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ASREB National Test B-3 Questions and Answers 100% Pass

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ASREB National Test B-3 Questions and Answers 100% Pass An option to purchase is what kind of contract? Unilateral Bilateral Void Unenforceable - Unilateral X made an offer to buy B's property. B accepts the offer under the condition that X moves in four days after close of escrow. What is the status of the contract? Valid Unilateral Counter offer Binding upon X when B signed the offer - Counter offer When a party breaches a contract, they could be responsible for: Criminal damages 2100% Pass Guarantee Olivia West, All Rights Reserved © 2025 Class 6 Felony Adverse possession Specific performance - Specific performance When a buyer signs a contract, what type of title would he most likely have? Legal Actual Equitable Specific - Equitable A contract does not have a legal description. The contract would be: Void Valid Voidable Unenforceable - Unenforceable A buyer wishes to have the right to buy a property at a certain time and certain price. This right is called: First right of refusal Lease purchased 3100% Pass Guarantee Olivia West, All Rights Reserved © 2025 Option to buy An agreement for sale - Option to buy A broker is a property manager for an owner and collects the monthly rents. The owner dies. What is the status of the property management agreement? Terminated upon death of owner Valid until expiration Valid leases expire Can only be terminated by the heirs - Terminated upon death of owner When the buyer and seller agree to terminate the contract this is called: Ratification Rescission Exclusion Exculpatory - Rescission When a minor enters into a real estate contract, the status of the con

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ASREB National Test B-3 Questions
and Answers 100% Pass

An option to purchase is what kind of contract?


Unilateral


Bilateral


Void


Unenforceable - ✔✔Unilateral


X made an offer to buy B's property. B accepts the offer under the condition that X

moves in four days after close of escrow. What is the status of the contract?


Valid


Unilateral


Counter offer


Binding upon X when B signed the offer - ✔✔Counter offer


When a party breaches a contract, they could be responsible for:


Criminal damages



100% Pass Guarantee Olivia West, All Rights Reserved © 2025 1

,Class 6 Felony


Adverse possession


Specific performance - ✔✔Specific performance


When a buyer signs a contract, what type of title would he most likely have?


Legal


Actual


Equitable


Specific - ✔✔Equitable


A contract does not have a legal description. The contract would be:


Void


Valid


Voidable


Unenforceable - ✔✔Unenforceable


A buyer wishes to have the right to buy a property at a certain time and certain price.

This right is called:


First right of refusal


Lease purchased



100% Pass Guarantee Olivia West, All Rights Reserved © 2025 2

, Option to buy


An agreement for sale - ✔✔Option to buy


A broker is a property manager for an owner and collects the monthly rents. The owner

dies. What is the status of the property management agreement?


Terminated upon death of owner


Valid until expiration


Valid leases expire


Can only be terminated by the heirs - ✔✔Terminated upon death of owner


When the buyer and seller agree to terminate the contract this is called:


Ratification


Rescission


Exclusion


Exculpatory - ✔✔Rescission


When a minor enters into a real estate contract, the status of the contract is


Void


Voidable by the minor only


Enforceable by buyer and seller



100% Pass Guarantee Olivia West, All Rights Reserved © 2025 3

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