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Unit 11 Quiz Flashcards | StudBud
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Unit 11 Quiz
Unit 11 Quiz
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1
The period after a real estate contract is signed, but before title actually passes, the status of the contract is?
executory
voidable
implied
unilateral
2
A real estate Listing contract is between...
A Landlord and tenant
A Seller and a Buyer
A Broker/age and a Seller
A Broker/age and a buyer
3
Earnest money deposits are for
cover any expenses the seller might incur if the buyer defaults
All are correct
compensate the seller for taking the property off the market
discouraging the buyer from defaulting
4
A contract for the sale that does not state the consideration & provides no basis on which it could be considered is?
enforceable
executory
voidable
void
5
Cooperation and Compensation can be considered the same thing and always safely assumed.
True
False
6
A contract contains a clause stating that "time is of the essence." Which statement is TRUE?
The closing must take place with a reasonable period
If no closing takes place in time the contract may be rescinded.
It's not binding on either party
The closing date must be stated as a certain date.
7
A property management agreement(contract) is between
A broker/age and a buyer
A REALTOR and a tenant
A broker/age and landlord
A Broker and a sales associate
8
A contract is said to be bilateral if
the contract has yet to be fully performed
only one party to the agreement is bound to act
both parties to the contract exchange binding promises
one of the parties is a minor
9
An option to purchase binds which of the following parties?
Both seller and buyer
Seller Only
Neither
Buyer Only
10
Under the statute of frauds, all contracts for the sale of real estate must be
in writing to be enforceable
accompanied by earnest money deposits
on preprinted forms
originated by a real estate professional
11
In a counteroffer...
Buyer may re-counter
The original offer ceases to exist
All are possible
Buyer may accept or reject
12
A contract says the buyer will purchase only if an attorney approves the sale. The attorney's approval is
a warranty
A contingency
a reservation
a consideration
13
A legally enforceable agreement under which both parties to do something for each other is called?
a legal pledge
an escrow agreement
a bilateral contract
an option agreement
14
Novation and Assignment are basically the same thing.
True
False
15
A Exclusive Buyer Agreement will terminate when
The purchase contract is not accepted by seller
The seller decides not to sell the property for whatever reason
Unilaterally by either party
It expires, is canceled (mutually) , unforeseen circumstances, or breach
16
Counteroffers can be verbal until an agreement is reached and don't need to be in writing to be enforceable.
False
True
17
A counteroffer can be withdrawn at any time before it has been accepted.
False
True
18
A purchase contract/agreement is between...
A Broker/age and a seller
A Seller and a Buyer
A Landlord and a tenant/s
A Brokerage/ and a Buyer
