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CARE Prin. Ch. 5 - Q
Real Estate Contracts: Questions
| Question | Answer |
|---|---|
| Failure to perform as agreed under a contract is known as | Breach |
| Which one of theses contracts must be in writing in accordance with the Statute of Frauds a. a lease for one year b. the sale of growing crops c. a contract that is not to be performed for 13 months d. all of these | a contract that is not to be performed for 13 months |
| A contact to sell real estate by a 17 year old unemancipated girl is a. illegal b. valid c. enforceable d. unenforceable | unenforceable |
| Mutual consent is usually evidenced by a. offer and acceptance b. fraud c. duress d. none of these | offer and acceptance |
| When coercion and duress are applied to one party in a contract, the contract is | Voidable |
| An offer usually has to be accepted a. in writing b. in the manner specified in the offer c. within 10 days d. none of these | in the manner specified in the offer |
| All of the following are essential elements of a contract except a. an offer b. acceptance c. consideration d. performance | performance |
| Two brokers agree verbally to split a commission, is the agreement is enforceable or unenforceable? | enforceable |
| All contacts require all of the following except a. a proper writing b. an offer and acceptance c. a legal purpose d. consideration | a proper writing |
| A real estate commission is normally based on | the selling price (of the property) |
| The seller defaults on an executed purchase contract. The broker is a. not entitled to a commission b. entitled to a commission on default c. entitled to a commission only on close of escrow d. entitled to half of the deposit after expenses | entitled to a commission on default |
| The authority of a broker to accept a deposit is provided for in the a. escrow instructions b. deposit receipt c. listing d. all of these | listing |
| The provision in a deposit receipt calling for forfeiture by a buyer of a deposit is known as | liquidated damages |
| A listing cannot be terminated by the principal when a. the agent has not breached the agreement b. the agent has an interest coupled with the agency c. the listing has not expired d. both a and c | the agent has an interest coupled with the agency |
| The instrument most likely to state that “time is of the essence” is a(n) a. real estate purchase contract b. exclusive agency listing c. open listing d. exclusive right to sell listing | real estate purchase contract |
| A real estate purchase contact is a. an agency b. a unilateral contract c. a bilateral contract d. none of these | a bilateral contract |
| An owner refuses to convent property after signing her acceptance on a purchase contract. Specific performance can be enforced by a. purchaser b. the broker c. either a or b d. none of these | purchaser |
| Which of the following is an offer a. an exclusive listing b. a completed escrow c. a tender d. a foreclosure | a tender |
| In what document would an election of remedies would most likely appear | a purchase agreement |
| An option set forth in a lease would be a(n) | covenant |
Created by:
cobiagwu
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