PERRY REAL ESTATE FINAL EXAM QUESTIONS AND
ANSWERS GRADED A+ 100% VERIFIED.
If I am making an offer on a house and the seller excepts in writing.
What is the current status of this relationship? ANS >>> 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 ANS >>> 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 ANS >>> 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 seller’s 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 ANS >>> 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 seller’s 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? ANS >>> 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
ANS >>> 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 ANS >>> Liquidated
damages limit the compensation available to the injured party should a
breach of contract occur
What is minimum consideration in a valid contract ANS >>> Anything the
parties agree is good and valuable
, What is an example of a unilateral contract ANS >>> 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 ANS
>>> 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 ANS >>> 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 ANS >>> A will
In any Township what is the number of the section designated as the
school section ANS >>> 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 ANS >>> reversionary interest
ANSWERS GRADED A+ 100% VERIFIED.
If I am making an offer on a house and the seller excepts in writing.
What is the current status of this relationship? ANS >>> 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 ANS >>> 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 ANS >>> 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 seller’s 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 ANS >>> 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 seller’s 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? ANS >>> 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
ANS >>> 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 ANS >>> Liquidated
damages limit the compensation available to the injured party should a
breach of contract occur
What is minimum consideration in a valid contract ANS >>> Anything the
parties agree is good and valuable
, What is an example of a unilateral contract ANS >>> 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 ANS
>>> 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 ANS >>> 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 ANS >>> A will
In any Township what is the number of the section designated as the
school section ANS >>> 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 ANS >>> reversionary interest
