Real Estate Principles Final Study Guide Exam 2024.

Real Estate Principles Final Study Guide Exam 2024.1. One of the elements of a valid contract is mutual consent—an offer and an acceptance. A contract becomes binding between the seller and the buyer when the: a. buyer signs the counteroffer. b. broker is notified of the seller's acceptance. c. offer is accepted by the broker. d. buyer is notified of the seller's acceptance. - ANSWER a. buyer signs the counteroffer. 2. What type of development combines the individual ownership of private dwellings with the shared ownership of common facilities of the entire project? a. Common interest development b. Standard subdivision c. In-zoning subdivision d. Shared development - ANSWER a. Common interest development 3. Which of the following causes real estate prices to increase? a. Demand is not an issue b. Demand is greater than supply c. Supply and demand are the same d. Supply is greater than demand - ANSWER b. Demand is greater than supply 4. A(n) _____ may be unilaterally terminated by a lessor or lessee. a. tenancy at sufferance b. tenancy for years c. tenancy at will d. estate of periodic tenancy - ANSWER c. tenancy at will 5. A listing agreement allows a broker to: a. be an independent contractor. b. complete a specific task. c. complete general tasks. d. transfer title. - ANSWER c. complete general tasks. 6. The development of vacant parcels in existing urban and suburban areas is known as: