ASREB National Test B-3 Questions
and Answers 100% Pass
An option to purchase is what kind of contract?
Unilateral
Bilateral
Void
Unenforceable - ✔✔Unilateral
X made an offer to buy B's property. B accepts the offer under the condition that X
moves in four days after close of escrow. What is the status of the contract?
Valid
Unilateral
Counter offer
Binding upon X when B signed the offer - ✔✔Counter offer
When a party breaches a contract, they could be responsible for:
Criminal damages
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,Class 6 Felony
Adverse possession
Specific performance - ✔✔Specific performance
When a buyer signs a contract, what type of title would he most likely have?
Legal
Actual
Equitable
Specific - ✔✔Equitable
A contract does not have a legal description. The contract would be:
Void
Valid
Voidable
Unenforceable - ✔✔Unenforceable
A buyer wishes to have the right to buy a property at a certain time and certain price.
This right is called:
First right of refusal
Lease purchased
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, Option to buy
An agreement for sale - ✔✔Option to buy
A broker is a property manager for an owner and collects the monthly rents. The owner
dies. What is the status of the property management agreement?
Terminated upon death of owner
Valid until expiration
Valid leases expire
Can only be terminated by the heirs - ✔✔Terminated upon death of owner
When the buyer and seller agree to terminate the contract this is called:
Ratification
Rescission
Exclusion
Exculpatory - ✔✔Rescission
When a minor enters into a real estate contract, the status of the contract is
Void
Voidable by the minor only
Enforceable by buyer and seller
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and Answers 100% Pass
An option to purchase is what kind of contract?
Unilateral
Bilateral
Void
Unenforceable - ✔✔Unilateral
X made an offer to buy B's property. B accepts the offer under the condition that X
moves in four days after close of escrow. What is the status of the contract?
Valid
Unilateral
Counter offer
Binding upon X when B signed the offer - ✔✔Counter offer
When a party breaches a contract, they could be responsible for:
Criminal damages
100% Pass Guarantee Olivia West, All Rights Reserved © 2025 1
,Class 6 Felony
Adverse possession
Specific performance - ✔✔Specific performance
When a buyer signs a contract, what type of title would he most likely have?
Legal
Actual
Equitable
Specific - ✔✔Equitable
A contract does not have a legal description. The contract would be:
Void
Valid
Voidable
Unenforceable - ✔✔Unenforceable
A buyer wishes to have the right to buy a property at a certain time and certain price.
This right is called:
First right of refusal
Lease purchased
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, Option to buy
An agreement for sale - ✔✔Option to buy
A broker is a property manager for an owner and collects the monthly rents. The owner
dies. What is the status of the property management agreement?
Terminated upon death of owner
Valid until expiration
Valid leases expire
Can only be terminated by the heirs - ✔✔Terminated upon death of owner
When the buyer and seller agree to terminate the contract this is called:
Ratification
Rescission
Exclusion
Exculpatory - ✔✔Rescission
When a minor enters into a real estate contract, the status of the contract is
Void
Voidable by the minor only
Enforceable by buyer and seller
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