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30 Cards in this Set
- Front
- Back
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All of the following are real estate contracts EXCEPT
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a closing statement
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A meeting of the minds creating enforceable rights is called
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a contract
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The agency relationship of a real estate broker with his client is most often established by
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express contract
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A lease is an example of a
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bilateral contract
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A contract that results when a promise is exchanged for a promise is called
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bilateral contract
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When one party to a contract makes a promise without first receiving any promise of performance from
the other, it is called |
a unilateral contract
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Assuming that no fraud is intended, what is the status of a contract signed by an illiterate person
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Valid
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A real estate contract can be declared void if
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it is signed by an unmarried minor
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In the absence of a special provision for such an event, an offer to purchase will probably be voided
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by the death of either buyer or seller before acceptance
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A contract entered into by a minor is
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voidable
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When a contract appears to be good and binding but, in fact, one of the parties may legally reject it, the
contract is said to be |
voidable
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The buyer agreed to buy the property at the seller's asking price. They shook hands on the deal. Later,
the seller refused to sell. If the buyer still wants to buy, he can |
hire an attorney and sue for non-performance
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All of the following are essential elements of a contract EXCEPT
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monetary consideration
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Which of the following is an essential element of a contract
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Acceptance
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Which of the following are considered to be legally competent
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Corporations
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To be legally competent, a person must reach the age of
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majority
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John and Jay are brothers who received title to a property from their father. When they decided to sell
the property, Jay was out of town. In order to properly transfer title, the deed could be signed by |
John, with a properly recorded power of attorney from Jay
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The broker has the power to sign documents for the principal. This is probably because she holds
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a power of attorney
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The party making an offer is called the
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offeror
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An offeree who wishes to bind the offeror to the contract may do which of the following with an offer
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Accept it
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A man put up $10,000 as earnest money on a property for sale. The next day, he needed the money
back and attempted to cancel his offer. Which of the following is true |
He would have to revoke the offer before the seller accepted it
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A real estate broker could most likely be held liable to a buyer if the broker
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acts in excess of the authority given to him by the seller under a listing agreement
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A contract created under duress is
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voidable
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When the prospective tenant signed the lease, he indicated that he would be using the building to sell
appliances. Later, the landlord discovered that illegal bingo games were being played there. What can the landlord do |
He can declare the lease void and start eviction proceedings
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Two persons make an oral agreement. A day later they put it in writing with several small changes.
What is true about the agreement in a court of law |
The written one would prevail
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The requirement that transfers of real property be in writing is known as
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the statute of frauds
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An executory contract is a
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contract in which certain things are still to be done
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If a contract is breached and the damaged party wants the contract carried out, he would sue for
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specific performance
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The term "rescinded" in real estate means
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canceled
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The sum of money agreed upon in advance to be the damages in the event certain problems occur later
is best described as |
liquidated damages
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