real estate 1
An agreement by competent parties to do not to do something legal for stated consideration is a?
Contract
A _____ ______ is a licensee for another firm that is working with you to complete a transaction.
Cooperating broker
The person who hires an agent through an agency agreement is known as what?
Principal
A contract which allows someone to decide whether or not to move forward with the purchase of a property is called an _____.
Option
Contracts that grow out of acts or conduct only are what?
Implied
A kind of lease where the tenant pays rent plus taxes, insurance and maintenance is known as as what kind of lease?
Triple Net Lease
An agent hired to perform a wide range of duties is know as a ______ agent.
General
When all parties agree to the terms of a contract, it is said that there is ____ of the contract
Acceptance
Real Estate taxes are based on the value of a property and therefore are known as ________ ______ taxes.
Ad Valorem
Property taxes are levied by ___ or ____ ?
Counties or municipalities
A kind of lease where a tenant pays rent, and the landlord pay me all other property charges is referred to as a _____ _____
Gross Lease
Our legal system says that only the way to a “right a wrong” is by making somebody pay. The money paid is referred to as _____ also known as PUNITIVE damages
Compensatory
Capitalization
The purpose of the Real Estate Commission is to ?
Protect the Public
A specific type of contract that transfers possession to a property without transferring title is a ______.
Lease
With this kind of lease, the tenant only rent pays the rent on the land, and any improvements built on it then become property of the landlord upon its expiration.
Land Lease
During the lease period, the tenant’s interest is known as a ________ _____.
Leasehold Estate
This kind of tenancy does not require all owners to have equal share of interest in the property ______ __ _______.
Tenancy in common
If a contract is completed, terminated, or found impossible to perform, it is said to be what?
Discharged
Path ____, ____, ____, _____ are the four elements of a deed.
Premises
Acknowledgement
Testimonium
Habendum
Contracts for the sale of real estate must be in writing to be enforceable. This is governed by
Statue of Frauds
When an agent is due a commission regardless of who is responsible for procuring the buyer, this also know a what kind of listing?
Exclusive right sell
The initial proposal that leads to a contract is called an
Offer
Brenda’s home was recently appraised at $210,000. Based on the appraisal, it has depreciated 30% since it was purchased three years ago. What was the original cost?
$300,000
For a contract to be valid what are the following elements that are required?
Consideration
Legal purpose
Mutual assent
Competent Parties