Chapter 6&7 Terms

  1. agent
    a person who has the power and authority to act on behalf of another person
  2. consideration
    something of value given to make the promises of a contract enforceable
  3. execution
    signature of a party to a legal document
  4. certified check
    personal check in which the bank certifies that the funds are in the acct and that the check will be honored on presentment for payment
  5. earnest money
    money paid by the purchaser at the time the real estate contract is signed
  6. closing
    date set forth in a real estate contract on which the parties agree to perform all the promises of the contract
  7. power of attorney
    written document authorizing another person to act as one's agent
  8. contract
    agreement between two or more persons consisting of a promise, or mutual promises that the law will enforce
  9. counteroffer
    a response to an offer by the offeree stating the terms of acceptance different from the offer
  10. cashier's check
    check issued by a bank, the payment which is guaranteed by the full faith and credit of the bank
Card Set
Chapter 6&7 Terms