Agency 3

To assign a contract for the sale of real estate means to record the contract with the county recorder's office. permit another broker to act as agent for the principal. transfer one's rights under the contract. allow the seller and the buyer to exchange positions.

C

The law that requires real estate contracts to be in writing to be enforceable is the law of descent and distribution.t statute of frauds. parole evidence rule. statute of limitations.

B In many countries, real estate contracts must be in writing to be enforceable. In the United States the Statute of Frauds require real estate con

The essential elements of a contract include all of the following EXCEPT offer and acceptance. signatures of the parties competent parties. consideration.

B consideration. - WRONG signatures of the parties - IS CORRECT

If the buyer defaulted some time ago on a written contract to purchase a seller's real estate, the seller can still sue for damages if not prohibited from doing so by the statute of frauds. law of agency. statute of limitations. broker-attorney accord.

C statute of limitations

A specific performance

The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of the contract is known as

parole evidence rule.

What you say to be written

The broker receives an earnest money deposit with a written offer to purchase that includes a ten-day acceptance clause. On the fifth day, before the offer is accepted, the buyer notifies the broker that the buyer is withdrawing the offer and demands the return of the earnest money deposit. In this situation the buyer cannot withdraw the offer because it must be held open for the full ten days the buyer has the right to revoke the offer at any time until it is accepted and recover the earnest money the seller and the broker have the right to each retain one-half of the deposit the broker declares the deposit forfeited and retains it for his services.

B

Breach of contract is refusal or failure to comply with the terms of a contract. If the seller breaches the purchase contract, the buyer may do all of the following EXCEPT sue the seller for specific performance. rescind the contract and recover the earnest money. sue the seller for damages. sue the broker for nonperformance.

D

When a prospective buyer makes a written purchase offer that the seller accepts, then the buyer takes possession of the real estate. seller grants the buyer possessory rights. buyer receives legal title to the property. buyer receives equitable title to the property.

D buyer receives equitable title to the property

All of the following are essential to the formation of a contract EXCEPT offer acceptance consideration performance

D performance

A void contract is one that

was rescindable by agreement. - WRONG was never legally enforceable. - IS CORRECT