ASREB Unit 2-B Exam Questions and
Answers
Bilateral Contract ANSWERS A contract in which a promise is made by one party
in return for the promise of another
Buyer Brokerage Agreement ANSWERS The contract that creates an agency
relationship between a broker and a buyer.
Pocket Listing ANSWERS A property for which a broker holds a signed listing
agreement with a seller that is not entered into the multiple listing service (MLS).
right of first refusal ANSWERS Allows the tenant the opportunity to buy the
property before the owner accepts an offer from another party.
Sherman Antitrust Act ANSWERS Prohibits anti-competitive practices such as
price fixing, leading a consumer to believe commissions are nonnegotiable, market
allocation, and group boycotts of other companies listings
Statue of Frauds ANSWERS a state law that requires that certain contracts be in
writing to be enforceable
Unilateral Contract ANSWERS only one party makes a promise and the second
party is not obligated to act
Valid Consideration ANSWERS Money or other valuables such as contributed
labor or love and affection (gift)
Valid Contract ANSWERS A contract that results when elements necessary for
contract formation (agreement, consideration, legal purpose, and contractual capacity)
are present.p in order for a court to enforce the contract
Void Contract or Invalid Contract ANSWERS No contract at all, illegal
Coming Soon Listing ANSWERS Refers to a property that is not available for sale
until a later date
Competent Parties ANSWERS Legally capable individuals who can enter into a
binding contract
Answers
Bilateral Contract ANSWERS A contract in which a promise is made by one party
in return for the promise of another
Buyer Brokerage Agreement ANSWERS The contract that creates an agency
relationship between a broker and a buyer.
Pocket Listing ANSWERS A property for which a broker holds a signed listing
agreement with a seller that is not entered into the multiple listing service (MLS).
right of first refusal ANSWERS Allows the tenant the opportunity to buy the
property before the owner accepts an offer from another party.
Sherman Antitrust Act ANSWERS Prohibits anti-competitive practices such as
price fixing, leading a consumer to believe commissions are nonnegotiable, market
allocation, and group boycotts of other companies listings
Statue of Frauds ANSWERS a state law that requires that certain contracts be in
writing to be enforceable
Unilateral Contract ANSWERS only one party makes a promise and the second
party is not obligated to act
Valid Consideration ANSWERS Money or other valuables such as contributed
labor or love and affection (gift)
Valid Contract ANSWERS A contract that results when elements necessary for
contract formation (agreement, consideration, legal purpose, and contractual capacity)
are present.p in order for a court to enforce the contract
Void Contract or Invalid Contract ANSWERS No contract at all, illegal
Coming Soon Listing ANSWERS Refers to a property that is not available for sale
until a later date
Competent Parties ANSWERS Legally capable individuals who can enter into a
binding contract
