Azure Exam Prep Questions With Actual Correct Answers 2024.

Azure Exam Prep Questions With Actual Correct Answers 2024. In case of breach by the buyer, most real estate contracts include a provision that the earnest money be regarded as - CORRECT ANSWER Liquidated damages to the seller Compensatory damages are - CORRECT ANSWER The amount of money equal to the extent of loss awarded to the damaged party when there has been a breach of contract. What are the elements of a valid contract? - CORRECT ANSWER Contractual capacity of the parties, offer and acceptance, legality of object, and consideration. Note: Earnest money is not the consideration. The consideration is the obligation to buy. Which statement is true regarding homeowners association disclosure requirements? - CORRECT ANSWER The buyer cannot waive the right to void the contract if the disclosure has not been provided. An agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party is called a - CORRECT ANSWER Unilateral contract The period of time during which the terms of a contract may be enforced according to the statute of limitations are - CORRECT ANSWER Five years for written contracts and four years for parol contacts. A listing to sell property and obtain a specified amount for the owner-principal is called - CORRECT ANSWER A net listing An open listing - CORRECT ANSWER Allows the owner to sell the property himself and to list it with any number of brokers. The first broker to secure a buyer gets a commission.