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A counter-offer negates the original offer.
A licensee must not disclose confidential information for 3 years after the last activity on a transaction.
An earnest money deposit is an essential element of a contract.
The statute of limitations requires real estate contracts to be in writing in order to enforceable in court.
In a voidable contract, the party facing the legal disability has the right to void the agreement.
An offer becomes a contract after acceptance of an offer and the communication of that acceptance to the offeror.
An option contract is a bilateral contract by nature.
Form 636 waives the seller’s rights to be presented with all offers.
A buyer receives a counter-offer from the seller on a property the buyer is very interested in buying. At this point, the buyer is the “offeror.”
The “offeree” can be a buyer or a seller in a transaction.
17 year-old Ryan enters into an apartment lease with Landlord Sam for a 12 month period. Ryan never makes one rent payment. Sam’s lease with Ryan is “unenforceable.”
An offer can legally be withdrawn by the offeror without ramification at any time prior to acceptance and delivery of acceptance.
A broker must keep complete real estate transaction records for at least 7 years after the date of the closing or the last activity involving the property.
An associate must submit all listing and sale paperwork to the broker within 5 calendar days after that paperwork is executed.
An essential element for any contract to be valid includes that the contract be in writing and signed.
“Mutual assent” suggests that the parties have a meeting of the minds and have agreed to all terms and conditions of the contract.
The assessor’s parcel number is one of the three acceptable forms of legal descriptions.
In essence, a counter offer equates to a rejection of the original offer and the submission of a new offer.
The contract between seller Edwards and buyer Nielsen requires Nielsen to obtain loan approval within 30 days of acceptance or the contract becomes voidable. This is an example of both a contingency and time is of the essence.
A primary distinction between an addendum and a counter offer is whether the new terms are prior to or after the execution of the contract.
Multiple offers are commonly seen in a buyer’s market where home inventories are substantial.
The concept of “suit for specific performance” is to sue the other party to fulfill the duties and obligations of the contract.
One of the primary lessons to be learned from the contract scenarios in this course is to realize that the contract governs the actions and procedures to be taken in the event of a dispute or conflict between the parties in closing the transaction.
A “General and Mutual Release” is often used to terminate a contract between two parties.