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Chapter 12 Practice Questions

Chapter 12: Real Estate Contracts. Practice Florida real estate questions and review the explanation for each answer.

51 practice questions

  1. Chapter 12 Real estate licensees are legally authorized to assist buyers and sellers with the preparation of which four types of contracts?
  2. Chapter 12 The Statute of Frauds requires that contracts conveying an interest in real property be in writing and signed in order to be:
  3. Chapter 12 According to the Statute of Limitations, how long is an oral (parol) contract enforceable?
  4. Chapter 12 Which of the following is NOT one of the four essential elements of a valid contract?
  5. Chapter 12 Are real estate sale and purchase contracts required to be witnessed or notarized to be valid?
  6. Chapter 12 A promise that cannot be measured in terms of money, such as love and affection, is classified as:
  7. Chapter 12 A contract that obligates both parties to perform in accordance with the terms is called a:
  8. Chapter 12 In contract negotiation, the person who receives an offer is known as the:
  9. Chapter 12 Which of the following events would terminate a contract?
  10. Chapter 12 Which legal remedy for breach of contract asks the court to force the other party to proceed as the contract states?
  11. Chapter 12 The transfer of rights and duties under a contract from one person to another is called:
  12. Chapter 12 The substitution of a new party for the original one, effectively releasing the original party from liability, is known as:
  13. Chapter 12 Which of the following is PROHIBITED in a written listing agreement?
  14. Chapter 12 A person who is authorized to perform certain acts for another under a power of attorney is called a(n):
  15. Chapter 12 A seller gives a listing to three different brokers. The broker who actually sells the property gets the commission. If the seller sells it themselves, no one gets paid. What type of listing is this?
  16. Chapter 12 A seller lists a property with ONE broker but reserves the right to sell it themselves without paying a commission. This is an:
  17. Chapter 12 Which listing gives the broker the greatest protection because they are assured a commission regardless of who sells the property?
  18. Chapter 12 A seller agrees to sell a property for a minimum of $600,000, and the broker keeps any amount above that as commission. This is a:
  19. Chapter 12 An employment contract between a broker and a buyer is called a:
  20. Chapter 12 In an option contract, the party granting the option (the owner) is called the:
  21. Chapter 12 Real estate sale and purchase contracts are considered what type of contract?
  22. Chapter 12 If a seller lists a property "As Is," are they required to disclose known material defects?
  23. Chapter 12 Which specific disclosure regarding radon gas is legally required when purchasing or leasing real property in Florida?
  24. Chapter 12 The Lead-Based Paint disclosure applies to residential units built before:
  25. Chapter 12 Before signing a sale contract, purchasers must receive an informational brochure about:
  26. Chapter 12 If a property is subject to a mandatory Homeowners Association (HOA), the seller must provide the buyer with a:
  27. Chapter 12 The Property Tax Disclosure cautions buyers NOT to rely on:
  28. Chapter 12 What must a seller disclose regarding the building code?
  29. Chapter 12 An independent special district created to service the long-term specific needs of its community is called a:
  30. Chapter 12 The misstatement of fact or the omission/concealment of a factual matter is known as: