Chapter9 Real Estate Contracts - Mini Quiz

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

Assignees

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

Assignment

One who assigns or transfers property is known as a/an...? Assignor Assignee Trustor Trustee

Assignor

A contract in which each party promises to do something is referred to as a...? Unilateral Contract Bilateral Contract Executed Contract Voided Contract

Bilateral contract

A listing contract is an example of a/an...? ABilateral contract BUnilateral contract CVoid contract DImplied contract

Bilateral contract

A violation of the terms or conditions of a contract without a legal excuse is known as a...? Discharge Conversion Breach All of the above

Breach

To mingle or mix, for example, a client's funds in the broker's personal or general account is known as...? ACommingling BConversion CSteering DRedlining

Commingling

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

Consideration

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

Conversion

A down payment made by a purchaser of real estate as evidence of good faith is known as...? Earnest money deposit Escrow money Interest payment Binding deposit

Earnest money deposit

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

Equitable Title

Until a purchase contract is closed upon, it is considered a/an...? AExecutory contract BExecuted contract CVoid contract DImplied contract

Executors contract

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? Express Voidable Implied Exclusive

Implied

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

Liquidated damages

A contract by which a buyer and seller agree to the terms of a sale is known as a...? Listing contract Sales contract Bill of Sale contract Listing agreement

Sales contract

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...? Assignment Acceleration Time is of the Essence Novation

Time is of the Essence

This contract is formed only if another party performs the requested act...? Bilateral Contract Executed Contract Unilateral Contract Voided Contract

Unilateral contract

Real estate agents use which of the following contracts...? Express Contracts Listing Contracts Buyer Representation Agreements All of the above

All of the above

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 Proof of funds The signature of the real estate brokers involved in the transaction All of the above

An accurate legal description of the property

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 Novation Conversion Offer and acceptance

Assignment

When a contract is fully performed, the contract is considered...? ADischarged BAssigned CAcknowledged DConverted

Discharged

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

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 Express Contract Deed Note

Implied contract

Which of the following contracts is NOT required to be in writing...? ALease under 1 year BSales contract for a single family home CLease for more than 1 year DSale contract for a multi-family property

Lease under 1 year

A meeting of the minds between two parties is also known as...? Conversion Novation Consideration Offer and acceptance

Offer and acceptance

A listing contract exists between a seller and the...? Real estate broker Real estate salesperson Customer Any of the above

Real estate broker

The sale of a property as an alternative to damages is an example of...? ASpecific performance BExecuted performance CGeneral performance DSpecial performanceU

Specific performance

Oral listing agreements between a seller and a broker are...? AUnenforceable BVoid CExpress DExecuted

Unenforceable

A contract that has no force or effect is referred to as a/an...? Void Contract Valid Contract Executory Contract Executed Contract

Void contract

If a contract is not for a legal purpose, it is considered a/an...? AVoid contract BEnforceable contract CExecuted contract DExecutory contract

Void contract

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

Voidable contract

Which of the following real estate contracts must be in writing...? AAll of the above BSales contract CLease contract for greater than 1 year DPurchase contract for a multi-family property

All of the above