Florida real estate contracts Chapter 11 Questions and Answers 100% Pass

Florida real estate contracts Chapter 11 Questions and Answers 100% Pass Defines the parties legal relationship and spells out their rights and duties - Correct Answer ️️ -Contract To drop the wording of legal documents or legal instruments for other is considered what? - Correct Answer ️️ -Practicing law True or false. Brokers and sales associates may prepare deeds, mortgages, promissory notes or most other legal documents. - Correct Answer ️️ -False. Unless they are an attorney What are the four contracts real estate licensees are allowed to assist buyers and sellers with? - Correct Answer ️️ -List agreement, buyer brokerage agreement, sale and purchase contract, option contract A brokers and employment contract with a seller. Typically, it is the sale associate who obtains the listing on behalf of the broker. - Correct Answer ️️ -Listing agreement An employment contract with a buyer - Correct Answer ️️ -buyer brokerage agreement A contract between a buyer and a seller. If the licensee acts as agent or facilitator for one or both of the contracting parties, the licensee may prepare the contract. - Correct Answer ️️ -Sale and purchase contract An agreement to keep open for a specified period of time an offer to sell or lease real property. In order to reduce liability, licensees are strongly advised to recommend to the buyer or the seller to have a real estate attorney draw contracts. - Correct Answer ️️ - Option contract A contract that cannot be proved or will not be recognized by a court - Correct Answer ️️ -Unenforceable contract True or false. A contract may be unenforceable because it is not written, as required by the statute of fraud, because the statue of limitations has passed, or because the property is destroyed. - Correct Answer ️️ -True For a contract to be valid it must contain four essential elements, what are they? - Correct Answer ️️ -Competent parties, offer and acceptance (mutual assent), legal purpose, and consideration. Name persons who may have only limited contractual capacity. - Correct Answer ️️ -A person who is insane, intoxicated, or legally a minor True or false. And the dog is bound to honor the contract if the minor chooses to go through with the transaction - Correct Answer ️️ -True What makes the parties to a contract competent? - Correct Answer ️️ -If they have the legal capacity to contract, meaning they have no mental defects or insanity and are both of legal age to contract. The making and exceptions of an offer - Correct Answer ️️ -Mutual assent In order to have a mutual assent the parties must _______, meaning they must reach an agreement on all terms in the contract - Correct Answer ️️ -Meeting of the minds The probation spelled out in a contract must not be _____ __ ____. - Correct Answer ️️ -Prohibited by law Legally, consideration is the _______ that each party makes to the other to make the contract enforceable. Not necessarily money exchanged. - Correct Answer ️️ - Obligation What are the two types of consideration? - Correct Answer ️️ -Valuable consideration and good consideration Which contracts are covered by the Florida's statute of frauds? - Correct Answer ️️ - Purchase and sale contracts, option contracts, deeds and mortgage instruments, l