Perry Real Estate Final Exam
Questions and Correct Answers
If I am makes an offer on a house and the seller excepts in writing. What is the
current status of this relationship?
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
Additional conditions that must be satisfied before a sales contract is fully
enforceable are called
contingencies
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
Rescission allows both parties to return to their original possessions before the
contract, so any monies exchange must be returned
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
A property sale contingency protects a buyer who has to sell a property in order to
buy the sellers property
,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 adopted by the state in which the property is located, which
party bears liability for the loss?
In states that have adopted the uniform vendor and purchaser act, the seller
remains responsible for the property until the day of closing
The term statue of limitation is best described as the limitation on the
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
In case the buyer decides not to buy for no legal reason, the contract may
provide at the earnest money is there as
Liquidated damages limit the compensation available to the injured party should a
breach of contract occur
What is minimum consideration in a valid contract
Anything the parties agree is good and valuable
What is an example of a unilateral contract
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
, 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
Novation
A real estate broker in ounces to the sales people in her office that she will pay
$1000 bonus to the top selling sales person each quarter. This contract is an
The offer of a bonus to the top selling sales person each quarter is an express
contract because the broker clearly stated her intentions and words to the sales
people. It is unilateral contract because she's obligated to keep her promise but
the sales people are not obligated to perform
A testamentary trust is created by
A will
In any Township what is the number of the section designated as the school
section
16
Lonnie conveys the ownership of his house to his mother and stipulates that
upon her death he will recapture ownership. The interest Lonnie has in the
property is a
reversionary interest
Questions and Correct Answers
If I am makes an offer on a house and the seller excepts in writing. What is the
current status of this relationship?
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
Additional conditions that must be satisfied before a sales contract is fully
enforceable are called
contingencies
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
Rescission allows both parties to return to their original possessions before the
contract, so any monies exchange must be returned
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
A property sale contingency protects a buyer who has to sell a property in order to
buy the sellers property
,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 adopted by the state in which the property is located, which
party bears liability for the loss?
In states that have adopted the uniform vendor and purchaser act, the seller
remains responsible for the property until the day of closing
The term statue of limitation is best described as the limitation on the
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
In case the buyer decides not to buy for no legal reason, the contract may
provide at the earnest money is there as
Liquidated damages limit the compensation available to the injured party should a
breach of contract occur
What is minimum consideration in a valid contract
Anything the parties agree is good and valuable
What is an example of a unilateral contract
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
, 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
Novation
A real estate broker in ounces to the sales people in her office that she will pay
$1000 bonus to the top selling sales person each quarter. This contract is an
The offer of a bonus to the top selling sales person each quarter is an express
contract because the broker clearly stated her intentions and words to the sales
people. It is unilateral contract because she's obligated to keep her promise but
the sales people are not obligated to perform
A testamentary trust is created by
A will
In any Township what is the number of the section designated as the school
section
16
Lonnie conveys the ownership of his house to his mother and stipulates that
upon her death he will recapture ownership. The interest Lonnie has in the
property is a
reversionary interest
