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;