In Peoria, Illinois, or anywhere, real estate contracts are very special and different from other contracts because of the land. These questions are being tested by Pearson VUE and don't count against a passing grade. The purpose of specific performance is “to compel a party to do what it agreed to do pursuant to a contract.” Free v. Free, 936 So. There are 15 "Pre-Test" questions on each exam. Welcome to our community's top resource for real estate services. Specific performance elements. Specific Performance and 'Replevin' But, that isn’t the limit of the buyer’s liability. Specific performance is an alternative equitrable remedy to a cause of action for breach of contract. The law considers real property to be unique and therefore a contract to purchase real property can be specifically enforced. Whether you are buying a home or selling one, learn what exceptional service truly means. Specific performance is not the only remedy. To pass, you must score at least 75%. Performance Real Estate Group is an Arizona Trade Name filed on September 29, 2016. The court will focus on the written contract and whether it is sufficiently definite, as is required for specific performance. Monthly Licensee StatisticsThis document reflects monthly license statistics for the month of November 2020.Original License Trends by MonthThe graphs below reflect the license trends by month for original Brokers and Salespersons.BrokerSalespersonRenewal License Trends by MonthThe graphs below reflect the license trends by month for renewing Brokers and Can Home Purchaser or Seller Use "Specific Performance" to Enforce Real Estate Contract? Land and homes are each unique, therefore, real estate is often at the center of specific performance elements cases. Explore AZ Real Estate by ZIP Codes. Actions for specific performance are usually allowed with regard to a contract involving the sale of particular real estate; and a contract for sale of a particular business. Buyers can find a home that suits their needs whether they are looking for a contemporary desert property in Colorado, a beachfront mansion in Florida or a ranch in Texas. With a specific performance lawsuit, the judge orders the reluctant seller or buyer to complete the contract, that is, to close the sale. Arizona is now the first state to allow for broad recognition of out-of-state licenses with Governor Doug Ducey signing HB 2569: “Occupational Licensing; Reciprocity” into law on April 10, 2019. And if you desire to buy a residence, we totally understand why you need to obtain an outstanding purchaser realtor to get the best value obtainable that you can manage financially in the most unique block. The land that is subject to the sale of real estate contract is unique – there is only that one plot of land on the earth! Thus, specific performance orders are usually for unique items such as real estate, antiques, heirlooms and artworks. Specific performance is often used in real estate transactions because every piece of land has unique characteristics, such as location, pre-existing structures, natural resources, and others. The company's filing status is listed as Active and its File Number is 654986. Specific performance is an action to compel a party who breached a contract to perform the contract as promised. Median listing: $950K. Real Estate Agent Find The Best Real Estate Agent Tempe Some clients convey sell my home quick for the maximum transaction price. The exam is taken by computer, though arrangements can … 2d 699, 704 (Fla. 5th DCA 2006). The broker exam consists of 180 national and state-specific questions. It is an available remedy since real estate is considered to be unique and one of a kind, so courts often grant this remedy on the basis that monetary damages are not sufficient to compensate a buyer for suffering the loss of the property. Choose from 500 different sets of arizona real estate az specific flashcards on Quizlet. Specific Performance Elements Examples. The subject matter of the contract must be unique, or an action for damages would be the proper remedy. Arizona Real Estate License Test Prep: AZ Landlord-Tenant Act, Property management & HOAs Overview. Price per sqft: $322. If a seller or buyer breaches a real estate contract, then one possible remedy is specific performance. Learn arizona real estate az specific with free interactive flashcards. _____ [Allege additional basis for equitable relief, such as: Further, plaintiff has already sold plaintiff's home and requires the real property that is the subject of this complaint as a residence and as a source of income. Specific Performance & Real Estate Contracts. Beth would be compelled to go through with the sale. Learn why sellers should generally use their bargaining clout to get things other than a specific performance remedy versus a buyer. Real estate is considered to be unique. 85255. Specific performance typically arises in a real estate transaction. What about specific performance claims against a buyer? By Brian Farkas, Attorney. Updated: Oct 29th, 2020 Learn how the legal remedy of "specific performance" applies to real estate sales. Specific performance is not a matter of right, but is usually a matter for the court's discretion, and also depends on the law in your state. These unique qualities are considerations that the buyer and seller must make when they are pricing the land, negotiating the price, and agreeing on the final price. In real estate, specific performance lawsuits are used to compel buyers or sellers to follow through with the deal. If You’re a Seller Defaulting on a Real Estate Contract. Candidates who have met specific requirements can apply to take the Arizona Real Estate Broker License Exam. It's an unusual remedy since damages are usually adequate. The US luxury real estate market offers a great choice of properties: on our website, we have more than 30,000 open homes of different types, and in diverse locations. 600 Homes for Sale; 401 Homes for Rent; View All Homes in 85255; 85251. Impact of a declining real estate market on specific performance claims. Pre-test questions are not identified on the exam, so examinees must answer every question on the exam. With Point2, you can easily browse through Arizona single family homes for sale, townhouses, condos and commercial properties, and quickly get a general perspective on the real estate prices. Median listing: $440.9K. No matter what stage of the real estate process you find yourself in, you'll be able to reach your goals here. Since there is no other piece of property or house exactly like Beth's, Rina may be entitled to specific performance on the contract. As the seller, you can keep the buyer’s earnest money. Arizona real estate prices overview Searching homes for sale in Arizona has never been more convenient. The legislation, which impacts many professions including barbers, nurses, bus drivers, respiratory therapists, security guards, teacher assistants and, yes, real estate licensees, was sponsored by Specific performance requires a party to perform under the contract. Specific Performance 5/26/2015: Specific Performance: Why it Works for Buyers Against Sellers and Not Sellers Versus Buyers. Specific performance is only ordered when money damages are an insufficient remedy for the party’s failure to perform a contract. You can also sue for specific performance – in other words, force the buyer to settle. real property, and pursuant to Civil Code section 3387 money damages are presumed inadequate for its breach. In real estate, a special agent is an agent hired to perform a specific duty for a client (also known as a principal). While rare, they are certainly not unheard of. Request information in “discovery.” A breach of contract dispute is probably pretty straightforward. The Registered Agent on file for this company is Michael Iannacone and is located at 16213 E. Frye Rd, Gilbert, AZ 85295. a statement that you are seeking specific performance of your real estate contract 2. Hence, the statement of a cause of action in a suit for specific performance calls for two kinds of allegations: those that establish the right to recover for breach of contract, and those that are essential to the granting of the equitable remedy of specific performance. Specific Performance as Remedy | Stimmel Law ... Introduction: State Specific Real Estate Exam Effective April 01, 2020 The Arizona Real Estate Out-of-State License Recognition Salesperson Examination is a state specific examination consisting of one hundred and ten (110) questions. 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