Perry real estate final exam 2026
Questions and Answers
If I am makes an offer on a house and the seller excepts in writing. What is the
current status of this relationship? - Correct answer-Because 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 - Correct answer-contingencies
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 - Correct answer-Rescission 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
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,example of - Correct answer-A 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? - Correct answer-In 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 - Correct
answer-Every 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 - Correct answer-Liquidated damages limit the
compensation available to the injured party should a breach of contract occur
What is minimum consideration in a valid contract - Correct answer-Anything the
parties agree is good and valuable
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, What is an example of a unilateral contract - Correct answer-In 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 - Correct answer-Novation
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 -
Correct answer-The 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 - Correct answer-A will
In any Township what is the number of the section designated as the school section
- Correct answer-16
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 -
Correct answer-reversionary interest
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Questions and Answers
If I am makes an offer on a house and the seller excepts in writing. What is the
current status of this relationship? - Correct answer-Because 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 - Correct answer-contingencies
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 - Correct answer-Rescission 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
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,example of - Correct answer-A 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? - Correct answer-In 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 - Correct
answer-Every 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 - Correct answer-Liquidated damages limit the
compensation available to the injured party should a breach of contract occur
What is minimum consideration in a valid contract - Correct answer-Anything the
parties agree is good and valuable
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, What is an example of a unilateral contract - Correct answer-In 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 - Correct answer-Novation
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 -
Correct answer-The 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 - Correct answer-A will
In any Township what is the number of the section designated as the school section
- Correct answer-16
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 -
Correct answer-reversionary interest
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
