To Remember: Elements of a Valid and Enforceable Real Estate Sale Contract C Competent parties O Offer and acceptance (meeting of the minds) L Legal purpose I In writing and signed (statute of frauds applies to real estate contracts) C Consideration (valuable or good) RE contracts to be enforceable must be in writing A contract specifies the amount of money that must be paid if the buyer defaults. Which remedy for breach does this describe? A) Explanation Which court case made clear that material defects affecting the value of residential property must be disclosed to prospective buyers? A) A buyer has breached a real estate sale contract. The seller wants to recover damages in excess of the earnest money deposit. Which remedy for breach should the seller use? A) Explanation What does Florida's homeowner associations law require of sellers who own property subject to a mandatory homeowners association? A) The answer is the sellers must provide buyers with a disclosure summary regarding the association. Florida law requires sellers of property subject to a homeowners association to provide buyers with a disclosure summary regarding the association, the existence of restrictive covenants, and any assessments that the association imposes. Within what period of time must the seller be given a copy of a written listing agreement? A) Which information must NOT be included in a listing agreement? A) Who must receive the lead-based paint disclosure? A) aThe answer is tenants and buyers of all residential property built before 1978. The lead-based paint disclosure law applies to buyers and tenants of residential property built before 1978. Which element is NOT required of a valid real estate contract? A) The answer is acknowledgment. Real estate contracts must include consideration, be for a legal purpose, and include a meeting of the minds (offer and acceptance). Real estate contracts are not required to be acknowledged to be valid. A seller receives an offer from a buyer to purchase a property for $300,000. The seller changes the price to $320,000 and submits it to the buyer. Which term describes the price change? A) The answer is counteroffer. When the offeree (the person receiving the offer) alters the terms of the original offer, it creates a counteroffer. Which statement is TRUE regarding the Florida Building Energy-Efficiency Rating Act? A) The answer is buyers must be given an information brochure notifying the buyer of the right to conduct an energy-efficiency rating on the structure. The Florida Building Energy-Efficiency Rating Act requires that buyers, before signing the sale contract, receive an information brochure notifying the purchaser of the option for an energy-efficient rating on the building. Does Florida require a sellers disclosure?Florida law requires sellers to disclose any issues they know about that materially affect the value of a home or property. This requirement applies even if the buyer does not ask whether the seller knows about defects.
Which Florida statute requires sellers of property subject to a mandatory homeowners association to provide buyers with a disclosure summary quizlet?The Florida law that requires sellers of property subject to a mandatory homeowners' association to provide buyers with a disclosure summary regarding the association is Chapter 465. The homeowners' association disclosure includes a copy of the declaration and a list of all restrictive covenants.
What does Florida's homeowners association law require of sellers who own property subject to a mandatory homeowners association?What does Florida's homeowner associations law require of sellers who own property subject to a mandatory homeowners association? The answer is the sellers must provide buyers with a disclosure summary regarding the association.
When must a buyer be given a disclosure summary of ad valorem taxes under Florida law?Florida statute 689.261 requires that buyers receive a Property Tax Disclosure Summary at or before execution of the contract for sale.
|