Perry Real Estate Final Exam – Complete Study Guide & Practice Questions 1 2026-03-02
Perry Real Estate Final
Exam – Complete Study
Guide & Practice Questions
Page 1
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_ Perry Real Estate Final Exam – Complete Study Guide & Practice Questions.pdf
,Perry real estate final exam 2 2026-03-02
Page | 1
Perry real estate final exam Questions with
Detailed Verified Answers
Q: If I am makes an offer on a house and the seller excepts in
writing. What is the current status of this relationship?
Ans: Because the seller has promised to sell and the buyer has
promised to buy, it is clearly a bilateral contract. It is express because
they announced their intentions in writing. This contract is executory
because the sale has not closed yet
Q: Additional conditions that must be satisfied before a sales
contract is fully enforceable are called
Ans: contingencies
Q: If I'm in allows a woman to back out of the contract, returned
the earnest money to her, and both are back to the positions they
held before the contract, the contract has been
Ans: Rescission allows both parties to return to their original
possessions before the contract, so any monies exchange must be
returned
Q: A buyer makes an offer to buy a sellers house. Pursuant it to
this offer, the buyer is obligated to perform only if the buyer is first
able to sell her condo. This is an example of
Ans: A property sale contingency protects a buyer who has to sell a
property in order to buy the sellers property
Q: On March 7 a buyer and a seller execute a contract for the
purchase of the sellers property. Closing is set for June 10. On April
15 the property is struck by lightning and destroyed by the resulting
fire. If the uniform vendor and purchase or risk act has been
Page 2 Perry real estate final exam.pdf
, Perry real estate final exam 3 2026-03-02
Page | 2
adopted by the state in which the property is located, which party
bears liability for the loss?
Ans: In states that have adopted the uniform vendor and purchaser
act, the seller remains responsible for the property until the day of
closing
Q: The term statue of limitation is best described as the limitation
on the
Ans: Every state limits the right during which parties to a contract may
bring a legal action to enforce their rights. Rights not enforced within
the Applicable time period Are lost
Q: In case the buyer decides not to buy for no legal reason, the
contract may provide at the earnest money is there as
Ans: Liquidated damages limit the compensation available to the
injured party should a breach of contract occur
Q: What is minimum consideration in a valid contract
Ans: Anything the parties agree is good and valuable
Q: What is an example of a unilateral contract
Ans: In a unilateral contract only one party is obligated to perform.
The optionor-owner of the property must sell at the agreed-upon price
only if the optionee he decides to buy
Q: A woman is buying a man's house and wants to take over the
mortgage. The lender releases the man from the obligation
substituting the woman as the party liable for the debt. This new
agreement is called
Ans: Novation
Page 3 Perry real estate final exam.pdf
Perry Real Estate Final
Exam – Complete Study
Guide & Practice Questions
Page 1
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_ Perry Real Estate Final Exam – Complete Study Guide & Practice Questions.pdf
,Perry real estate final exam 2 2026-03-02
Page | 1
Perry real estate final exam Questions with
Detailed Verified Answers
Q: If I am makes an offer on a house and the seller excepts in
writing. What is the current status of this relationship?
Ans: Because the seller has promised to sell and the buyer has
promised to buy, it is clearly a bilateral contract. It is express because
they announced their intentions in writing. This contract is executory
because the sale has not closed yet
Q: Additional conditions that must be satisfied before a sales
contract is fully enforceable are called
Ans: contingencies
Q: If I'm in allows a woman to back out of the contract, returned
the earnest money to her, and both are back to the positions they
held before the contract, the contract has been
Ans: Rescission allows both parties to return to their original
possessions before the contract, so any monies exchange must be
returned
Q: A buyer makes an offer to buy a sellers house. Pursuant it to
this offer, the buyer is obligated to perform only if the buyer is first
able to sell her condo. This is an example of
Ans: A property sale contingency protects a buyer who has to sell a
property in order to buy the sellers property
Q: On March 7 a buyer and a seller execute a contract for the
purchase of the sellers property. Closing is set for June 10. On April
15 the property is struck by lightning and destroyed by the resulting
fire. If the uniform vendor and purchase or risk act has been
Page 2 Perry real estate final exam.pdf
, Perry real estate final exam 3 2026-03-02
Page | 2
adopted by the state in which the property is located, which party
bears liability for the loss?
Ans: In states that have adopted the uniform vendor and purchaser
act, the seller remains responsible for the property until the day of
closing
Q: The term statue of limitation is best described as the limitation
on the
Ans: Every state limits the right during which parties to a contract may
bring a legal action to enforce their rights. Rights not enforced within
the Applicable time period Are lost
Q: In case the buyer decides not to buy for no legal reason, the
contract may provide at the earnest money is there as
Ans: Liquidated damages limit the compensation available to the
injured party should a breach of contract occur
Q: What is minimum consideration in a valid contract
Ans: Anything the parties agree is good and valuable
Q: What is an example of a unilateral contract
Ans: In a unilateral contract only one party is obligated to perform.
The optionor-owner of the property must sell at the agreed-upon price
only if the optionee he decides to buy
Q: A woman is buying a man's house and wants to take over the
mortgage. The lender releases the man from the obligation
substituting the woman as the party liable for the debt. This new
agreement is called
Ans: Novation
Page 3 Perry real estate final exam.pdf
