Principles I - Chapter 9

The unlawful appropriation of another's property or earnest money deposit is known as...?

Conversion

When a contract is fully performed, the contract is considered...?

Discharged

Until a purchase contract is closed upon, it is considered a/an...?

Executory contract

A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...?

Assignment

If one of the parties to a contract wants to withdraw without terminating the contract, which of the following can be used...?

Assignment

One who assigns or transfers property is known as a/an...?

Assignor

A violation of the terms or conditions of a contract without a legal excuse is known as a...?

Breach

A contract that has been put into words, either spoken or written is known as a/an...?

Express Contract

An agreement that has not been put into words, but is implied by the actions of the parties is known as a/an...?

Implied contract

Which of the following contracts is NOT required to be in writing...?

Lease under 1 year

Damages benefiting the non-defaulting party as a result of a default of a contract are known as...?

Liquidated Damages

A meeting of the minds between two parties is also known as...?

Offer and acceptance

A listing contract exists between a seller and the...?

Real estate broker

This is a condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time...?

Time is of the Essence

This contract is formed only if another party performs the requested act...?

Unilateral Contract

If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered a/an...?

Voidable contract

In addition to the essential elements of a valid contract, real estate contracts must include which of the following...?

An accurate legal description of the property

Those to whom property or interests therein shall have been transferred are known as...?

Assignees

A contract in which each party promises to do something is referred to as a...?

Bilateral Contract

Anything given or promised by a party to induce another to enter into a contract is known as...?

Consideration

A down payment made by a purchaser of real estate as evidence of good faith is known as...?

Earnest money deposit

An interest in real estate such that a court will take notice and protect the owner's rights is known as...?

Equitable Title

Real estate agents use which of the following contracts...?

Express Contracts Listing Contracts Buyer Representation Agreements

When you give your keys to a valet, you assume that the valet will park your car in exchange for a fee. This is because a/an ................... contract was created between you and the valet?

Implied

A contract by which a buyer and seller agree to the terms of a sale is known as a...?

Sales contract

Which of the following real estate contracts must be in writing...?

Sales contract Lease contract for greater than 1 year Purchase contract for a multi-family property

A contract that has no force or effect is referred to as a/an...?

Void Contract