Card Set Information
Real Estate Contracts
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
wording that does not guarantee the transaction.
Where is the concept of
Time is of the essence
If the buyer dies before the seller accepts the offer, what does the buyer's death constitute in regards to the offer?
of the offer
In the case of
breach of contract
what may the offended party sue for?
What type of action can be sought by the broker in a dispute regarding the disposition of a deposit ?
The 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
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?
protection period clause
To enforce a protection period clause what must a broker do?
Provide a l
ist of all prospective buyers
for which the broker is responsible to the seller within
of the expiration of the listing.
When a seller without significant disclosure, how is the broker protected?
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