National Real Estate Exam Prep
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Terms in this set (101)
Unilateral Contract Contract containing ONE promise given in
exchange for completing an act. NO obligation
to act.
Bilateral Contract Contract containing TWO promises. Example: A
listing agreement is a bilateral contract
Client/Principal A person who has entered into an agency
relationship w/ a licensee & with whom there is
a written contract
Customer Any 3rd party w/ whom a licensee works
In-Company Transaction Transaction in which the buyer and seller are
both represented by the same brokerage.
Management-Level License A licensee who is employed by or affiliated w/
a brokerage who has supervisory responsibility
over other licensees.
Statute of Frauds requires the 1) Certain contracts be in writing to be
following: enforceable, 2) All real estate contracts for the
sale of LAND & ALL LEASES for more than one
year, options for more than 6 months, must be
in writing & signed by all parties.
Novation Substituting a new obligation for an old one.
Also, a transfer of rights and/or duties under
contract.
If the original party to an No
agreement is replaced due to
novation, are they liable?
Mailbox Rule Acceptance that becomes effective as soon as
it is sent in the mail, unless the contract
specified a certain means for delivery.
Grantor is the Owner
, Grantee is the Buyer
Optionor is the Seller
Optionee is the Buyer
Lessor is the Landlord
Lessee is the Tenant
Vendor is the Seller
Vendee is the Buyer
Mortgagor is the Buyer
Mortgagee is the Lender
Trustor is the Buyer
Trustee is the 3rd Party to the transaction
Regulation Z dictates Disclosure Requirements in Credit Transactions,
including the disclosure of the Annual
Percentage Rate (APR)
Regulation Z applies to: ALL REAL ESTATE credit transactions except
for commercial loans. For non-real estate
transactions, it covers up to $25,000.
The Cooling Off Period is a Regulation Z. It gives the customer the right to
condition of: rescind the transaction for up to 3 business
days following the transaction for liens placed
on a principal residence.
RESPA stands for Real Estate Settlement Procedures Act
Save
Terms in this set (101)
Unilateral Contract Contract containing ONE promise given in
exchange for completing an act. NO obligation
to act.
Bilateral Contract Contract containing TWO promises. Example: A
listing agreement is a bilateral contract
Client/Principal A person who has entered into an agency
relationship w/ a licensee & with whom there is
a written contract
Customer Any 3rd party w/ whom a licensee works
In-Company Transaction Transaction in which the buyer and seller are
both represented by the same brokerage.
Management-Level License A licensee who is employed by or affiliated w/
a brokerage who has supervisory responsibility
over other licensees.
Statute of Frauds requires the 1) Certain contracts be in writing to be
following: enforceable, 2) All real estate contracts for the
sale of LAND & ALL LEASES for more than one
year, options for more than 6 months, must be
in writing & signed by all parties.
Novation Substituting a new obligation for an old one.
Also, a transfer of rights and/or duties under
contract.
If the original party to an No
agreement is replaced due to
novation, are they liable?
Mailbox Rule Acceptance that becomes effective as soon as
it is sent in the mail, unless the contract
specified a certain means for delivery.
Grantor is the Owner
, Grantee is the Buyer
Optionor is the Seller
Optionee is the Buyer
Lessor is the Landlord
Lessee is the Tenant
Vendor is the Seller
Vendee is the Buyer
Mortgagor is the Buyer
Mortgagee is the Lender
Trustor is the Buyer
Trustee is the 3rd Party to the transaction
Regulation Z dictates Disclosure Requirements in Credit Transactions,
including the disclosure of the Annual
Percentage Rate (APR)
Regulation Z applies to: ALL REAL ESTATE credit transactions except
for commercial loans. For non-real estate
transactions, it covers up to $25,000.
The Cooling Off Period is a Regulation Z. It gives the customer the right to
condition of: rescind the transaction for up to 3 business
days following the transaction for liens placed
on a principal residence.
RESPA stands for Real Estate Settlement Procedures Act
