Louisiana PSI Real Estate Study Questions with 100% Correct Verified Answers
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Course
PSI Real Estate
Institution
PSI Real Estate
which of the following statements about contracts are true? - Answer contracts are
required to have consideration
unliteral - Answer a promise exchange for performance is known as
John enters into a contract with George and discovers that George has committed fraud
in his claim in the contract....
Louisiana PSI Real Estate Study Questions with
100% Correct Verified Answers
which of the following statements about contracts are true? - Answer contracts are
required to have consideration
unliteral - Answer a promise exchange for performance is known as
John enters into a contract with George and discovers that George has committed fraud
in his claim in the contract. In this case - Answer None of the above are true
John is 14 and enters into a contract with a local car dealer to buy a car. in this case the
contract is - Answer voidable
John enters into an agreement whereby he agrees to accept as his commission an
amount above a minimum price acceptable to seller - Answer net listing (gives the agent
an amount agreed to be given to the seller)
a liquidated damages contract - Answer has a deposit (& a clause declaring the deposit
as liquidated damages )
a buyer broker agreement - Answer are legal in most states, do not have to be in writing
and can be a exclusive or nonexclusive
John sighs a purchase agreement to buy Marys property. shortly afterwards Mary
replaces the expensive ceiling fans in the home with cheaper ones. which of the
following are true? - Answer John is protected from this under the equitable title law
-sellers are not allowed to alter the property or change fixtures
,counteroffer - Answer in most states may be written on the original offer by changing it.
a real estate agent must receive at least what percentage of their income from
production to be an independent contractor under the IRS regulations - Answer 90%
Executory - Answer unfinished
executed - Answer completed
buyer recourse if seller defaults - Answer sue for specific performance and all earnest
money is recovered
valid - Answer binding and enforceable on buyer and seller
void - Answer lacks an essential element
has no legal effect
voidable - Answer binding on one party but not the other
being a minor
duress
fraud or misrepresentation
Unenforceable - Answer legal to do but cannot sue for performance
, extended coverage - Answer policies that will cover additional risks that may be
discovered only by inspection of the property, including unrecorded rights of person in
possession, or by examination of an accurate survey
interstate - Answer a person who dies without a will, or one which is defective in form
avulsion - Answer is a sudden tearing away of land by the action of water or earthquake
quiet enjoyment - Answer the right of an owner or tenant legally in possession to the
use of property without interference from the landlord, grantor,
escrow - Answer is the deposit of instruments and funds with instructions to a third
neutral party to carry out the provisions of an agreement or contract
benchmark - Answer is a permanent metal marker embedded in cement, used as a
reference to measure the elevation above sea level
lis pendens - Answer A recorded document giving constructive notice of a pending legal
action against a specific piece of property that has been filed in court that may affect
the value of the property
waste - Answer tenant abuse that results in permanent injury to the land or property
statue of limitations - Answer the period of time that a client has to file a lawsuit
laches - Answer court doctrine that bars a legal claims because of undue delay to assert
the claim
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