Promulgated
Contract
Forms
(Quizzes)
The
five
essential
elements
that
must
exist
for
a
real
estate
sales
contract
to
be
considered
valid
and
enforceable
are:
legal
purpose,
competent
parties,
mutual
assent,
consideration
and
______________.
A.)
Signature
of
witnesses
B.)
In
writing
C.)
Acknowledgment
by
a
notary
D.)
Recording
in
county
clerk's
office
-
ANSB.)
In
writing
If
a
contract
has
been
entered
into
with
a
person
who
has
been
judged
to
be
incompetent,
that
contract
is
considered
________
because
that
person
never
had
the
capacity
to
enter
into
it.
A.)
Executed
B.)
Valid
C.)
Voidable
D.)
Void
-
ANSD.)
Void
Tammy
is
interested
in
Jolene's
property,
but
wants
to
research
the
zoning
laws
before
purchasing.
She
has
and
agreement
in
which
she
paid
a
fee
of
$10,000
to
keep
the
property
available
for
a
preset
price
for
30
days,
during
which
time
Jolene
cannot
sell
the
property
to
another.
Tammy,
however,
can
change
her
mind
if
she
likes.
What
kind
of
agreement
is
this?
A.)
Bilateral
B.)
Oral
C.)
Option
D.)
Void
-
ANSC.)
Option
Bertha,
a
law
school
dropout
is
a
licensed
real
estate
agent
who
wants
to
make
sure
that
she
is
providing
her
buyers
with
the
best
representation
possible,
so
she
drafts
an
iron-clad
purchase
contract
for
them.
Bertha's
sponsoring
broker
is
horrified
because
Bertha
is
guilty
of
___________.
A.)
Mortgage
Fraud
B.)
Conspiracy
C.)
Unauthorized
Practice
of
Law
D.)
Fair
Housing
Violations
-
ANSC.)
Unauthorized
Practice
of
Law
Which
of
the
following
correctly
defines
a
counteroffer?
A.)
A
rejection
of
the
original
offer
coupled
with
a
new
offer. B.)
The
party
to
whom
the
offer
is
made.
C.)
The
moment
when
an
offer
is
presumed
to
have
been
delivered
to
the
principal
when
it
is
delivered
by
the
agent
D.)
The
right
to
purchase
leased
property
by
matching
or
bettering
any
offer
before
the
property
will
be
sold
to
someone
else
-
ANSA.)
A
rejection
of
the
original
offer
coupled
with
a
new
offer.
The
party
to
whom
an
offer
is
submitted
is
known
as
the
__________.
A.)
License
holder
B.)
Offeree
C.)
Buyer
D.)
Broker
-
ANSB.)
Offeree
Property
includes:
A.)
Land
B.)
Accessories
C.)
Improvements
D.)
All
of
these
are
collectively
referred
to
as
property
-
ANSD.)
All
of
these
are
collectively
referred
to
as
property
In
order
for
a
buyer
to
purchase
a
property
using
VA
Guaranteed
financing,
the
buyer
must
receive
a(n)
___________,
which
establishes
the
value
of
the
property.
A.)
Direct
endorsement
B.)
Adjustable
rate
C.)
Certificate
of
Reasonable
Value
D.)
Loan
commitment
letter
-
ANSC.)
Certificate
of
Reasonable
Value
Raul
is
Moises's
father
and
real
estate
agent.
What
must
Raul
do
when
filling
out
the
sales
contract?
A.)
Notate
the
relationship
in
Paragraph
11
B.)
Substitute
another
agent
in
his
brokerage
for
his
own
name
C.)
Nothing
special
has
to
be
filled
out
for
familial
relationships
D.)
Disclose
this
relationship
in
Paragraph
4
-
ANSD.)
Disclose
this
relationship
in
Paragraph
4
Paragraph
7H
of
the
One-to-Four
Family
Contract
concerns:
Contract
Forms
(Quizzes)
The
five
essential
elements
that
must
exist
for
a
real
estate
sales
contract
to
be
considered
valid
and
enforceable
are:
legal
purpose,
competent
parties,
mutual
assent,
consideration
and
______________.
A.)
Signature
of
witnesses
B.)
In
writing
C.)
Acknowledgment
by
a
notary
D.)
Recording
in
county
clerk's
office
-
ANSB.)
In
writing
If
a
contract
has
been
entered
into
with
a
person
who
has
been
judged
to
be
incompetent,
that
contract
is
considered
________
because
that
person
never
had
the
capacity
to
enter
into
it.
A.)
Executed
B.)
Valid
C.)
Voidable
D.)
Void
-
ANSD.)
Void
Tammy
is
interested
in
Jolene's
property,
but
wants
to
research
the
zoning
laws
before
purchasing.
She
has
and
agreement
in
which
she
paid
a
fee
of
$10,000
to
keep
the
property
available
for
a
preset
price
for
30
days,
during
which
time
Jolene
cannot
sell
the
property
to
another.
Tammy,
however,
can
change
her
mind
if
she
likes.
What
kind
of
agreement
is
this?
A.)
Bilateral
B.)
Oral
C.)
Option
D.)
Void
-
ANSC.)
Option
Bertha,
a
law
school
dropout
is
a
licensed
real
estate
agent
who
wants
to
make
sure
that
she
is
providing
her
buyers
with
the
best
representation
possible,
so
she
drafts
an
iron-clad
purchase
contract
for
them.
Bertha's
sponsoring
broker
is
horrified
because
Bertha
is
guilty
of
___________.
A.)
Mortgage
Fraud
B.)
Conspiracy
C.)
Unauthorized
Practice
of
Law
D.)
Fair
Housing
Violations
-
ANSC.)
Unauthorized
Practice
of
Law
Which
of
the
following
correctly
defines
a
counteroffer?
A.)
A
rejection
of
the
original
offer
coupled
with
a
new
offer. B.)
The
party
to
whom
the
offer
is
made.
C.)
The
moment
when
an
offer
is
presumed
to
have
been
delivered
to
the
principal
when
it
is
delivered
by
the
agent
D.)
The
right
to
purchase
leased
property
by
matching
or
bettering
any
offer
before
the
property
will
be
sold
to
someone
else
-
ANSA.)
A
rejection
of
the
original
offer
coupled
with
a
new
offer.
The
party
to
whom
an
offer
is
submitted
is
known
as
the
__________.
A.)
License
holder
B.)
Offeree
C.)
Buyer
D.)
Broker
-
ANSB.)
Offeree
Property
includes:
A.)
Land
B.)
Accessories
C.)
Improvements
D.)
All
of
these
are
collectively
referred
to
as
property
-
ANSD.)
All
of
these
are
collectively
referred
to
as
property
In
order
for
a
buyer
to
purchase
a
property
using
VA
Guaranteed
financing,
the
buyer
must
receive
a(n)
___________,
which
establishes
the
value
of
the
property.
A.)
Direct
endorsement
B.)
Adjustable
rate
C.)
Certificate
of
Reasonable
Value
D.)
Loan
commitment
letter
-
ANSC.)
Certificate
of
Reasonable
Value
Raul
is
Moises's
father
and
real
estate
agent.
What
must
Raul
do
when
filling
out
the
sales
contract?
A.)
Notate
the
relationship
in
Paragraph
11
B.)
Substitute
another
agent
in
his
brokerage
for
his
own
name
C.)
Nothing
special
has
to
be
filled
out
for
familial
relationships
D.)
Disclose
this
relationship
in
Paragraph
4
-
ANSD.)
Disclose
this
relationship
in
Paragraph
4
Paragraph
7H
of
the
One-to-Four
Family
Contract
concerns:
