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8 Cards in this Set
- Front
- Back
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1. A contract based upon a promise exchanged for a promise is a:
A. semi-lateral contract B. dilateral contract C. binary contract D. bilateral contract |
D. bilateral contract
note: bilateral (having two sides) |
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2. Jane agreed to purchase real estate from Grant, and gave her earnest money depositat the time the agreement was made. Which of the following constituted theconsideration in this contract?
A. the earnest money deposit B. the promise for a promise C. earnest money if over $1,000 D. contract sales price |
B. the promise for a promise
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3. An attorney-in-fact derives his powers from:
A. the state bar association B. a power of attorney C. judicial appointment D. popular election |
B. a power of attorney
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4. The amount of earnest money deposit paid by the purchaser is:
A. determined by negotiation B. set by state law C. equal to the agent's commission D. the minimum required to make the contract valid |
A. determined by negotiation
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5. The phrase "time is of the essence" in a sales contract means that:
A. the time limits set by the contract must be faithfully observed or the contract isvoidable B. the parties are prohibited from giving each other an extension C. the contract is void D. the contract is a counter offer |
A. the time limits set by the contract must be faithfully observed or the contract is voidable
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6. When property is sold by means of an installment contract, the:
A. seller delivers deed at closing B. buyer is NOT given the right to occupy the property until the contract terms havebeen fulfilled C. seller retains title D. time is of the essence |
C. seller retains title
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7. A purchaser's right to acquire legal title to real property under the terms of a valid agreement is known as:
A. naked title B. equitable title C. specific performance D. contract title |
B. equitable title
note: While the buyer isn't he process of paying for the property, the buyer has equitable title to the property. |
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8. Seller’s lead-based paint disclosure notice is required for residential propertyconstructed prior to:
A. 1976 B. 1978 C. 1987 D. 1995 |
B. 1978
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