Exam (elaborations)
Barney Fletcher Section 3 Questions and Answers (100% Pass)
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Barney Fletcher Section 3 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+Barney Fletcher Section 3 Questions
and Answers (100% Pass)
Void Contract
✓ Not legally binding
Covenant
✓ An agreement or a pledge between two or more parties
Valid Contract
✓ Must contain certain essential elements
Voidable Contract
✓ May be declared void
Which of the following is not required for a contract for the sale of real
property to be valid and enforceable?
a) Performance
b) Offer and acceptance
c) Consideration
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
d) In writing
✓ a
The loan contingency clause in a valid sales contact will contain all of the
following except
a) the amount of the loan
b) the name of the lender
c) the date of the commitment
d) the interest rate of the loan
✓ b
Which of the following is subject to the Statute of Frauds?
a) Six-month lease for an apartment
b) Tenancy at will
c) Two-year lease for real property
d) Month to month rental
✓ c
A client is obligated to her agent for
a) indemnification against loss not caused by the agent
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
b) reimbursement
c) performance
d) all of the above
✓ a
A general agency empowers the agent to
a) transact matters of all types for the client
b) transact the client's affairs in a certain business
c) perform only specific acts for the client
d) perform any legal act for the client
✓ b
Option
✓ An agreement whereby an owner agrees to give a prospective buyer
the right to buy a particular piece of property for a fixed price during
an agreed upon period
Lease Contract
Master01 | October, 2024/2025 | Latest update
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