Download Understanding Real Estate Contracts: Forms, Elements, and Amendments and more Exams Nursing in PDF only on Docsity! Promulgated Contract Forms (Champions) written passed solution update mutual consent - >>>a "meeting of the minds" unilateral contract - >>>a contract in which only one party is obligated to perform unenforceable contract - >>>a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable contract - >>>COLIC (competent parties, offer and acceptance, legal purpose, in writing, consideration) amendment - >>>changes to the contract; common ones include changes to the closing date, changes to the sales price, down payment or amount finances, repairs the the seller agrees to perform, removal or waiver of contingencies addenda - >>>an attachment that adds or further describes the rights and duties of the parties assignment - >>>transfers all of the rights related to the contract to another party known as assignee novation - >>>when a new contract is substituted fro an existing one statute of limitations - >>>limits the time you may file suit. In Texas, it's two years for oral agreement and four years for a written agreement reasons for termination - >>>mutual agreement; partial performance; substantial performance; impossibility; operation of law; breach of contract bilateral contract - >>>a contract of sale between a buyer and seller executory contract - >>>a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed promulgated forms - >>>contract forms published by TREC counteroffer - >>>a rejection of the original offer coupled with a new offer offeror - >>>the party making the offer Buyer's or Seller's Temporary Residential Lease - >>>for no more than 90 days offer must be presented... - >>>phone, fax, email, letter, hand delivery options when responding to an offer - >>>do nothing; reject; accept; counteroffer acceptance - >>>means that the accepting party does so with no change to the contract whatsoever net sheet - >>>an estimate of the net proceeds to the seller and should be prepared based upon the offer being considered Broker-Lawyer committee - >>>13 members; write residential contract forms that are generally mandatory for license holders TREC - >>>comprised of 9 members farm and ranch contract - >>>contains provisions for surface leases related to a property agricultural use exemption - >>>method for evaluating tax burden of properties used for agriculture unimproved property contract - >>>used for the sale pf properties with no existing structures in a Farm and Ranch sale, buyer receives the following: - >>>windmills, tanks, pens (NOT trucks) buyer's termination form - >>>used to notify the seller of a buyer-initiated contract termination non-realty items addendum - >>>used when personal property is to be included in a sale short sale addendum - >>>used when seller is unable to sell at or above what is owed on a property consumer information form - >>>should be displayed prominently at broker's office condominium resale certificate - >>>prepared by management of a condo project addendum for sale of other property by buyer - >>>used when there is a contingency churning - >>>excessive selling/lending activity for the purpose of generating fees and commissions chunking - >>>occurs when a fraudster promises to show investors how to get rich by investing in the real estate market UFFI - >>>Urea Formaldehyde Foam Insulation steering - >>>taking buyers/renters to or away from certain areas based on race, religion, etc. Most common cause for complaint under the law
