Term
|
Definition
| Sometimes called a valid contract, an encforceable agreement between competent parties, supported by consideration by for a lawful purpose. |
|
|
Term
|
Definition
| an offer and an acceptance |
|
|
Term
|
Definition
| a communication by the offeror containing the terms and conditions under which he or she is willing to enter into a contract |
|
|
Term
|
Definition
| the offeror's withdrawal of an offer |
|
|
Term
|
Definition
| The offeree's decision not to accept or counter the offer |
|
|
Term
|
Definition
| agreement by the offeree to accept the specific terms of the offer |
|
|
Term
|
Definition
| the required manner in which the offer must be accepted |
|
|
Term
|
Definition
| In contract law, anything of value given in excahnge for a promise |
|
|
Term
|
Definition
| contracts in which either or both of the parities lack contractual capacity |
|
|
Term
|
Definition
| the legal ability to enter into a contract, including being of legal age, called the age of majority |
|
|
Term
|
Definition
| the legal age for entering into a contract |
|
|
Term
| listing agreement or listing contract |
|
Definition
| contract that describes the rights and obligations of the seller and the real estate broker |
|
|
Term
|
Definition
| the seller gives the broker the exclusive right to market the property and receive a commission upon the sale of the property |
|
|
Term
|
Definition
| agent's duty to act solely in the best interests of the principal |
|
|
Term
|
Definition
| agent's duty follow the lawful requests and instructions of the principal |
|
|
Term
|
Definition
| agent's duty to communicate all information that affects the principal |
|
|
Term
|
Definition
| Agent's duty to keep information about the principal from others |
|
|
Term
|
Definition
| combining the client's funds with those of the agent |
|
|
Term
|
Definition
| a report of the funds of the principal |
|
|
Term
|
Definition
| When an agent represents both parties in a transaction |
|
|
Term
|
Definition
| the seller grants the right to market and sell the property to a number of bankers at the same time |
|
|
Term
|
Definition
| the seller and broker/agent agree to a set compensation amount unrelated to the sale price |
|
|
Term
|
Definition
| the broker/agent earns a commission only on the part of the sales price that exceeds a stated price |
|
|
Term
| exclusive agency agreement |
|
Definition
| the broker is the sole, exclusive agent |
|
|
Term
|
Definition
| an alternative resolution method where the parties present their dispute to an independent third party who assists them in achieving a mutually aggred resoluation |
|
|
Term
| Sales Agreement or Agreement of Sale |
|
Definition
| Written contract between the seller and the buyer that sets the terms of the purchase and sale of real property |
|
|
Term
|
Definition
| The agreement of sale, which is prepared by the buyer's agetn and presented to the seller |
|
|
Term
|
Definition
| A statutory time period during which the buyer and seller may retain the services of an attorney to review the Agreement of sale. |
|
|
Term
|
Definition
| a form of alternate dispute resolution where the parties submit their dispute in an informal manner to a panel of arbitrators who render a decision |
|
|
Term
|
Definition
| an amount the parties agree is adequate compensation for a breach |
|
|
Term
|
Definition
| items that must be satisfied in order for the sale to go forward |
|
|
