Chapter 8 & 9 -Mandated Disclosures

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Author:
nleggett
ID:
254072
Filename:
Chapter 8 & 9 -Mandated Disclosures
Updated:
2013-12-21 18:43:35
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Description:
Mandated Disclosures
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  1. Hidden structural defects not discovered by ordinary inspection
    Latent Defects
  2. Liability for action before CERCLE was passed 1980
    Retroactive Liability
  3. Oral or Written
    Expressed
  4. Agreement demonstrated by acts and conduct
    Implied
  5. Both parties promise to do something
    Bilateral
  6. Only one party makes a promise
    Unilateral
  7. Something remains to be done by one or both parties
    Executory
  8. Lacks an essential element
    Void
  9. Minor, duress, fraud
    Voidable
  10. neither party can sue the other to force performance ( oral agmt to pay commission)
    Unenforceable
  11. All terms carried out
    Performance
  12. Party remains liable if contract was not completed exactly as required
    Substantial Performance
  13. Parties Agree to Cancel
    Mutual Agreements
  14. Minor, fraud, Statute of Limitations
    Operation of Law
  15. Any # of Brokers
    Open Listing
  16. one broker but seller can sell own property with no obligation
    Exclusive Agency listing
  17. Right – to – Sell Listing – One broker, seller gives up right to sell, broker receives commission regardless
    Exclusive
  18. Based on list Price, seller receives only net & broker receives the rest (prohibited in
    many states)
    Net Listing
  19. Seller pays commission
    Exclusive Rights
  20. May purchase home outside of agent w/o any commission due
    Exclusive Agreement
  21. Can work with more than one buyers agent
    Open Agreement
  22. (Insurable interest)
    Equitable Title
  23. Larger down payment, payments over time w/ interest
    Land Contract
  24. Home Owner
    Optionor
  25. Buyer in land contract for deed
    Vendee

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