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Unit 12: Real Estate Contracts Questions with Correct Answers
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Unit 12: Real Estate Contracts Questions with Correct Answers
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Unit 12: Real Estate Contracts Questions with CorrectAnswers
Contract Correct Answer-A VOLUNTARY agreement or PROMISE
between two COMPETENT parties to perform (or not to perform) some
LEGAL ACT in exchange for some CONSIDERATION.
In addition to ESSENTIAL ELEMENTS, a real estate contract will
include: Correct Answer--Purchase price and terms and how buyer
intends to pay for property including earnest money
-adequate description of property and improvements
-statement of the kind and condition of title and form of deed to be
delivered by seller
-the kind of title evidence required, who will provide it and how many
defects in title will be eliminated
-Personal property to be left with premises for buyer
-Fixtures or other items that will be removed by seller before closing
-Identification of any leased equipment that will be transferred to buyer
-Identification of closing agent and closing and possession instructions
-documents to be provided by each party and when and where they will
be delivered
-Inspections that will be made by the buyer
-Seller Disclosures that are required by law
-Contingencies or conditions of sale
-Dated signatures of all parties
, Contract Law Correct Answer-The area of law that governs contracts
and agreements.
Express Contract Correct Answer-An oral or written contract in which
the parties state the contract's terms and express their intentions in
words.
Implied Contract Correct Answer-A contract under which the agreement
of the parties is demonstrated by their acts and conduct.
Exclusive representation agreements must always be WRITTEN to be
Correct Answer-ENFORCEABLE in a court of law.
Contracts are classified as either: Correct Answer--Bilateral
-Unilateral
Bilateral Contract Correct Answer-Bi means two - must have two
promises
Unilateral Contract Correct Answer-One-sided agreement - One party
makes a promise in order to entice a second party to do something
An exclusive right-to-sell listing contract is a... Correct Answer-Bilateral
Contract - The seller promises to sell a parcel of real estate and transfer
title to the property to the buyer, who promises to pay a certain sum of
money or other lawful consideration for the property.
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