signed by seller and broker
Termination date
Writing
Seller has to be 18 or older

Question 13

Exclusive buyer agency agreement

Answer 13

Between a prospective buyer and a broker with compensation

Question 14

Exclusive agency buyer agency agreement

Answer 14

Only a commission to the broker if the broker finds a suitable property

Buyer finds on his own no commission