An option to purchase is what kind of contract?
Unilateral
Bilateral
Void
Unenforceable - answer Unilateral
X made an offer to buy B's property. B accepts the offer under the condition that X
moves in four days after close of escrow. What is the status of the contract?
Valid
Unilateral
Counter offer
Binding upon X when B signed the offer - answer Counter offer
When a party breaches a contract, they could be responsible for:
Criminal damages
Class 6 Felony
Adverse possession
Specific performance - answer Specific performance
When a buyer signs a contract, what type of title would he most likely have?
Legal
Actual
Equitable
Specific - answerEquitable
A contract does not have a legal description. The contract would be:
Void
Valid
Voidable
Unenforceable - answerUnenforceable
A buyer wishes to have the right to buy a property at a certain time and certain price.
This right is called:
First right of refusal
Lease purchased
Option to buy
An agreement for sale - answerOption to buy
A broker is a property manager for an owner and collects the monthly rents. The owner
dies. What is the status of the property management agreement?
, Terminated upon death of owner
Valid until expiration
Valid leases expire
Can only be terminated by the heirs - answerTerminated upon death of owner
When the buyer and seller agree to terminate the contract this is called:
Ratification
Rescission
Exclusion
Exculpatory - answerRescission
When a minor enters into a real estate contract, the status of the contract is
Void
Voidable by the minor only
Enforceable by buyer and seller
Illegal per statute of fraud - answerVoidable by the minor only
Which of the following listed below would make a real estate contract voidable?
Oral agreement
A contract with a two year close of escrow
Signed by a power of attorney
Signed by a minor - answerSigned by a minor
A person wants to buy a property in the future, but also wants the right to reject the
offer. This is called:
First Right of Refusal
Option
Lease Purchase
Exchange - answerFirst Right of Refusal
Two parties enter into an oral agreement to sell real estate, if the agreement is
breached the recourse is
No legal course of action
Suit for specific performance
Suit for adverse possession
Suit for forcible detainer - answerNo legal course of action
An option once exercised is considered:
Unilateral executed
Bilateral executed
Unilateral executory
Bilateral executory - answerUnilateral executed
When a counter offer is made, which of the following is true?
Buyer would initial the changes
Seller would initial the changes
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