Statute of frauds - Study guides, Class notes & Summaries

Azure Tide Real Estate Final Exam Questions & Answers (100% Correct) Azure Tide Real Estate Final Exam Questions & Answers (100% Correct) How is practicing real estate without a license punishable as? - ANSWER- Third degree felony Without written permission, Phillip tells his buyer Tom, that his seller Mark is getting divorced and must sell the property quickly. Phillip is representing both Mark and Tom as a transaction broker. Phillip has violated which agency duty? - ANSWER- Limited con...

Classifying contracts: Express & Implied - Answer-Express: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral - Answer-Bilateral - two promises (both parties bound to do something) Unilateral - Only one party is bound Classifying Contracts: Executed & Executory - Answer-Executed - All tasks performed (After closing) Executory - tasks remaining to be done (befor...

LEB 320F Exam 1 Questions and Answers Already Passed What is the primary purpose of contract law? To provide a framework for enforcing agreements between parties and resolving disputes that arise from breaches. What does "consideration" mean in the context of contract formation? It refers to something of value exchanged between parties that is required for a contract to be legally binding. How does "capacity" affect the enforceability of a contract? Capacity ensures that ...

BUS 263 Test 2- Updated Questions and Answers Fred agrees to assume a debt owed by Guitars Inc. to Home Bank. The agreement is not in writing. To be enforceable under the "main purpose" rule, the promise must be for the benefit of a. Home Bank. b. Fred. c. any third party, such as a Guitars Inc. customer. d. Guitars Inc. Answer:Fred. Duane and Evan orally agree to a transfer of forty acres of farmland. Evan asks Finance Bank to lend him the funds to buy the land. Under the Statute o...

Classifying contracts: Express & Implied - ANSWER Express: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral - ANSWER Bilateral - two promises (both parties bound to do something) Unilateral - Only one party is bound Classifying Contracts: Executed & Executory - ANSWER Executed - All tasks performed (After closing) Executory - tasks remaining to be done (befor...

California Real Estate Exam #2 Questions and Answers 100% Pass The maximum commission a broker may charge for the sale of residential property is: (a) set forth in the Real Estate Law. (b) determined by the broker's contract with his principal. (c) six percent of the total sales price of a residence. (d) determined by local custom. - Correct Answer ️️ -B There is currently no law which controls what amount may be charged by the broker. Therefore, it is set by agreement between the p...

Barney Fletcher Cram Final Exam 100% correct answersA seller wants to list the property with a broker, but wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing? A. an exclusive agency listing B. an exclusive right to sell listing C. an open listing D. all listings - correct answer B. an exclusive right to sell listing Mr. Smith listed his farm with broker Bob. Although Smith did n...

LEB 320F FINAL EXAM QUESTIONS AND ANSWERS GRADED A+ What is the difference between "executed" and "executory" contracts? An executed contract is one where all parties have fulfilled their obligations, while an executory contract has ongoing obligations that have not yet been completed. How does "statute of frauds" affect contract enforcement? The statute of frauds requires certain types of contracts to be in writing to be enforceable, such as contracts for real estate transa...

Ohio Real Estate Exam test bank Questions with answers 2023May a consumer who has been harmed by a licensee acting under her license as a real estate salesperson or broker immediately file a claim for payment from the Real Estate Recovery Fund? CORRECT ANSWER: No, the consumer must file a lawsuit, get a final judgment, and attempt to collect A listing agreement in which the agent may possibly be in competition with the client to see who can sell the house first is an exclusive CORRECT A...

What is the form you sign that says you will pay the loan back ? -ANSWER promissory note What is the post licensing grace period after first expiration ? -ANSWER none Deposits is a form of... -ANSWER valuable consideration Physical land and improvements -ANSWER real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both -ANSWER Yes What is the maximum fine per offense ? -ANSWER $5,000 per fi...