Course 2-3
If a contract is considered voidable, it is:
Valid until voided;
When a broker sells a property on which he holds an option, he must inform the buyer that he is acting as:
A principal.
An executed contract is a contract:
Completed and fully performed by both parties;
Which of the following type of transactions would most frequently allows the real estate agent to collect a commission from more than one party:
"Tax-Free" exchanges
Joanie James, a minor wanted to hire Broker Stone to assist in a real estate transaction. Legally, a broker may not be employed by a minor, because the minor:
Is legally incapable of appointing an agent;
A voidable contract is a contract that:
Is valid and enforceable on its face, but it may be rejected by one of the parties.
Which of the following statements is true with respect to options: An option is:
Valid if consideration is delivered, even if it is less than $10;
In order for an agreement for a transfer of real property to be binding on the buyer and seller, it must:
...
Concerning option contracts, which of the following statements is most incorrect:
If the optionee decides to buy the property, it will be necessary to enter into a separate sales contract before the expiration of the option in order for the two parties to be legally bound;
All of the following are essential elements of every valid contract, except:
The payment of money.
Which of the following is required for a valid contract:
A Legal capacity; B Consideration; C Lawful object; ****D All of the above.
In which of the following contracts does one of the parties agree not to revoke an offer for a certain period of time?
An option;
A contract is best defined as:
a deliberate agreement, based upon a legal consideration, between two or more parties who have legal capacity, to perform or abstain from doing a legal act;