Section III Review

Question 1

A written agreement wherein one person agrees to purchase and another person agrees to sell real property is called a(n)

Accepted Answer

Contract

Question 2

Which of the following is not required for a contract for the sale of real property to be valid and enforceable?

Accepted Answer

Performance

Question 3

If there is a breach of a contract for the sale of real property, an option available to the non-defaulting party is

Accepted Answer

Suit for specific performance or actual damages

Question 4

Which of the following is NOT applicable to an option contract?

Accepted Answer

Is a bi-lateral contract

Question 5

A false statement of material fact is _____; and a subjective opinion is _______.

Accepted Answer

Misrepresentation; puffing

Question 6

Which of the following is NOT an option to the buyer if the seller defaults on a contract term?

Accepted Answer

Claim the earnest money as liquidated damages.

Question 7

The law that requires certain contracts to be in writing is the:

Accepted Answer

Statute of Frauds

Question 8

The Civil Rights Act of 1968 (Title VIII), commonly known as fair housing law, covered what type of property?

Accepted Answer

Residential

Question 9

Which of the following is true with regard to the interest of the buyer following the creation of a contract?

Accepted Answer

The buyer has equitable title to the property

Question 10

The consideration in a real estate sales contract is:

Accepted Answer

The sales price

Question 11

If an owner is exempt from Fair Housing Laws, he:

Accepted Answer

May put For Sale sign on his property

Question 12

The Civil Rights Acts of 1866 banned _____ discrimination?

Accepted Answer

Racial

Question 13

What term describes a new contract taking the place of an old contract?

Accepted Answer

Novation

Question 14

A(n) ______ contract is one created by the actions of the parties.

Accepted Answer

Implied

Question 15

Which of the following lists four essential elements of a contract?

Accepted Answer

Competent parties, offer & acceptance, consideration, and legal objective

Question 16

The loan contingency clause in a valid sales contract will contain all of the following except

Accepted Answer

The name of the lender

Question 17

A characteristic of a right of first refusal is:

Accepted Answer

Potential buyer has first opportunity to buy should seller decide to sell

Question 18

The illegal practice of mixing escrow money with personal or business funds is:

Accepted Answer

Commingling

Question 19

Which of the following is a contract in which promises have been made but not yet completed

Accepted Answer

Executory

Question 20

What is the effect on the original offer if a counteroffer is made?

Accepted Answer

It terminates.

Question 21

Which of the following is NOT a mandatory characteristic of a competent party?

Accepted Answer

Literate

Question 22

A contract signed under duress is an example of a:

Accepted Answer

Voidable contract

Question 23

What term is used to describe one or both parties not performing under the contract terms?

Accepted Answer

Breach

Question 24

An offer can be withdrawn by the offeror:

Accepted Answer

At any time prior to receiving notification the offer has been accepted

Question 25

Which of the following would NOT qualify as a protected class because of a handicap?

Accepted Answer

Has an illegal drug addiction which substantially limits life activiy

Question 26

Attempting to make a profit by inducing owners to sell bc persons of a protected class are moving into the neighborhood:

Accepted Answer

Blockbusting

Section III Review

Questions 26

Section III Review

Questions 26