Real Estate Contracts

The broker who has most likely earned his or her commission has:

notified the buyer of sellers acceptance

An owner signs open listings on a parcel of land with 5 different brokers

each broker has an opportunity to earn the entire commission

An offer would be terminated by:

rejection by the offeree

all of the following are essential elements of a contract except: an offer, acceptance, consideration, performance

performance

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

breach

essential elements of an enforceable contract are:

competency, mutual consent, lawful object, consideration

All 4 copies of a purchase agreement would most likely be signed by the:

buyer

Brokers earn their commissions:

by finding buyers ready, willing and able to buy

True or False: a valid contract can be an unenforceable contract

True

A real estate purchase contract is:

a bilateral contract (between buyer and seller)

Which of these contracts must be in writing in accordance with the Statute of Frauds?

a contract that is not to be performed for 13 months

The listing price is most likely:

a high market value

as to contracts, which of the following is true?

handwritten portion takes precedence over the printed portion in the event of a difference

offer usually has to be accepted:

in the manner specified in the offer

mutual consent is usually evidence by:

offer and acceptance: meeting of the minds

Brokers receive their commissions:

on close of escrow

All contracts require all of the following except: proper writing, legal purpose, offer/acceptance, consideration

proper writing

Real estate commission is normally based on the

selling price (%)

verbal agreement to sell real estate would be enforceable where:

the buyer takes possession, makes a down payment, and improves the property

A contract to sell real estate by a 17 yr old unemancipated girl is:

there is no contract:void