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139 cards
1What is a real estate broker?
2What are the three different types of real estate listing agreements?
3In general, and unless the listing agreement provides otherwise, at what point in a real estate transaction does a broker become entitled to commis...
4In general, if a real estate broker produces a suitable buyer, and the buyer and seller enter into a sales contract, is the broker entitled to comm...
5Does a non-lawyer who prepares sales contracts while working as a real estate broker risk engaging in the unauthorized practice of law?
6What is an extension clause in an exclusive-right-to-sell listing agreement or an exclusive-agency listing agreement?
7What is a multi-listing service agreement?
8A seller entered into an exclusive right-to-sell listing agreement with a real estate broker to sell her home. Within the specified period of the a...
9A seller hired a real estate agent who was not an attorney to help sell her realty. The real estate agent found a willing buyer for the seller’s pr...
10In general, are real estate sales contracts subject to the statute of frauds?
11What characteristics must a real estate sales contract possess to satisfy the statute of frauds?
12To satisfy the writing requirement, does the statute of frauds require a particular form of writing?
13To satisfy the signature requirement, does the statute of frauds require a particular type of signature?
14Does the statute of frauds generally require that the essential terms of a real estate sales contract be ascertainable from the contract alone?
15What is the part-performance exception to the statute of frauds in real estate sales contracts?
16In what manner must a buyer take possession of a property to satisfy the possession element of the part-performance exception?
17In what manner must a buyer make improvements to a property to satisfy the substantial improvements element of the part-performance exception?
18Under a real estate sales contract, will a buyer’s actions typically support a claim of part performance if those actions can reasonably be attribu...
19With respect to the sale of real estate, which types of remedies are available if a plaintiff succeeds in invoking the part-performance exception?
20What is the estoppel exception to the statute of frauds as applied to real estate sales contracts?
21If a party admits to the existence of all the facts necessary to establish an enforceable real estate sales contract, does this provide an exceptio...
22A seller orally agreed to sell a property to a buyer. The buyer paid a substantial portion of the agreed-to price at the time the buyer took posses...
23A seller entered into a written contract for the sale of a property to a buyer. The contract properly stated all the essential terms of the agreeme...
24What are the four essential terms of most real estate sales contracts that must be provided in the written contract to satisfy the statute of frauds?
25Must a real estate sales contract identify both the buyer and seller by name to satisfy the statute of frauds?
26For a real estate sales contract to be enforceable, how thoroughly must it describe the property?
27May a real estate sales contract satisfy the statute of frauds by stating a definite process for determining the purchase price?
28A buyer and seller entered a written real estate sales contract, which described the subject property as “the house located at 555 Main Street plus...
29A seller and a buyer entered into a written real estate sales contract. The contract stated that the seller intended to sell a property to the buye...
30In a real estate sales contract, what are the contract date and the closing date?
31In a real estate sales contract, what are contingencies?
32What type of effort must each party to a real estate sales contract make toward fulfilling the contract’s contingencies?
33Under a real estate sales contract, are the seller’s obligation to deliver title and the buyer’s obligation to pay independent or concurrent obliga...
34At what point in a real estate transaction must the parties typically perform their respective obligations?
35Can a party to a real estate sales contract be held in breach for failing to perform an obligation before the closing?
36Under a real estate sales contract, what is the difference between performing an obligation and tendering performance?
37Under a real estate sales contract, what is the effect of a party’s tender of performance at the time of the closing?
38In general, is the closing date considered to be an essential term of a real estate sales contract?
39If a real estate sales contract contains an express time-is-of-the-essence clause, will a court enforce the closing deadline strictly?
40May parties make time of the essence without the inclusion of a time-is-of-the-essence clause in the real estate sales contract?
41Do some jurisdictions allow one party to a real estate sales contract to unilaterally make time of the essence?
42A seller agreed to sell a property to a buyer. The seller and buyer entered into a valid real estate sales contract that stated a specific closing ...
43If time is of the essence in a real estate sales contract, can a party’s conduct waive its right to timely performance?
44A seller agreed to sell a property to a buyer. The seller and buyer entered into a valid real estate sales contract that included a time-is-of-the-...
45Absent contrary language in a real estate sales contract, before one party may have a remedy against the other for breach of contract, must the com...
46What three potential remedies does each party have for the other party’s breach of a real estate sales contract?
47What is the remedy of rescission and restitution as applied to the breach of a real estate sales contract?
48Does the remedy of rescission and restitution entitle the seller to retake possession of the property if the buyer has already taken possession?
49If a seller obtains rescission and restitution for the buyer’s breach of a real estate sales contract, may the seller thereafter sue the buyer for ...
50In general, does the remedy of rescission and restitution for the breach of a real estate sales contract entitle the buyer to the return of any dep...
51What is the remedy of specific performance as applied to the breach of a real estate sales contract?
52Do courts typically treat a buyer’s opportunity to purchase a property as a unique opportunity that cannot be replaced by money damages, thus warra...
53Do courts typically treat a seller’s interest in a real estate sale as a unique opportunity that cannot be replaced by money damages, thus warranti...
54In a real estate transaction, what is an abatement?
55If the seller’s breach of a real estate contract reduces the value of the property, may the buyer seek an abatement of the purchase price in additi...
56May a defendant raise equitable defenses to a claim for specific performance of a real estate sales contract?
57A seller agreed to sell a property to a buyer. After executing a valid sales contract, but before closing, the seller got cold feet and decided tha...
58In an action for breach of a real estate sales contract, may the plaintiff generally recover both specific performance and money damages?
59In general, what three types of damages are available in an action for breach of a real estate sales contract?
60Under a real estate sales contract, what are loss-of-the-bargain damages?
61May a court award expectation damages even if the breaching party did not act in bad faith?
62For purposes of determining loss-of-the-bargain damages, may the sale price of a replacement sales contract be used as evidence of damages suffered...
63In the context of a real estate sales contract, what are liquidated damages?
64Under what legal conditions will a court typically enforce a liquidated-damages clause in a real estate sales contract?
65May a real estate sales contract provide for the seller to retain the buyer’s deposit as a form of liquidated damages in the event of the buyer’s b...
66Under a real estate sales contract, may the seller generally retain the buyer’s deposit if the buyer breaches?
67In general, if a buyer recovers damages for the seller’s breach of a real estate sales contract, will the buyer be entitled to recover any deposit ...
68In the context of a real estate sales contract, what are incidental damages?
69In the context of a real estate sales contract, what are consequential damages?
70A buyer and a seller signed a contract for the buyer to purchase a property from the seller for $100,000. The buyer tendered a $5,000 earnest-money...
71What does the implied covenant of marketable title require from a seller of real estate?
72What is the legal effect of a seller’s failure to deliver marketable title at closing?
73Is a real estate title considered to be marketable if there is a reasonable likelihood that the buyer will be required to litigate some aspect of t...
74Will a trivial title defect or a remote possibility of litigation render a property unmarketable for purposes of an implied warranty of marketability?
75What is an encumbrance?
76Does an encumbrance render title unmarketable if the encumbrance is not identified in the sales contract or otherwise deemed to be accepted by the ...
77In general, will an easement that is not identified in a sales contract render title unmarketable if the easement is open, notorious, or visible up...
78At closing, does the existence of zoning regulations affecting the property render title unmarketable?
79In most jurisdictions, is an existing violation of a building code an encumbrance that might render title unmarketable?
80Under a real estate sales contract, does a mortgage necessarily render the seller’s title unmarketable?
81A seller agreed to sell a property to a buyer. The valid land sales contract was silent about an easement held by a neighbor, which allowed the nei...
82Traditionally, is title acquired through adverse possession marketable?
83Do some modern jurisdictions hold that title acquired by adverse possession can be marketable for purposes of the implied warranty of marketability?
84An owner owned a property in fee simple absolute and believed that she still did. However, a squatter claimed to have acquired the property through...
85In general, if a buyer knows of a defect that will render title unmarketable, must the buyer inform the seller of the defect before the closing to ...
86May a buyer rescind a real estate sales contract if the seller cannot provide marketable title before the date set for closing?
87If a seller fails to deliver marketable title because of an incurable title defect, and the buyer wishes to obtain specific performance, may the bu...
88What is the doctrine of equitable conversion?
89At what point in a real estate sale is a contract considered to be enforceable so as to give rise to equitable conversion?
90Upon equitable conversion, what form of title remains with the seller?
91May the parties to a real estate sales contract agree as to which party will have possession of the property between the contract formation date an...
92Upon equitable conversion, is the seller’s interest in the purchase price treated as real property or as personal property?
93If a party to a real estate transaction dies between the occurrence of equitable conversion and the closing, must the deceased party’s personal rep...
94In general, if equitable conversion has occurred, and the seller dies before closing, who is entitled to the purchase money?
95In general, if equitable conversion has occurred, and the buyer dies before closing, who is entitled to the buyer’s equitable ownership of the prop...
96In the context of real property, what is exoneration?
97Absent contrary language in the agreement, what is the majority rule regarding who bears the risk of loss if property is damaged between the date t...
98Does the doctrine of equitable conversion apply if a seller is in material breach of the sales contract when the destruction of the property occurs?
99If equitable conversion places the risk of loss on the buyer between the contract date and closing date, what must the seller do with any insurance...
100In a minority jurisdiction that places the risk of loss on the seller between the contract date and closing date, may the risk of loss nonetheless ...
101In a jurisdiction in which the seller bears the risk of loss between the contract date and closing date, if a property is damaged during this time,...
102In a jurisdiction in which the seller bears the risk of loss between the contract date and closing date, may the buyer rescind the sales contract i...
103A seller agreed to sell a property to a buyer, and the parties entered into a valid land sales contract. After the contract was executed, but befor...
104A seller agreed to sell a property to a buyer. The agreement was properly memorialized in a valid land sales contract, which had a clause that put ...
105What is a right of first refusal?
106Are rights of first refusal generally subject to the rules limiting restraints on alienation?
107Are rights of first refusal generally subject to the rule against perpetuities?
108What is an option to purchase real property?
109Are options to purchase real property generally subject to the rules limiting restraints on alienation?
110Are options to purchase real property generally subject to the rule against perpetuities?
111Are options to purchase real property subject to the statute of frauds in some jurisdictions?
112In general, to exercise an option, must the optionee tender the purchase price?
113In what manner must an optionee notify the optionor that the optionee intends to exercise the option?
114At what point does equitable conversion occur under an option to purchase real property?
115Generally, are deadlines in option contracts strictly enforced?
116An owner owned a property. A buyer was considering buying the property. The owner executed an option that enabled the buyer to buy the property for...
117A buyer was potentially interested in purchasing a property. The owner of the property executed a valid option that enabled the buyer to purchase t...
118Under the traditional rule of caveat emptor, does a seller breach his or her duty to disclose by passively not disclosing material, latent defects ...
119In residential real estate sales, do modern courts tend to impose a duty to disclose material defects instead of following caveat emptor?
120A seller agreed to sell a property to a buyer. The seller failed to disclose that there was hazardous black mold inside all the walls of the house,...
121What are the elements of fraudulent misrepresentation with respect to the sale of realty?
122Under the law of fraudulent misrepresentation, is a buyer of real property generally justified in relying on the seller’s representations about the...
123What is fraudulent concealment with respect to the sale of realty?
124What is the implied warranty of quality and workmanship?
125In general, is the implied warranty of quality and workmanship limited to sellers who are in the business of selling new housing?
126An engineer purchased a 10-acre piece of unimproved land. Over the next two years, she built herself a new house on the premises. The engineer perf...
127What is the measure of damages for breach of the implied warranty of quality and workmanship?
128In general, may the implied warranty of quality and workmanship be asserted by a homeowner who is not the original buyer of the home?
129Do some courts allow a vendor of new housing to disclaim the implied warranty of quality and workmanship?
130What is the merger doctrine with respect to land sales contracts?
131Does the merger doctrine preempt a material mistake made by both seller and buyer regarding the duty to provide marketable title?
132After closing, under what circumstances can the merger doctrine be defeated?
133A seller agreed to sell a property. After closing, the buyer discovered the existence of a profit a prendre burdening the property. Before closing,...
134A seller agreed to sell a property to a buyer. After the parties signed the land-sales contract, but prior to closing, the buyer discovered an unde...
135Under the statute of frauds, what are the three requirements for an enforceable sales contract concerning real property?
136In the context of a real estate transaction, the implied warranty of marketability is essentially the ________ promise to deliver ________ at closi...
137In a real estate transaction, what are the buyer’s and seller’s property interests after the equitable conversion that occurs upon the execution of...
138Under the modern trend, a seller of residential property is required to disclose defects that meet what three criteria?
139What is the merger rule for sales contracts concerning real property?
All flashcards
139 cards