REAL ESTATE CONTRACTS COMPREHENSIVE EXAM
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔The buyer of a home was not informed that the house was on a septic tank system.
The buyer has the right to: - ✔✔Rescind the contract
✔✔In which of the following contracts does one of the parties agree not to revoke an
offer for a certain period of time: - ✔✔An option
✔✔A listing agreement is essentially a/an: - ✔✔Employment contract
✔✔What listing requires an owner to pay a commission, even though the owner sells
the property herself? - ✔✔Exclusive right to sell listing
✔✔The prospective purchaser may withdraw the offer at any time before the seller's
acceptance of an offer: - ✔✔For any reason
✔✔Which of the following is NOT true about an option? - ✔✔The optionor can revoke
the offer to sell during the designated period of time.
✔✔A contract in which all parties have fulfilled their promises is a - ✔✔executed
contract
✔✔The primary purpose of a listing agreement is to - ✔✔serve as a contract of
employment between the owner and the broker.
✔✔Which of the following events does NOT usually terminate a listing? - ✔✔death of
either the selling broker or buyer
✔✔Which of the following would not make a contract voidable: - ✔✔Illegal purpose
✔✔An offeree has the right to: - ✔✔reject an offer.
✔✔Which of the following is NOT required for a contract to be legally binding? -
✔✔Writing
✔✔Which of the following prevents a person from adopting a position which is in conflict
with a previous position or a previous action? - ✔✔The doctrine of estoppels prevents a
person from adopting a position, which is in conflict with a previous position or a
previous action.
, ✔✔Monies, labor, supplies or other consideration given by a landlord to a tenant to
construct the premises for occupancy would be called: - ✔✔Tenant improvement
allowance
✔✔Broker Dave has an exclusive agency listing to sell a $200,000 home for owner
Jones. Before the listing expires, the home was sold through Jones' own efforts to a
friend, and Dave was refused payment of any commission. Dave is legally entitled to
receive from Jones: - ✔✔No commission
✔✔Under which of the following listings must an owner pay a commission, even if he
sells entirely through his own efforts: - ✔✔Exclusive right to sell listing
✔✔An executed contract is a contract: - ✔✔Completed and fully performed by both
parties
✔✔A voidable contract remains binding upon the parties until the contract is: - ✔✔A
voidable Contract is a contract that may be rejected by either of the parties. It is valid
until it is rescinded.
✔✔Joe gave Stephen an option for the purchase of his property. In law, such an option
is regarded as - ✔✔A contract to keep the offer open
✔✔Which is true concerning an option: - ✔✔An option is a contract to keep an offer to
sell or lease real property open for a set period of time. The optionor cannot revoke the
offer to sell during the designated period of time. An Optionee is under no obligation to
buy the property in question. The Optionee is NOT bound by the Option
✔✔Which of the following is not a necessary element in the formation of a contract: -
✔✔The four legal essentials in any contract are: (1) consideration, (2) an offer and
acceptance (3) a lawful object, and (4) competent parties. Some contracts require
writing as well. Performance is not necessary.
✔✔A contract between the seller of real property and a licensee, in which the seller
agrees to pay the licensee a commission if he produces a ready, willing, and able buyer
and the licensee agrees to use due diligence in procuring the buyer, is called: - ✔✔A
bilateral executory contract
✔✔A contract which authorizes a real estate agent to sell a property during a specified
time and allows that person to collect a commission if the sale is made by anyone,
including the owner, is: - ✔✔An exclusive right to sell
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔The buyer of a home was not informed that the house was on a septic tank system.
The buyer has the right to: - ✔✔Rescind the contract
✔✔In which of the following contracts does one of the parties agree not to revoke an
offer for a certain period of time: - ✔✔An option
✔✔A listing agreement is essentially a/an: - ✔✔Employment contract
✔✔What listing requires an owner to pay a commission, even though the owner sells
the property herself? - ✔✔Exclusive right to sell listing
✔✔The prospective purchaser may withdraw the offer at any time before the seller's
acceptance of an offer: - ✔✔For any reason
✔✔Which of the following is NOT true about an option? - ✔✔The optionor can revoke
the offer to sell during the designated period of time.
✔✔A contract in which all parties have fulfilled their promises is a - ✔✔executed
contract
✔✔The primary purpose of a listing agreement is to - ✔✔serve as a contract of
employment between the owner and the broker.
✔✔Which of the following events does NOT usually terminate a listing? - ✔✔death of
either the selling broker or buyer
✔✔Which of the following would not make a contract voidable: - ✔✔Illegal purpose
✔✔An offeree has the right to: - ✔✔reject an offer.
✔✔Which of the following is NOT required for a contract to be legally binding? -
✔✔Writing
✔✔Which of the following prevents a person from adopting a position which is in conflict
with a previous position or a previous action? - ✔✔The doctrine of estoppels prevents a
person from adopting a position, which is in conflict with a previous position or a
previous action.
, ✔✔Monies, labor, supplies or other consideration given by a landlord to a tenant to
construct the premises for occupancy would be called: - ✔✔Tenant improvement
allowance
✔✔Broker Dave has an exclusive agency listing to sell a $200,000 home for owner
Jones. Before the listing expires, the home was sold through Jones' own efforts to a
friend, and Dave was refused payment of any commission. Dave is legally entitled to
receive from Jones: - ✔✔No commission
✔✔Under which of the following listings must an owner pay a commission, even if he
sells entirely through his own efforts: - ✔✔Exclusive right to sell listing
✔✔An executed contract is a contract: - ✔✔Completed and fully performed by both
parties
✔✔A voidable contract remains binding upon the parties until the contract is: - ✔✔A
voidable Contract is a contract that may be rejected by either of the parties. It is valid
until it is rescinded.
✔✔Joe gave Stephen an option for the purchase of his property. In law, such an option
is regarded as - ✔✔A contract to keep the offer open
✔✔Which is true concerning an option: - ✔✔An option is a contract to keep an offer to
sell or lease real property open for a set period of time. The optionor cannot revoke the
offer to sell during the designated period of time. An Optionee is under no obligation to
buy the property in question. The Optionee is NOT bound by the Option
✔✔Which of the following is not a necessary element in the formation of a contract: -
✔✔The four legal essentials in any contract are: (1) consideration, (2) an offer and
acceptance (3) a lawful object, and (4) competent parties. Some contracts require
writing as well. Performance is not necessary.
✔✔A contract between the seller of real property and a licensee, in which the seller
agrees to pay the licensee a commission if he produces a ready, willing, and able buyer
and the licensee agrees to use due diligence in procuring the buyer, is called: - ✔✔A
bilateral executory contract
✔✔A contract which authorizes a real estate agent to sell a property during a specified
time and allows that person to collect a commission if the sale is made by anyone,
including the owner, is: - ✔✔An exclusive right to sell
