Perry Real Estate Final Exam Exam
Newest 2025 Actual Exam Complete
Questions And Correct
Answers(Verified Answers)|Already
Graded A+
If I am makes an offer on a house and the seller excepts in
writing. What is the current status of this relationship? -
answerBecause the seller has promised to sell and the
buyer has promised to buy, it is clearly a bilateral contract.
It is express because they announced their intentions in
writing. This contract is executory because the sale has
not closed yet
Additional conditions that must be satisfied before a sales
contract is fully enforceable are called -
answercontingencies
If I'm in allows a woman to back out of the contract,
returned the earnest money to her, and both are back to
the positions they held before the contract, the contract
has been - answerRescission allows both parties to return
to their original possessions before the contract, so any
monies exchange must be returned
,A buyer makes an offer to buy a sellers house. Pursuant it
to this offer, the buyer is obligated to perform only if the
buyer is first able to sell her condo. This is an example of -
answerA property sale contingency protects a buyer who
has to sell a property in order to buy the sellers property
On March 7 a buyer and a seller execute a contract for the
purchase of the sellers property. Closing is set for June
10. On April 15 the property is struck by lightning and
destroyed by the resulting fire. If the uniform vendor and
purchase or risk act has been adopted by the state in
which the property is located, which party bears liability for
the loss? - answerIn states that have adopted the uniform
vendor and purchaser act, the seller remains responsible
for the property until the day of closing
The term statue of limitation is best described as the
limitation on the - answerEvery state limits the right during
which parties to a contract may bring a legal action to
enforce their rights. Rights not enforced within the
Applicable time period Are lost
In case the buyer decides not to buy for no legal reason,
the contract may provide at the earnest money is there as
- answerLiquidated damages limit the compensation
available to the injured party should a breach of contract
occur
What is minimum consideration in a valid contract -
answerAnything the parties agree is good and valuable
, What is an example of a unilateral contract - answerIn a
unilateral contract only one party is obligated to perform.
The optionor-owner of the property must sell at the
agreed-upon price only if the optionee he decides to buy
A woman is buying a man's house and wants to take over
the mortgage. The lender releases the man from the
obligation substituting the woman as the party liable for
the debt. This new agreement is called - answerNovation
A real estate broker in ounces to the sales people in her
office that she will pay $1000 bonus to the top selling
sales person each quarter. This contract is an -
answerThe offer of a bonus to the top selling sales person
each quarter is an express contract because the broker
clearly stated her intentions and words to the sales
people. It is unilateral contract because she's obligated to
keep her promise but the sales people are not obligated to
perform
A testamentary trust is created by - answerA will
In any Township what is the number of the section
designated as the school section - answer16
Lonnie conveys the ownership of his house to his mother
and stipulates that upon her death he will recapture
ownership. The interest Lonnie has in the property is a -
answerreversionary interest
Newest 2025 Actual Exam Complete
Questions And Correct
Answers(Verified Answers)|Already
Graded A+
If I am makes an offer on a house and the seller excepts in
writing. What is the current status of this relationship? -
answerBecause the seller has promised to sell and the
buyer has promised to buy, it is clearly a bilateral contract.
It is express because they announced their intentions in
writing. This contract is executory because the sale has
not closed yet
Additional conditions that must be satisfied before a sales
contract is fully enforceable are called -
answercontingencies
If I'm in allows a woman to back out of the contract,
returned the earnest money to her, and both are back to
the positions they held before the contract, the contract
has been - answerRescission allows both parties to return
to their original possessions before the contract, so any
monies exchange must be returned
,A buyer makes an offer to buy a sellers house. Pursuant it
to this offer, the buyer is obligated to perform only if the
buyer is first able to sell her condo. This is an example of -
answerA property sale contingency protects a buyer who
has to sell a property in order to buy the sellers property
On March 7 a buyer and a seller execute a contract for the
purchase of the sellers property. Closing is set for June
10. On April 15 the property is struck by lightning and
destroyed by the resulting fire. If the uniform vendor and
purchase or risk act has been adopted by the state in
which the property is located, which party bears liability for
the loss? - answerIn states that have adopted the uniform
vendor and purchaser act, the seller remains responsible
for the property until the day of closing
The term statue of limitation is best described as the
limitation on the - answerEvery state limits the right during
which parties to a contract may bring a legal action to
enforce their rights. Rights not enforced within the
Applicable time period Are lost
In case the buyer decides not to buy for no legal reason,
the contract may provide at the earnest money is there as
- answerLiquidated damages limit the compensation
available to the injured party should a breach of contract
occur
What is minimum consideration in a valid contract -
answerAnything the parties agree is good and valuable
, What is an example of a unilateral contract - answerIn a
unilateral contract only one party is obligated to perform.
The optionor-owner of the property must sell at the
agreed-upon price only if the optionee he decides to buy
A woman is buying a man's house and wants to take over
the mortgage. The lender releases the man from the
obligation substituting the woman as the party liable for
the debt. This new agreement is called - answerNovation
A real estate broker in ounces to the sales people in her
office that she will pay $1000 bonus to the top selling
sales person each quarter. This contract is an -
answerThe offer of a bonus to the top selling sales person
each quarter is an express contract because the broker
clearly stated her intentions and words to the sales
people. It is unilateral contract because she's obligated to
keep her promise but the sales people are not obligated to
perform
A testamentary trust is created by - answerA will
In any Township what is the number of the section
designated as the school section - answer16
Lonnie conveys the ownership of his house to his mother
and stipulates that upon her death he will recapture
ownership. The interest Lonnie has in the property is a -
answerreversionary interest
