NC Post-Licensing 302 - Unit Test Questions & Answers 100% Correct!

In a real estate transaction, which of the following is an example of consideration? - ANSWERSThe seller's promise to sell Your automatic check writer wrote a check for $51.50, but your printer ran out of toner, so you had to fill in the handwritten line. In a hurry, you accidentally wrote, "Fifty-one dollars and no/100 cents." Which amount takes priority? - ANSWERSThe handwritten number Morgan has agreed to sell his home to Dierks, and they've signed a contract. Which of these actions changes the contract from executory to executed? - ANSWERSDierks' lender funded the loan, and closing took place _______ is an example of circumstances that are beyond the buyers' control, meaning they can't practically do what they've agreed to do, and the offer terminates. - ANSWERSDestruction of property If a contract is for an illegal purpose, it's ______ - ANSWERSVoid Which of the following is NOT a valid reason for an offer termination in North Carolina? - ANSWERSImproper forms Which offer would be the most appealing to a seller? - ANSWERSIt depends on the seller's needs and motivations Kirk and his cousin Dewey decided to buy a vacation home. They entered into a contract with the seller, Crystal. Before finalizing the sale, Dewey wanted out, but he doesn't want to let his cousin down. So instead of pulling out altogether, Dewey convinced his son to replace him in the purchase contract. Kirk and Crystal agreed to the substitution, and Dewey was released from all his obligations under the contract. Dewey's son is now the contracting party. What's this an example of? - ANSWERSNovation What type of language should be used to write contracts? - ANSWERSPlain language When does offer and acceptance occur? - ANSWERSWhen both parties sign a contract with the full understanding of the terms. Sylvan, the seller, and Eric, the buyer, have signed an option agreement, which is an offer to purchase a specific piece of real estate without the obligation to buy it. Until Eric exercises his option to buy, only Sylvan is bound by the option agreement; he may not