GOLD COAST REAL ESTATE - ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Which of the following is an example of a unilateral contract?
(a) Purchase and sale contract
(b) Contract for deed
(c) Open listing contract
(d) Oral contract - (c) Open listing contract
In which circumstance is a broker's commission subject to forfeiture?
(a) The broker has an oral listing contract.
(b) The broker fails to obtain witnesses to a real estate sales contract.
(c) The broker performs according to the employment contract.
,(d) The broker violates a fiduciary duty. - (d) The broker violates a fiduciary
duty.
If an owner revokes an exclusive right of sale listing and sells the property during
the remaining time the listing would have been in effect, what is the broker
entitled to?
(a) A full commission
(b) Bring a suit for damages
(c) Write off the loss on their income taxes
(d) Revoke the listing contract - (a) A full commission
Which term refers to a type of contract where all terms and conditions are NOT
fully expressed?
(a) Implied
(b) Bilateral
(c) Parol
(d) Executory - (a) Implied
, What are the required elements of all valid contracts?
(a) Lawful subject, competent parties, legal age, and offer
(b) Offer, acceptance, legal age, and lawful subject
(c) Lawful subject, agreement, consideration, and two or more competent parties
(d) Meeting of the minds, legal age, offer, and competent parties - (c)
Lawful subject, agreement, consideration, and two or more competent parties
To which of the following does the phrase "meeting of the minds" refer?
(a) Offer and acceptance
(b) Consideration
(c) Lawful subject
(d) Two or more parties - (a) Offer and acceptance
Which of the following best describes a contract?
(a) A written instrument
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Which of the following is an example of a unilateral contract?
(a) Purchase and sale contract
(b) Contract for deed
(c) Open listing contract
(d) Oral contract - (c) Open listing contract
In which circumstance is a broker's commission subject to forfeiture?
(a) The broker has an oral listing contract.
(b) The broker fails to obtain witnesses to a real estate sales contract.
(c) The broker performs according to the employment contract.
,(d) The broker violates a fiduciary duty. - (d) The broker violates a fiduciary
duty.
If an owner revokes an exclusive right of sale listing and sells the property during
the remaining time the listing would have been in effect, what is the broker
entitled to?
(a) A full commission
(b) Bring a suit for damages
(c) Write off the loss on their income taxes
(d) Revoke the listing contract - (a) A full commission
Which term refers to a type of contract where all terms and conditions are NOT
fully expressed?
(a) Implied
(b) Bilateral
(c) Parol
(d) Executory - (a) Implied
, What are the required elements of all valid contracts?
(a) Lawful subject, competent parties, legal age, and offer
(b) Offer, acceptance, legal age, and lawful subject
(c) Lawful subject, agreement, consideration, and two or more competent parties
(d) Meeting of the minds, legal age, offer, and competent parties - (c)
Lawful subject, agreement, consideration, and two or more competent parties
To which of the following does the phrase "meeting of the minds" refer?
(a) Offer and acceptance
(b) Consideration
(c) Lawful subject
(d) Two or more parties - (a) Offer and acceptance
Which of the following best describes a contract?
(a) A written instrument
