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A contract in which mutual promises are exchanged at the time of signing (execution) is termed:
For contracts in general, all are essential elements EXCEPT:
All of the following statements about contracts are true EXCEPT:
Which of the follovving is the basis of duress?
An otherwise valid contract that cannot be enforced by legal action because of lack of compliance with the Statute of Frauds is:
A contract to sell real property may be terminated by all of the following EXCEPT:
Which of the following has the effect of terminating contracts?
A listing contract creates an agency relationship between which of the following?
Brown has listed his house for sale for $90,000. Cox makes a written offer of $86,500, which Brown accepts. Under the terms of this agreement:
A contract between an adult and a minor is usually:
A broker who wants to receive a commission even if the owner sells the property personally should ask for which type of listing?
Deliberate misrepresentation of a material fact, made with the intent that the other party act upon it to his or her detriment, is:
The clause in the listing contract that protects the broker’s commission entitlement beyond the listing period in the event of a sale by the owner to a prospect who was introduced to the property by the broker or another agent of her listing firm is called the:
The monetary penalties in a contract for nonperformanceare commonly called:
A broker who wanted to obtain a valid legal listing agreement must obtain the signature of the:
When a purchaser and seller have a valid contract for the sale of real property, the purchaser has:
Buyer Joe makes an offer to Seller Jane. Jane signs and accepts the offer. When is the contract valid and enforceable?
Owner Appleton has given Miller an option for 30 days to purchase Appleton’s farm at a specified price. Under the terms of an option, which of the following statements would NOT be correct?
All of the following are requirements of options EXCEPT:
Upon receipt of a buyer’s offer, the seller accepts all the terms of the offer except the amount of earnest money. The seller then agrees to accept an amount 50% higher than the buyer has offered. This fact is promptly communicated to the offeree by the real estate agent. Which of the following most accurately describes these events?