Chapter 12 Practice Questions - Page 2

51 practice questions

1. Chapter 12 To be considered valid and legally enforceable in court, a real estate sale contract must:
2. Chapter 12 An adult entering into a real estate contract with a minor is an example of a failure to meet which essential element of a valid contract?
3. Chapter 12 In a real estate contract, transferring property or forgiving a relative's debt simply because of love and affection is a legal example of what?
4. Chapter 12 . If a contract is NOT in writing, it is called:
5. Chapter 12 What is the legal effect on the original offer when a counteroffer is presented?
6. Chapter 12 A closing is scheduled for next week. The broker would like the closing agent to prepare a check payable to the sales associate for the associate’s share of the commission. Which statement is TRUE?
7. Chapter 12 A client hired a broker with an exclusive-right-of-sale agreement to find a buyer for her home. While the client was on vacation, a buyer made an offer at the full asking price. Which statement is true regarding the broker's authority?
8. Chapter 12 What is the primary distinguishing feature of an exclusive-right-of-sale listing agreement regarding the broker's compensation?
9. Chapter 12 A real estate agent must tell a potential buyer which of the following?
10. Chapter 12 Usually, a real estate sales contract contains a provision that if the buyer breaks the agreement, the seller keeping the earnest money deposit will be regarded as:
11. Chapter 12 Which statement is FALSE regarding the legal requirements when selling a property that has an active building code violation?
12. Chapter 12 Under contract law, which of the following actions or events would NOT result in the termination of an outstanding real estate offer?
13. Chapter 12 From a broker's perspective, what is considered the most advantageous type of listing agreement to secure?
14. Chapter 12 A real estate broker wants the title company to pay a sales associate their specific share of the commission directly at next week's closing. What is legally required for this to happen?
15. Chapter 12 A buyer submits a written purchase offer on a house constructed in 1967. Under federal law, which of the following is NOT required before they sign the purchase contract?
16. Chapter 12 Which specific set of legal contracts may a licensed real estate broker legally prepare without being guilty of the unauthorized practice of law?
17. Chapter 12 . If a real estate sale contract fails to comply with the Statute of Frauds, what is the specific reason for this failure?
18. Chapter 12 Which of the following real estate contracts does NOT fall under the jurisdiction of the Statute of Frauds?
19. Chapter 12 What is the specific legal classification of a contract in which the agreement has been formed, but one or both parties still have obligations left to perform?
20. Chapter 12 When a counteroffer is presented, how do the roles of the parties change?
21. Chapter 12 At what exact point is a valid contract created during a counteroffer situation?

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