1. Customer - ANS☑☑---Any 3rd party w/ whom a licensee works
2. In-Company Transaction - ANS☑☑---Transaction in which the buyer and
seller are both represented by the same brokerage.
3. Management-Level License - ANS☑☑---A licensee who is employed by or
affiliated w/ a brokerage who has supervisory responsibility over other
licensees.
4. Statute of Frauds requires the following: - ANS☑☑---1) Certain
contracts be in writing to be 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.
5. Novation - ANS☑☑---Substituting a new obligation for an old one. Also,
a transfer of rights and/or duties under contract.
6. If the original party to an agreement is replaced due to novation, are
they liable? - ANS☑☑---No
, 7. Mailbox Rule - ANS☑☑---Acceptance that becomes effective as soon as
it is sent in the mail, unless the contract specified a certain means
for delivery.
8. Grantor is the - ANS☑☑---Owner
9. Grantee is the - ANS☑☑---Buyer
10. Optionor is the - ANS☑☑---Seller
11. Unilateral Contract - ANS☑☑---Contract containing ONE promise given
in exchange for completing an act. NO obligation to act.
12. Bilateral Contract - ANS☑☑---Contract containing TWO promises.
Example: A listing agreement is a bilateral contract
13. Client/Principal - ANS☑☑---A person who has entered into an agency
relationship w/ a licensee & with whom there is a written contract
14. Optionee is the - ANS☑☑---Buyer
15. Lessor is the - ANS☑☑---Landlord
16. Lessee is the - ANS☑☑---Tenant
2. In-Company Transaction - ANS☑☑---Transaction in which the buyer and
seller are both represented by the same brokerage.
3. Management-Level License - ANS☑☑---A licensee who is employed by or
affiliated w/ a brokerage who has supervisory responsibility over other
licensees.
4. Statute of Frauds requires the following: - ANS☑☑---1) Certain
contracts be in writing to be 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.
5. Novation - ANS☑☑---Substituting a new obligation for an old one. Also,
a transfer of rights and/or duties under contract.
6. If the original party to an agreement is replaced due to novation, are
they liable? - ANS☑☑---No
, 7. Mailbox Rule - ANS☑☑---Acceptance that becomes effective as soon as
it is sent in the mail, unless the contract specified a certain means
for delivery.
8. Grantor is the - ANS☑☑---Owner
9. Grantee is the - ANS☑☑---Buyer
10. Optionor is the - ANS☑☑---Seller
11. Unilateral Contract - ANS☑☑---Contract containing ONE promise given
in exchange for completing an act. NO obligation to act.
12. Bilateral Contract - ANS☑☑---Contract containing TWO promises.
Example: A listing agreement is a bilateral contract
13. Client/Principal - ANS☑☑---A person who has entered into an agency
relationship w/ a licensee & with whom there is a written contract
14. Optionee is the - ANS☑☑---Buyer
15. Lessor is the - ANS☑☑---Landlord
16. Lessee is the - ANS☑☑---Tenant
