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REAL ESTATE LICENSE EXAM Questions
and Correct Answers the Latest Update
and Recommended Version
UNIT 11
✓ CONTRACTS
✓ 12%
Which group of legal instruments may legally be prepared by a licensed real estate broker?
a. listing contracts, buyer brokerage agreements, commercial leases, and deeds
b. leases, option contracts, promissory notes, and buyer brokerage agreements
c. listing agreements, buyer brokerage agreements, sale contracts, and option contracts
d. mortgages, promissory notes, commercial leases, and option contracts
✓ c. listing agreements, buyer brokerage agreements, sale contracts, and option contracts
failure to comply with the statute of frauds
a. may not constitute an illegal act but would always invalidate a sale contract
b. would have to do with whether a contract is in writing
c. concerns adherence to prescribed time frames of enforcement
d. is prima facie evidence of the intent to commit fraud
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✓ b. would have to do with whether a contract is in writing
which contract does NOT come under the jurisdiction of the statute of frauds?
a. lease agreements for 1 year or less
b. option contract
c. sale contract
d. listing agreement for more than 1 year
✓ a. lease agreement for 1 year or less
a valid real estate sale contract
a. contains all the essential elements and is in writing
b. has been acknowledged
c. requires witnessing
d. transfers title to real property
✓ a. contains all the essential elements and is in writing
An adult contracting with a minor is an example of failure to meet which essential of a real
estate contract?
a. legality of the object
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b. offer and acceptance
c. meeting of the minds
d. competent parties
✓ d. competent parties
Canceling a daughter's property indebtedness in a contract because of love and affection is
an example of
a. good consideration
b. valuable consideration
c. insufficient consideration
d. inadequate consideration
✓ a. good consideration
a contract that is NOT in writing is called
a. a formal contract
b. a parol contract
c. a unilateral contract
d. an executory contract
✓ b. a parol contract (AKA oral agreement)
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When a contract has been formed but an undertaking remains to be performed by one or
both parties, it is an example of
a. an implied contract
b. an express contract
c. an executory contract
d. a unilateral contract
✓ c. an executory contract
which statement is FALSE regarding counteroffers?
a. the original offer is terminated by the counteroffer
b. the original offeree becomes the offeror
c. a contract is created when the new offeree accepts the counteroffer and communicates the
acceptance to the new offeror
d. the offeror and the offeree remain the same even though the terms are modified
✓ d. the offeror and the offeree remain the same even though the terms are modified
an offer is NOT terminated by
a. a counteroffer
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REAL ESTATE LICENSE EXAM Questions
and Correct Answers the Latest Update
and Recommended Version
UNIT 11
✓ CONTRACTS
✓ 12%
Which group of legal instruments may legally be prepared by a licensed real estate broker?
a. listing contracts, buyer brokerage agreements, commercial leases, and deeds
b. leases, option contracts, promissory notes, and buyer brokerage agreements
c. listing agreements, buyer brokerage agreements, sale contracts, and option contracts
d. mortgages, promissory notes, commercial leases, and option contracts
✓ c. listing agreements, buyer brokerage agreements, sale contracts, and option contracts
failure to comply with the statute of frauds
a. may not constitute an illegal act but would always invalidate a sale contract
b. would have to do with whether a contract is in writing
c. concerns adherence to prescribed time frames of enforcement
d. is prima facie evidence of the intent to commit fraud
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
✓ b. would have to do with whether a contract is in writing
which contract does NOT come under the jurisdiction of the statute of frauds?
a. lease agreements for 1 year or less
b. option contract
c. sale contract
d. listing agreement for more than 1 year
✓ a. lease agreement for 1 year or less
a valid real estate sale contract
a. contains all the essential elements and is in writing
b. has been acknowledged
c. requires witnessing
d. transfers title to real property
✓ a. contains all the essential elements and is in writing
An adult contracting with a minor is an example of failure to meet which essential of a real
estate contract?
a. legality of the object
|
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b. offer and acceptance
c. meeting of the minds
d. competent parties
✓ d. competent parties
Canceling a daughter's property indebtedness in a contract because of love and affection is
an example of
a. good consideration
b. valuable consideration
c. insufficient consideration
d. inadequate consideration
✓ a. good consideration
a contract that is NOT in writing is called
a. a formal contract
b. a parol contract
c. a unilateral contract
d. an executory contract
✓ b. a parol contract (AKA oral agreement)
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When a contract has been formed but an undertaking remains to be performed by one or
both parties, it is an example of
a. an implied contract
b. an express contract
c. an executory contract
d. a unilateral contract
✓ c. an executory contract
which statement is FALSE regarding counteroffers?
a. the original offer is terminated by the counteroffer
b. the original offeree becomes the offeror
c. a contract is created when the new offeree accepts the counteroffer and communicates the
acceptance to the new offeror
d. the offeror and the offeree remain the same even though the terms are modified
✓ d. the offeror and the offeree remain the same even though the terms are modified
an offer is NOT terminated by
a. a counteroffer
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