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Exam (elaborations)

Nj Real Estate - Contracts Review Questions With Correct Answers

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NJ REAL ESTATE - CONTRACTS REVIEW QUESTIONS WITH CORRECT ANSWERS

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A buyer withdraws a written offer before the seller ha signed. The broker


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Gets nothing




A contract, the terms of which have not been fully performed, is known as


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An executory contract




Generally,m a contract between a competent adult and a minor is

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Voidable at the option of the minor




After securing an option to purchase Binkys property, terry sells the option to Ed. Ed
is


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An assignee




Prospective purchasers of property, as evidence of good faith, frequently make a
deposit called


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Earnest money




A person who secured the right to purchase a property at a fixed price for a
designated period of time and has paid a consideration for this privilege would own


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An option

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