Types of Contracts
A contract which arises based on written or verbal consent of the parties.
What is an Express Contract?
TV Mounts, Curtain Rods, Bicycle Hangers, etc. are examples of these.
What are fixtures?
T/F: The due diligence fee in the 2-T Offer to Purchase and Contract is applied to the purchase price at settlement/closing.
What is true?
This is the form that is used to insert an expiration date for the 2-T Contract.
What is the Additional Provisions Addendum?
This is when the Loan Estimate needs to be given to a borrower.
What is within three (3) days of loan application?
A contract entered into with a minor or person of unsound mind.
What is a voidable contract?
The result when the buyer and seller do not reach mutual agreement.
What is no contract?
Amount of time a buyer has to deliver the earnest money deposit.
What is 5 days?
These are the contracts that should be used when the buyer wants to make an offer on a property that is currently pending.
What is the 2-T and Backup Contract Addendum?
RESPA laws make receiving the following illegal of a settlement service provider.
What is referral fees and kickbacks?
A contract lacking an essential element.
What is a void contract?
These 2 contract provisions are illegal for a broker to add into a contract.
What the brokers compensation and waiver of liability?
The effective date of the Offer to Purchase and Contract.
What is when the contract is signed and acceptance is communicated?
These forms should be used when a buyer is making an offer on a new construction home is completed.
What the 2-T Contract and the New Construction Addendum (2A3-T)?
The Closing Disclosure must be sent to the borrower.
What is three (3) days prior to closing?
A verbal contract is legal but _____________ in a court of law.
What is an unenforceable?
This type of contract gives the buyer the exclusive right to purchase a property within a specified timeframe, in exchange for valuable consideration.
What is an option contract?
This is when a buyer may receive their DD, EMD and reasonable costs of the buyer's Due Diligence.
What is when the seller breaches the contract?
This is the addendum that should be used with residential homes built before 1978?
What is the Lead Based Paint Addendum?
What is a debit to the buyer?
The type of contract whereby one party makes a promise.
What is a Unilateral Contract?
Law requiring that real estate documents be in writing to be enforceable.
What is the Statute of Frauds?
The legal completion of the process which transfers ownership of a property from one party to another.
What is closing?
This is the addendum that should be used when the seller is not ready to move out and the buyer agrees to let the sellers stay for a short period of time.
What is the Seller Possession After Closing Agreement/Addendum?
On the Closing Disclosure (CD) the loan would show as...
What is a credit to the buyer?