PSI Real Estate Exam Contracts.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Real%20E
PSI Real Estate Exam: Contracts
1. Acceptance: 1. Agreeing to the terms of an offer to enter into a contract, thereby
creating a binding contract. 2. Taking delivery of a deed.
2. Consideration: Anything of value, such as money, services, goods, or promis- es,
given to induce another to enter into a contract. Sometimes called valuable
3. Contingency Clause: A provision in a contract or deed that makes the par-
tiesâ€Ârights and obligations depend on the occurrence (or nonoccurrence) of a
particular event.
4. Counteroffer: A counteroffer represents a change. It is a response to an offer to
enter into a contract, changing some of the terms of the original offer. A counteroffer is
a rejection of the original offer (not a form of acceptance), and does not create a
binding contract unless the new counteroffer is accepted by the original offeror
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,PSI Real Estate Exam Contracts.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Real%20E
5. Earnest Money: 1. Money offered as an indication of good faith regarding the
future performance of a purchase agreement. . 2. A tenant's security deposit. Also
called: Deposit
6. EquitableTitle: An interest created in property upon the execution of a valid sales
contract, whereby actual title will be transferred by deed at a future date (closing).
Also, the vendee's (buyer's) interest in property under a land contract.
7. Exclusive Right to Sell: A listing agreement that entitles the broker to a com-
mission if anyone including the seller finds a buyer for the property during the listing
term.
8. Express Contract: A contract that has been put into words, either spoken or
written.
9. Implied Contract: A contract that has not been put into words, but is implied by
the actions of the parties.
10. LegalTitle: The interest in property held by the rightful owner. Also, the vendor's
(seller's) interest in property under a land contract.
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