Term
| Maximum administrative fine per Chapter 455 or 475 offense. |
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Definition
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Term
| Citation Fines Range from $___ to $___ |
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Definition
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Term
| Failing to provide current and accurate rental information fora fee is a ______ of the ____ degree, punishable in a court of law by a fine up to $____ or imprisonment of up to ___ year. |
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Definition
Misdemeanor
First
$1,000
One |
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Term
| Misdemeanors of the second degree are punishable by a fine of up to $___ or imprisonment of up to __ days. |
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Definition
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Term
| Unlicensed practice or real estate for compensation and falsifying an application are ____ of the ____ degree. The penalty is a fine of up to $5,000 and/or up to ___ years in jail per offense. |
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Definition
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Term
| Recovery Fund Claims are limited to $_____ per transaction, exceeding no more than $______ against one licensee involving multiple transactions. |
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Definition
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Term
Unenforceable Contract
pg. 227 |
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Definition
Has all of the essential elements, but cannot be enforced in court.
Ex: Not in writing (oral) or destroyed property. |
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Term
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Definition
One of the parties is permitted to avoid any contractual duties.
Ex: Minors Contract |
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Term
| What makes a contract VOID? |
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Definition
Lacks one or more of the required elements, therefore has no legal effect.
Ex: The use of a forged name |
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Term
What makes a contract VOID?
pg 227 |
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Definition
Lacks one or more of the required elements, therefore has no legal effect.
Ex: The use of a forged name |
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Term
What does COLIC represent?
pg 226 |
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Definition
Elements of a Real Estate Contract
Competent Parties
Offer and Acceptance
Legal Purpose
In Writing & Signed
Consideration |
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Term
Statue of Limitations designate ....
pg 226 |
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Definition
| The period of time during which the terms of a contract may be enforced. |
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Term
How long are written and oral contracts valid for?
pg 226 |
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Definition
Written: 5 years
Oral: 4 years
Partial Written, Partial Oral: 5 years, 4 years |
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Term
What is the difference between valuable consideration and good consideration?
pg. 225 |
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Definition
| Valuable consideration is in terms of money while good consideration is in terms of love and affection. |
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Term
What does "meeting of the minds" (mutual assent) refer to?
pg 225 |
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Definition
| Reaching an agreement on all terms in a contract. |
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Term
What is "consideration"?
pg 225 |
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Definition
| What is given in exchange for something else. (valuable and good) |
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Term
What is the difference between a formal and informal contract?
pg. 228 |
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Definition
| Formal contracts are written (under seal) and informal contracts are oral. |
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Term
What is the difference between a bilateral vs unilateral contract?
pg 229 |
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Definition
Bilateral: Both parties are obligated
Unilateral: One party is obligated |
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Term
What is the difference in expressed and implied contracts?
pg 229 |
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Definition
| Expressed contracts are in words while implied contacts are by acts and conduct. |
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Term
What is the difference in executory and executed contracts?
pg 229 |
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Definition
| Executory contracts are not yet fully performed. Executed contracts have completed all terms and conditions |
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Term
What are liquidated damages?
pg 232 |
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Definition
Amount of damages stipulated in the contract to be paid in the case of default by the buyer.
Ex: Earnest money damages |
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Term
What does "assignment" refer to?
pg 232 |
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Definition
| The transfer or a persons right and duties under a contract to another person. |
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Term
What does a Novation Agreement do?
pg 232 |
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Definition
| It discharges a party and substitutes it with another one. |
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Term
| Who does commission go to in an Exclusive Right of Sale listing? |
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Definition
| The listing broker regardless of who sells the property. |
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Term
What happens to a contract during rescission?
pg 232 |
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Definition
| The contract is canceled. |
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Term
What are compensatory damages?
pg 232 |
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Definition
| An amount of money equal to the extent of loss suffered. Also known as unliquidated damages. |
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Term
What are the ways an offer is terminated?
WILD CARD
pg 231 |
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Definition
Withdrawal by offeror
Insanity
Lapse of time
Death
Counter Offer
Acceptance
Rejection
Destruction of Property |
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