, Accounting 1 of 5 pages
Circle the letter of the Basic Real Estate Definition that corresponds to the displayed Bas
1. Any form of misrepresentation with the intent to deceive is...
A: Specific Performance (I.E. Used when seller won't close. Must bring to court within 4 years.)
B: Recission Agreement (Also known as Mutual Cancellations)
C: Fraud
D: Statute of Frauds (Exceptions: contracts between brokers as in MLS,however if you belong to
2. When exercising an option the buyer is the...
A: Offeree (Receiver usually ends in "ee")
B: Optionee Remember When it comes to options, buyer is Optionee
C: Parol Evidence Rule (If there is a discrepancy between printed and written word, the Written
D: Offeror (giver of something usually ends in "or")
3. Legally enforcable agreement for consideration (something of value, money) between
A: Recission Agreement (Also known as Mutual Cancellations)
B: Contract (Death does not destroy. Illegal for real estate agent to charge for a contract article
in Az. To be Valid: competent parties, legal age 18 in az, sound mind, offer clear, legal purpose
C: Specific Performance (I.E. Used when seller won't close. Must bring to court within 4 years.)
D: Offer (Can be communicated via phone, but statute of frauds states it must be in writing)
expresses intent to be bound by contract terms. Counteroffer=Rejects original offer by creating a
4. A legal action to compel a party to carry out the terms of a contract is...
A: Option (Types of contract: Implied=agreeement of parties is recognized by action;
one party makes promise of action in hopes of influencing another to perform action i.e. option;
B: Specific Performance (I.E. Used when seller won't close. Must bring to court within 4 years.)
C: Contract (Death does not destroy. Illegal for real estate agent to charge for a contract article
in Az. To be Valid: competent parties, legal age 18 in az, sound mind, offer clear, legal purpose
D: Statute of Frauds (Exceptions: contracts between brokers as in MLS,however if you belong to
5. Compensation amount predetermined and paid to an injured party should there be a contract
A: Parol Evidence Rule (If there is a discrepancy between printed and written word, the Written
B: Liquidated Damages
C: Breach of Contract
D: Misrepresentation
6. When a broker spends trust money it is called...
A: Conversion
B: Fraud
C: Liquidated Damages
D: Optionor Remember, when it comes to options, the seller is the optionor
GoldenChapter – Stuvia 2024/2025 Edition
Circle the letter of the Basic Real Estate Definition that corresponds to the displayed Bas
1. Any form of misrepresentation with the intent to deceive is...
A: Specific Performance (I.E. Used when seller won't close. Must bring to court within 4 years.)
B: Recission Agreement (Also known as Mutual Cancellations)
C: Fraud
D: Statute of Frauds (Exceptions: contracts between brokers as in MLS,however if you belong to
2. When exercising an option the buyer is the...
A: Offeree (Receiver usually ends in "ee")
B: Optionee Remember When it comes to options, buyer is Optionee
C: Parol Evidence Rule (If there is a discrepancy between printed and written word, the Written
D: Offeror (giver of something usually ends in "or")
3. Legally enforcable agreement for consideration (something of value, money) between
A: Recission Agreement (Also known as Mutual Cancellations)
B: Contract (Death does not destroy. Illegal for real estate agent to charge for a contract article
in Az. To be Valid: competent parties, legal age 18 in az, sound mind, offer clear, legal purpose
C: Specific Performance (I.E. Used when seller won't close. Must bring to court within 4 years.)
D: Offer (Can be communicated via phone, but statute of frauds states it must be in writing)
expresses intent to be bound by contract terms. Counteroffer=Rejects original offer by creating a
4. A legal action to compel a party to carry out the terms of a contract is...
A: Option (Types of contract: Implied=agreeement of parties is recognized by action;
one party makes promise of action in hopes of influencing another to perform action i.e. option;
B: Specific Performance (I.E. Used when seller won't close. Must bring to court within 4 years.)
C: Contract (Death does not destroy. Illegal for real estate agent to charge for a contract article
in Az. To be Valid: competent parties, legal age 18 in az, sound mind, offer clear, legal purpose
D: Statute of Frauds (Exceptions: contracts between brokers as in MLS,however if you belong to
5. Compensation amount predetermined and paid to an injured party should there be a contract
A: Parol Evidence Rule (If there is a discrepancy between printed and written word, the Written
B: Liquidated Damages
C: Breach of Contract
D: Misrepresentation
6. When a broker spends trust money it is called...
A: Conversion
B: Fraud
C: Liquidated Damages
D: Optionor Remember, when it comes to options, the seller is the optionor
GoldenChapter – Stuvia 2024/2025 Edition
