internet explorer is not secure and is not supported anymore (by us or anyone else, frankly). a contract is an oral or written agreement to do or not to do a certain thing. however, most contracts involving real estate must be in writing to be enforceable.the statute of frauds determines the documents that must be in writing to be enforceable. in most states, real estate documents such as sale contracts, deeds, and mortgages must be in writing. therefore it is in an agent’s best financial interest to have a written listing agreement. for example, a listing contract contains an expiration date, an offer contains a time period, and a sales contract contains a date at which time the buyers must inspect the property and secure a mortgage commitment and a closing date. in the case where a time period is not specified, the law will give a reasonable time to complete the contract. if the requirement is not met, the promisor will be held to have breached the contract and the rescission by the promisee would be justified.an “as is clause” in a contract means the buyer is buying the property as he sees it, with all existing conditions.
an assignment is the transfer of contract rights from one party to another. a contract is assignable unless the contract or state law forbids it. the party transferring the contract is called the assignor; the party receiving the transferring contract is called the assignee. today, a party wants to buy your business.⨠if you sell your business, and assignment is permitted by your lease contract, you may assign your lease to the new owner. an assignment does not relieve the assignor from liability unless novation has been granted. novation is the substitution of one contract for another and releases liability. in a sales contract, the earnest money may be considered liquidated damages if the parties so agree. for example, if all the requirements of a contract have been met, and the seller refuses to sell the property, the buyer may sue for specific performance. the rescission of a contract occurs when there is an agreement between the contracting parties to waive all the remaining duties and to terminate the contract.
internet explorer is not secure and is not supported anymore (by us or anyone else, frankly). a contract is a written or oral agreement to do or not to do a certain thing.the essentials of a valid contract are:1. capable parties2. offer and acceptance1. capable partiesto be a capable party, the person must have the legal capacity to contract. lawful object a contract must be entered into for a legal purpose.
a contract must also be entered into freely, without duress, threats, blackmail, misrepresentation, or fraud.3. it is bargained for and received. offer and acceptanceoffer and acceptance is also called mutual consent or a meeting of the minds. the offer must be clear in character, the property must be accurately described to identify the subject matter, and you must have an exact price. an offer must be accepted without change by the offeree or the offeree’s authorized agent.prior to acceptance, an offer or counteroffer can be revoked.an offer will be terminated by death or insanity of the offeror or offeree; destruction of the property; or a material change. this reverses the legal position of the parties and the offeror becomes the offeree, while the offeree becomes the offeror.
an agent must have a working knowledge of contract law because every aspect of the business deals with contracts. a contract is an oral or written agreement pass your real estate exam with prepagent’s online practice tests, animated videos, live online webinars, audio lessons, online flashcards, and more. pass your real estate exam with prepagent’s online practice tests, animated videos, live online webinars, audio lessons, online flashcards,, prep agent finance, prep agent finance, contracts real estate exam quizlet, prep agent math, land contract prep agent.
pass your real estate exam with prepagent’s online practice tests, animated videos, live online webinars, audio lessons, online flashcards, and more. a land contract is a financial agreement between a vendor and a vendee. generally, the title is held by the seller until final payment is made. start studying contracts- prep agent. learn vocabulary, terms, and more with flashcards, games, and other study tools., prep agent laws, joe from prep agent, prep agent ownership, joe prep agent – youtube, real estate contracts and agency, prep agent vocabulary, listing agreement prep agent, prep agent closing, real estate contracts exam, prep agent webinar.
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