Promulgated Contract Forms - Champions School
Of Real Estate Latest Test
Essential elements of a contract include:
A. Competent parties
B. Offer and acceptance
C. Consideration
D. All of the above - ANSWER >>>>D. All of the above
(**also includes legality of object)
A contract must include all of these items except:
A. Legal Description
B. Sales Price
C. Names of parties
D. Type of loan - ANSWER >>>>D. Type of loan
If a Seller counters a Buyer's offer, it is considered a rejection.
A. True
B. False - ANSWER >>>>TRUE
It is considered illegal for a contract to include any
discriminatory provisions.
A. True
B. False - ANSWER >>>>A. True
,The biggest majority of lawsuits come from the issue of:
A. Fixtures vs. personal items that convey with the property
B. Misunderstandings between brokers
C. Non-disclosure
D. Repair items - ANSWER >>>>C. Non-disclosure
You can give legal advice to a buyer or seller if you
understand all the facts.
A. True
B. False - ANSWER >>>>B. FALSE
do not give legal advice to buyer/seller
A Seller, age 30, enters into a contract with a Buyer, age 17.
The contract is:
A. Valid for both parties
B. Void for both parties
C. Voidable by the buyer
D. None of the above. - ANSWER >>>>C. Voidable by the
buyer
He/she is a minor
A bilateral contract is:
A. A promise in exchange for a promise
B. A promise made only by the agent
C. A promise made only be the seller
D. No promises - ANSWER >>>>A. A promise in exchange
for a promise
, A unilateral contract only binds one party to perform.
A. True
B. False - ANSWER >>>>A. TRUE
The clause in a contract stating that "time is of the essence"
would indicate:
A. The contract must be finalized immediately
B. The contract must include the time of day the contract was
executed
C. Strict performance of a certain act within the time stated in
the contract
D. Monetary penalties will be incurred if the provisions are not
met by certain times - ANSWER >>>>C. Strict performance of
a certain act within the time stated in the contract
If there is no time limit specified in an offer, then the time limit
will expire:
A. In 30 days
B. As stated by the Broker
C. As determined by the Seller
D. Within a reasonable time - ANSWER >>>>D. Within a
reasonable time
An agent must provide the Information About Brokerage
Services (IBS) notice at the time of the first substantive
dialogue with the party to the transaction for all of the
following EXCEPT:
A. selling or leasing a commercial property
Of Real Estate Latest Test
Essential elements of a contract include:
A. Competent parties
B. Offer and acceptance
C. Consideration
D. All of the above - ANSWER >>>>D. All of the above
(**also includes legality of object)
A contract must include all of these items except:
A. Legal Description
B. Sales Price
C. Names of parties
D. Type of loan - ANSWER >>>>D. Type of loan
If a Seller counters a Buyer's offer, it is considered a rejection.
A. True
B. False - ANSWER >>>>TRUE
It is considered illegal for a contract to include any
discriminatory provisions.
A. True
B. False - ANSWER >>>>A. True
,The biggest majority of lawsuits come from the issue of:
A. Fixtures vs. personal items that convey with the property
B. Misunderstandings between brokers
C. Non-disclosure
D. Repair items - ANSWER >>>>C. Non-disclosure
You can give legal advice to a buyer or seller if you
understand all the facts.
A. True
B. False - ANSWER >>>>B. FALSE
do not give legal advice to buyer/seller
A Seller, age 30, enters into a contract with a Buyer, age 17.
The contract is:
A. Valid for both parties
B. Void for both parties
C. Voidable by the buyer
D. None of the above. - ANSWER >>>>C. Voidable by the
buyer
He/she is a minor
A bilateral contract is:
A. A promise in exchange for a promise
B. A promise made only by the agent
C. A promise made only be the seller
D. No promises - ANSWER >>>>A. A promise in exchange
for a promise
, A unilateral contract only binds one party to perform.
A. True
B. False - ANSWER >>>>A. TRUE
The clause in a contract stating that "time is of the essence"
would indicate:
A. The contract must be finalized immediately
B. The contract must include the time of day the contract was
executed
C. Strict performance of a certain act within the time stated in
the contract
D. Monetary penalties will be incurred if the provisions are not
met by certain times - ANSWER >>>>C. Strict performance of
a certain act within the time stated in the contract
If there is no time limit specified in an offer, then the time limit
will expire:
A. In 30 days
B. As stated by the Broker
C. As determined by the Seller
D. Within a reasonable time - ANSWER >>>>D. Within a
reasonable time
An agent must provide the Information About Brokerage
Services (IBS) notice at the time of the first substantive
dialogue with the party to the transaction for all of the
following EXCEPT:
A. selling or leasing a commercial property
