Virginia Real Estate Course

These flashcards cover essential terminology and concepts from the Virginia Real Estate Course, encompassing contract law, agency agreements, fair housing laws, and more.

Contract

A contract represents the meeting of the minds.

Offer

Promise by one party to enter into a contract on specified terms.

Acceptance

Act of declaring the desire to create a contract.

Consideration

Bargained for exchange of promises, typically involving money.

Defenses

Factors that can prevent a contract from forming or make it unenforceable.

Void Contract

A contract that is never enforceable.

Voidable Contract

A contract that is binding unless one party successfully asserts a defense.

Capacity

Legal ability to enter into a contract.

Legal Insanity

A person declared insane by a court; their contracts are void.

Non-legal Insanity

Contracts of those who are not declared insane but have limitations; these contracts are voidable.

Fraud in the Inducement

Intentional deceit about material facts that causes one to enter a contract.

Misrepresentation

Unintentional deceit that can lead to void or voidable contracts.

Estoppel

Prevents a party from withdrawing a promise that another relies on.

Mutual Mistake

Unintentional errors that render a contract voidable.

Illegality

Contracts for illegal acts are void.

Duress

Contracts created by coercion are void.

Breach of Contract

Failure to perform as promised without a legal excuse.

Specific Performance

Court order to fulfill the terms of a contract.

Listing Agreement

An agency agreement between a broker and a seller/client.

Exclusive Listing

A contract where only one broker represents the seller.

Open Listing

A listing where multiple brokers can represent the seller.

Multiple Listing Service (MLS)

A platform for brokers to share property listings.

Escrow Account

Accounts maintained by brokers to hold third-party funds.

Fair Housing Act

Federal law prohibiting discrimination in housing.

Price Fixing

Collusion between firms to establish uniform prices.

Commissions & Fees

Payments made to agents for their services.