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What 4 real estate contracts must be in writing?
- 1- a lease of real property for more than one year
- 2- purchasing real property
- 3- listing real property
- 4- an agreement to pay the debt of another
Do Advance Fee contracts need to be approved by the DRE before being used?
What must they include?
Generally they must be approved by the DRE. They must include the dollar amount and date due and wording that does not guarantee the transaction.
Where is the concept of Time is of the essence found?
In deposit receipts and purchase contracts
If the buyer dies before the seller accepts the offer, what does the buyer's death constitute in regards to the offer?
A revocation of the offer
In the case of breach of contract what may the offended party sue for?
Liquidated damages or specific performance
What type of action can be sought by the broker in a dispute regarding the disposition of a deposit ?
- An interpleader actionThe broker turns the deposit over to a court for resolution
What is the name for the rescission or annulling of a contract by mutual consent of the parties or for cause?
What is owed to the broker in an exclusive agency listing if the owner sells the property on his own efforts?
Is procuring cause an issue in an exclusive right to sell listing?
What is an open listing?
When a seller list his property with multiple brokers. The only broker to get paid is the one who sells the property.
What clause may entitle the broker to a commission after a listing expires?
A protection period clause
To enforce a protection period clause what must a broker do?
Provide a list of all prospective buyers for which the broker is responsible to the seller within 5 days of the expiration of the listing.
When a seller without significant disclosure, how is the broker protected?
Through the hold harmless clause in the listing
When does a copy of a contract or disclosure statement need to be given to a client or customer?
At the time of signing
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