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;
20 Cards in this Set
- Front
- Back
|
1. Which group of legal instruments may legally be prepared by a licensed real estate broker?
a. Listing contracts, buyer brokerage agreements, commercial leases, and deeds b. Leases, option contracts, promissory notes, and buyer brokerage agreements c. Listing agreements, buyer brokerage agreements, sale contracts, and option contracts d. Mortgages, promissory notes, commercial leases, and option contracts |
c. Listing agreements, buyer brokerage agreements, sale contracts, and option contracts
|
|
|
2. Failure to comply with the statute of frauds
a. May not constitute an illegal act but would always invalidate a sale contract b. Would have to do with whether a contract is in writing c. Concerns adherence to prescribed time frames of enforcement d. Is prima facie evidence that there is intent to commit fraud |
b. Would have to do with whether a contract is in writing
|
|
|
3. Which contract does NOT come under the jurisdiction of the statute of frauds?
a. Lease agreements for one year or less b. Option contract c. Sale contract d. Listing agreement for more than one year |
a. Lease agreements for one year or less
|
|
|
4. A valid real estate sale contract is one that
a. Contains all the essential elements and is in writing b. Has been acknowledged c. Requires witnessing d. Transfers title to real property |
a. Contains all the essential elements and is in writing
|
|
|
5. An adult contracting with a minor is an example of failure to meet which essential of a real estate contract?
a. Legality of the object b. Offer and acceptance c. Meeting of the minds d. Competent parties |
d. Competent parties
|
|
|
6. Cancelling a daughter’s property indebtedness in a contract due to love and affection is an example of
a. Good consideration b. Valuable consideration c. Insufficient consideration d. Inadequate consideration |
a. Good consideration
|
|
|
7. A contract that is NOT in writing is called
a. A formal contract b. A parol contract c. A unilateral contract d. An executory contract |
b. A parol contract
|
|
|
8. When a contract has been formed but an undertaking remains to be performed by one or both parties, it is an example of
a. An implied contract b. An express contract c. An executory contract d. An unilateral contract |
c. An executory contract
|
|
|
9. Which statement is FALSE regarding counteroffers?
a. The original offer is terminated by the counteroffer b. The original offeree becomes the offeror c. A contract is created when the new offeree accepts the counteroffer and communicates the acceptance to the new offeror d. The offeror and offeree remain the same even though the terms are modified |
d. The offeror and offeree remain the same even though the terms are modified
|
|
|
10. An offer is NOT terminated by
a. A counteroffer b. An acceptance c. A rejection d. An extension |
d. An extension
|
|
|
11. A contract may be terminated for which reasons?
a. Mutual rescission b. Performance c. Breach d. All of these |
d. All of these
|
|
|
12. A woman gave an exclusive‐right‐of‐sale listing to a broker to find a buyer for her residential lot. While the woman was vacationing with her family, a buyer signed an offer to purchase the woman’s lot at the full price and terms of the listing agreement. Which statement is TRUE?
a. Because this is an exclusive‐right‐of‐sale listing, the broker is authorized to accept the offer on the woman’s behalf b. The broker may accept the offer on the woman’s behalf, as long as she gets the woman’s signature on the contract immediately upon the woman’s return. c. The exclusive‐right‐of‐sale listing does not give the broker the authority to accept the offer on the woman’s behalf d. The broker may accept the offer because it is a full‐price offer |
c. The exclusive‐right‐of‐sale listing does not give the broker the authority to accept the offer on the woman’s behalf
|
|
|
13. A man and a woman enter into a written agreement. The man will mow the woman’s lawn every week during the mowing season and every third week during the winter. In the middle of the summer, the man has back surgery. He hands over his lawn maintenance contracts to a friend, who assumes the responsibility for all of the man’s customers for the remainder of the contract period. Which term describes this situation?
a. Breach b. Assignment c. Specific performance d. Mutual rescission |
b. Assignment
|
|
|
14. Which applies to exclusive‐right‐of‐sale listings?
a. The broker is due a commission regardless of who finds the buyer b. The listing may be submitted to the MLS by the listing broker c. The seller must consent to the terms of the listing agreement d. All of these apply |
d. All of these apply
|
|
|
15. Which disclosure regarding radon is required when purchasing of leasing real property in Florida?
a. A disclosure statement in the contract indicating that the house has been tested for radon and that the test indicated a safe level of radon b. An estimate of the cost for a required radon test c. A disclosure statement in the contract indicating that the seller is required to have the property tested for radon at the seller’s expense if requested by the buyer d. A disclosure statement in the contract explaining radon gas |
d. A disclosure statement in the contract explaining radon gas
|
|
|
16. A 15‐year‐old teenager entered into a contract with a man, who is legal of age to contract. Which statement is TRUE?
a. The teenager is obligated to honor the terms of the contract b. The man may divest himself of his obligations under the contract because the contract is invalid c. The teenager may choose to divest himself of his obligations under the contract d. This contract is a void contract |
c. The teenager may choose to divest himself of his obligations under the contract
|
|
|
17. Normally, a sale contract involving real property contains a provision that in case of breach by the buyer, the earnest money deposit will be regarded as
a. Compensatory damages to the seller b. Liquidated damages to the seller c. Compensatory damages to the broker d. Liquidated damages to be divided between seller and buyer |
b. Liquidated damages to the seller
|
|
|
18. The most advantageous type of listing from a broker’s point of view is
a. An open listing b. An exclusive‐agency listing c. An exclusive‐right‐of‐sale listing d. A net listing |
c. An exclusive‐right‐of‐sale listing
|
|
|
19. Which statement is FALSE concerning Florida’s building code violation disclosure?
a. The seller is responsible for the costs associated with the code violation b. The seller must inform the code enforcement agency regarding the name and address of the buyer within five days of the title closing c. Copies of the pleading and other documents concerning the code violation must be given to the buyer d. The disclosure requires a statement that the buyer is responsible for compliance with the building code |
a. The seller is responsible for the costs associated with the code violation
|
|
|
20. A couple have decided to make a written offer to purchase a quaint little home built in the 1950’s. Which task is NOT required prior to signing the sale contract?
a. The couple must be given a copy of the EPA pamphlet concerning lead‐based paint hazards in the home b. The seller must disclose any known presence of lead‐based paint c. The couple must have the home inspected for lead‐based paint d. The real estate contract must include a disclosure concerning lead‐based paint |
c. The couple must have the home inspected for lead‐based paint
|
