Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
|
A legally enforceable agreement under which two parties promise to do something for each other is know as a(an):
a. escrow agreement b. legal pledge c. bilateral contract d. option agreement |
c. bilateral contract
|
|
|
A person approaches an owner and says, "I'd like to buy your house. The owner says, "Sure," and they agree on a price. What kind of contract is this?
a. implied b. unenforceable c. void d. no contract |
b. unenforceable
|
|
|
A contract is said to be bilateral if:
a. one of the parties is a minor b. the contract has yet to be fully performed c. only on e party to the agreement is bound d. all parties to the contract exchange binding promises |
d. all parties to the contract exchange binding
promises |
|
|
During the period of time after a real estate sales contract is signed, but before title actually passes, the status of the contract is:
a. voidable b. executory c. unilateral d. implied |
b. executory
|
|
|
A contract for the sale of real estate that does NOT
state the consideration and is NOT signed by the parties is considered to be: a. voidable b. executory c. void d. enforceable |
void
|
|
|
A buyer and a seller sign a contract to purchase. The seller backs out, and the buyer sues for specific performance. What is the buyer seeking in the lawsuit?
a. money damages b. new contract c. deficiency judgement d. transfer of property |
d. transfer of property
|
|
|
IN a standard sales contract, several words were crossed out or inserted by the parties. To eliminate future controversy as to whether the changes were made before or after he contract was signed, the usual procedure is to:
a. write a letter to each party listing the changes b. have each party write a letter to the other approving the changes c. redraw the entire contract d. have both parties initial or sign in the margin near each change |
d. have both parties initial or sign in the margin
near each change |
|
|
A buyer makes an offer on a seller's house and the
seller accepts. Both paties sign the sales contract. At this point, the buyer has what type of title to the property? a. equitable b. voidable c. escrow d. contract |
a. equitable
|
|
|
The sales contract says the buyer will purchase only if an attorney approves the sale by the following Saturday. The attorney's approval is a :
a. contingency b. reservation c. warranty d. consideration |
a. contingency
|
|
|
A broker uses earnest money placed in the company trust account to pay for the rent owed on the broker's office. Using escrow funds for this purpose is:
a. commingling of funds and is illegal b. legal if the trust account is reimbursed by the of the calendar month c. legal if the seller gives consent in writing d. conversion of funds and is illegal |
d. conversion of funds and is illegal
|
|
|
An option to purchase binds which of the following parties:
a. buyer only b. seller only c. neither buyer nor seller d. both buyer and seller |
b. seller only
|
|
|
A buyer and a seller enter into a real estate sales contract. Under the contract's terms, the buyer will pay the seller $500 a month for ten years. The seller will continue to hold legal title, while the buyer will live in the home and pay all real estate taxes, insurance premiums, and regular upkeep costs. What kind of contract do the buyer and seller have?
a. option contract b. contract for mortgage c. unilateral contract d. land or installment contract |
d. land or installment contract
|
|
|
The purchaser of real estate under an installment contract:
a. generally pays no interest charge b. receives title immediately c. is not required to pay property taxes for the duration of the contract d. has only an equitable interest in the property's tilte |
has only an equitable interest in the property's title
|
