Perry Real Estate Final Exam – Questions & Answers 1 2026-03-02
Perry Real Estate Final
Exam – Questions &
Answers
Page 1
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_ Perry Real Estate Final Exam – Questions & Answers.pdf
,Perry real estate final exam , 2 2026-03-02
If I am makes an offer on a house and the seller excepts in writing. What is the current status of this relationship?
Because the seller has promised to sell and the buyer has promised to buy, it is clearly a bilateral contract. It is
express because they announced their intentions in writing. This contract is executory because the sale has not
closed yet
Additional conditions that must be satisfied before a sales contract is fully enforceable are called
contingencies
If I'm in allows a woman to back out of the contract, returned the earnest money to her, and both are back to the
positions they held before the contract, the contract has been
Rescission allows both parties to return to their original possessions before the contract, so any monies exchange
must be returned
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is obligated to perform only if
the buyer is first able to sell her condo. This is an example of
A property sale contingency protects a buyer who has to sell a property in order to buy the sellers property
Page 2 Perry real estate final exam ,.pdf
,Perry real estate final exam , 3 2026-03-02
On March 7 a buyer and a seller execute a contract for the purchase of the sellers property. Closing is set for June
10. On April 15 the property is struck by lightning and destroyed by the resulting fire. If the uniform vendor and
purchase or risk act has been adopted by the state in which the property is located, which party bears liability for
the loss?
In states that have adopted the uniform vendor and purchaser act, the seller remains responsible for the property
until the day of closing
The term statue of limitation is best described as the limitation on the
Every state limits the right during which parties to a contract may bring a legal action to enforce their rights.
Rights not enforced within the Applicable time period Are lost
In case the buyer decides not to buy for no legal reason, the contract may provide at the earnest money is there as
Liquidated damages limit the compensation available to the injured party should a breach of contract occur
What is minimum consideration in a valid contract
Anything the parties agree is good and valuable
Page 3 Perry real estate final exam ,.pdf
, Perry real estate final exam , 4 2026-03-02
What is an example of a unilateral contract
In a unilateral contract only one party is obligated to perform. The optionor-owner of the property must sell at the
agreed-upon price only if the optionee he decides to buy
A woman is buying a man's house and wants to take over the mortgage. The lender releases the man from the
obligation substituting the woman as the party liable for the debt. This new agreement is called
Novation
A real estate broker in ounces to the sales people in her office that she will pay $1000 bonus to the top selling
sales person each quarter. This contract is an
The offer of a bonus to the top selling sales person each quarter is an express contract because the broker clearly
stated her intentions and words to the sales people. It is unilateral contract because she's obligated to keep her
promise but the sales people are not obligated to perform
A testamentary trust is created by
A will
Page 4 Perry real estate final exam ,.pdf
Perry Real Estate Final
Exam – Questions &
Answers
Page 1
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_ Perry Real Estate Final Exam – Questions & Answers.pdf
,Perry real estate final exam , 2 2026-03-02
If I am makes an offer on a house and the seller excepts in writing. What is the current status of this relationship?
Because the seller has promised to sell and the buyer has promised to buy, it is clearly a bilateral contract. It is
express because they announced their intentions in writing. This contract is executory because the sale has not
closed yet
Additional conditions that must be satisfied before a sales contract is fully enforceable are called
contingencies
If I'm in allows a woman to back out of the contract, returned the earnest money to her, and both are back to the
positions they held before the contract, the contract has been
Rescission allows both parties to return to their original possessions before the contract, so any monies exchange
must be returned
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is obligated to perform only if
the buyer is first able to sell her condo. This is an example of
A property sale contingency protects a buyer who has to sell a property in order to buy the sellers property
Page 2 Perry real estate final exam ,.pdf
,Perry real estate final exam , 3 2026-03-02
On March 7 a buyer and a seller execute a contract for the purchase of the sellers property. Closing is set for June
10. On April 15 the property is struck by lightning and destroyed by the resulting fire. If the uniform vendor and
purchase or risk act has been adopted by the state in which the property is located, which party bears liability for
the loss?
In states that have adopted the uniform vendor and purchaser act, the seller remains responsible for the property
until the day of closing
The term statue of limitation is best described as the limitation on the
Every state limits the right during which parties to a contract may bring a legal action to enforce their rights.
Rights not enforced within the Applicable time period Are lost
In case the buyer decides not to buy for no legal reason, the contract may provide at the earnest money is there as
Liquidated damages limit the compensation available to the injured party should a breach of contract occur
What is minimum consideration in a valid contract
Anything the parties agree is good and valuable
Page 3 Perry real estate final exam ,.pdf
, Perry real estate final exam , 4 2026-03-02
What is an example of a unilateral contract
In a unilateral contract only one party is obligated to perform. The optionor-owner of the property must sell at the
agreed-upon price only if the optionee he decides to buy
A woman is buying a man's house and wants to take over the mortgage. The lender releases the man from the
obligation substituting the woman as the party liable for the debt. This new agreement is called
Novation
A real estate broker in ounces to the sales people in her office that she will pay $1000 bonus to the top selling
sales person each quarter. This contract is an
The offer of a bonus to the top selling sales person each quarter is an express contract because the broker clearly
stated her intentions and words to the sales people. It is unilateral contract because she's obligated to keep her
promise but the sales people are not obligated to perform
A testamentary trust is created by
A will
Page 4 Perry real estate final exam ,.pdf
