Real estate Chapter 7

void

A contract based on an unlawful purpose is

bilateral executory contract

A listing agreement in which a seller agrees to pay a broker a commission if they produce a "ready, willing & able" buyer & agree to use due diligence in procuring a buyer is an example of a

land sales contract

A real estate transaction in which the buyer gains possession of a property while the seller retains legal title until the debt is fully repaid is an example of a

recording the deed at the county recorder's office

Acknowledgement by a notary public of the signature on a deed is done as a prerequisite for:

an agreement by a buyer to assume an existing loan secured by a deed of trust, an agreement which is not to be performed within one year of being entered into

All of the following contracts do not need to be in writing in order to be enforceable except

international buyers

All of the following persons may not lawfully enter into a valid contract to purchase property except

Anita may revoke the offer & recover her deposit

Anita signs a real estate purchase contract as a buyer. The contract states the offer to purchase is valid for three days. one day later Anita wishes to rescind her unaccepted offer. Which of these answers is correct?

is liable for payment of a commission to Matthews as well as to the selling broker

Broker Matthews took a 90-day exclusive agency listing to sell a property owned by Tyler. after 30 day without selling the property, Tyler sent broker Matthews a letter cancelling the listing. One week later, Tyler enters into open listings with several other brokers. Two weeks later, one of the brokers sold the property. in this situation Tyler

disclose the existence of any outstanding offers received on the property to the seller, disclose all material information to the seller, obtain written consent from the seller which acknowledges any profit or anticipated profit

Broker greg took a listing on a commercial office complex & received an option to purchase the property within one month. on the 25th day of the listing, broker greg decides to. uy the property. before buying the property broker greg is required to

breach

Failure to perform as agreed under a contract is known as a

the death of heather constitutes a revocation of the offer

Heather made an offer to purchase real property. The seller accepted the offer but heather died before this acceptance was communicated to her by the sellers agent. Based on these facts which of the following is true.

voidable

If one party in s contract is coerced or placed under duress by the other party the contract is _____ at the discretion of the injured party

Consideration

In a contract the terms "adequate, valuable, good, or sufficient" refer to

there is no contact

Seller vega listed a vacant lot with broker wright for $120,000 prospective buyer Marty submitted an offer at a purchase price of $100,000 with the offer to expire in 30 days. the next day seller Vega countered at $110,000. buyer Marty rejected the counter. Three days later, seller Vega delivered to broker wright a signed acceptance of buyer Marty's initial $100,000 purchase offer. When broker wright told buyer Marty of seller Vegas acceptance, Marty stated he did not intend to buy the property. base on the foregoing actions

real estate purchase contract

The instrument most likely to state that "time is of the essence" is a

vendee

The right of possession & equitable title is held by the

Find a purchaser & accept a deposit with an offer to purchase

The typical listing contract authorizes a broker to

vendor

Under a land sales contract for the dale of real property legal title is held by the

files a lis pendent action

Upon the default of a buyer under a land sales contract the seller

they were the procuring cause of the sale

When a broker has a nonexclusive listing to be legally entitled to a commission they need to be able to prove they

180 days after the listing agreement is signed

Which of the following is an acceptable termination date for an enforceable exclusive listing of residential real property

qualified endorsement

Writing "without recourse" on the back of a check creates a

exchange agreement

a _____ is an example of a bilateral contract in which both the offeror & the offer are grantors

the broker needs to accept the promissory note but must notify the seller the deposit is in form of a promissory note

a broker receives an offer from a buyer. the deposit is in the form of a personal promissory note for $ 20,000 payable to the seller in 60 days plus 10% interest. Which of the following is true

given to the seller after the default

a buyer & seller initial the liquidated damages clause in a real estate purchase agreement. the buyer later defaults. the amount recoverable is

unenforceable

a husband signed a contract to sell community real estate without his wife's signature. the contract is

a promise for a promise, an executory contract, & a bilateral contract

a listing agreement can be described as

offer & acceptance

a listing agreement needs to comply with all the legal requirements for a valid contract including

the seller's acceptance has been communicated to the Beyer

a real estate buyer can rescind an offer until

belongs to the salesperson's previous broker

a salesperson obtain a listing on a family members house. After taking the listing the salesperson changes brokers the listing

performance

all of the following are essential elements of a contract except

only the option is bound to perform under the terms of an option

all of the following are false concerning an option except

broker

all of the following may request specific performance when damages resulting from a breach if the contract are not adequate except the

under an exclusive agency listing the seller may not liable for a commission if they sell the property themselves

all of the following statements are incorrect except

rejection by the offer

an offer is terminated by

tender

an offer to perform in accordance with contractual obligations is an example of

fraud

any International concealment of material facts by an agent is regarded as

the full amount to Saul

brokers Phoebe & Saul both have an open listing on a property. Broker Phoebe showed the property to prospective buyer, but the buyer decided not to buy. Two weeks later, broker Saul contacted the same buyer & arranged a sale of the property. The seller is obligated to pay a commission as follows

be signed by both the buyer & seller & be acknowledged before a notary public

in order to qualify for recording with the county recorder a land sales contract needs to

3% of the sale price

liquidated damages cannot exceed _______ in the instance of an owner- occupied one to four unit residential property

offer & acceptance

mutual consent is typically evidenced by

attach a tax statement to the listing

on an exclusive listing, a broker can be disciplined for failure to do all of the following except

listing agreement

the authority of the broker to accept a good faith deposit from a buyer is provided for in the

competency, mutual consent, lawful object, consideration

the essential elements of an enforceable contract are

misinformation abut the property from the seller

the hold harmless clause in a listing agreement protects the agent from liability for

a written contract documenting the brokers employment

the most essential element of an enforceable listing contract is that it provides

leases

the term " index" "triple net" & "flat" are used to describe

does not always have to be in writing

to be enforceable the listing of a business opportunity

net listing

under a _____ the agents fee is set as all sums received exceeding a net price established by the owner

one-fourth, three-fourths, one-half

under a land sales contract title is conveyed to a buyer when they pay ______ the remaining unpaid amount on the purchased price

an exclusive right to sell listing

under which one of the following listing contracts must an owner pay a commission regardless of who sells the property

novation

when an existing contract is replaced by an entirely new contract it is an example of

when the offer is patently frivolous or the broker is acting on written instructions of the principal

when does a broker not have to present an offer to purchase real property to their principal

assume the existing loan

when jack sells his home, he wants to be relieved of the primary liability for payment of the existing loan. he needs to find a buyer who is willing to

a contract that is not to be preformed for thirteen months

which of the following contracts need to be in writing in accordance with the statue of frauds

a valid contract can be an unenforceable contract

which of the following is true

an option is valid so long as considerations actually delivered

which of the following is true concerning an option ?