Statute of frauds Samenvattingen, Aantekeningen en Examens

Classifying contracts: Express & Implied - ANSWERSExpress: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral - ANSWERSBilateral - two promises (both parties bound to do something) Unilateral - Only one party is bound Classifying Contracts: Executed & Executory - ANSWERSExecuted - All tasks performed (After closing) Executory - tasks remaining to be done (befor...

PA Notary ExaM GRADED ALATEST VERSION 2024/2025 If a notary charges for services more than the law allows him, he is subject to indictment. What would they be indicted with? - CORRECT ANSWER Criminal contempt If the notary is notarizing a document for a personal friend, what must be included in the journal? - CORRECT ANSWER Driver license number of the signer, Fee for the notary, Type of document notarized What is the name given to the section of the state law which requires cer...

National Real Estate Exam Prep Answered 100% Correctly 2024 Unilateral Contract Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer Any 3rd party w/ whom a licensee works In-Company Transaction Transact...

Except as provided by statute, an oral contract is just as valid and enforceable as a written one true Contracts of a type or class governed by the Statute of Frauds are said to be "within" the statute true The Statute of Frauds is rendered inapplicable when the "main purpose doctrine" is available true If an executor promises to pay the decedent's debt out of the executor's own pocket, it is unenforceable unless in writing and signed true Only the "party t...

Which of the following is most vital or important in planning a subdivision: - ANSWER-Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: - ANSWER-Percentage Lease What is not an adequate method of transferring property? - ANSWER-Executive Sale What is considered personal property? - ANSWER-Existing Mortgage If an income property is valued at $100,000 based on an 8% capitalization rate, what would be the value...

_________of the Arizona Constitution gives licensees the authority to prepare all types of real estate contract - Article XXVI The______ requires real estate contracts to be in writing to be enforceable - Statute of Frauds The________ are not law but have the force and effect of law on real estate licensees. - Commissioner's Rules A real estate broker is defined in law as someone who performs real estate services for another and for - Compensation Failure of a broker to notify the Commis...

Texas Promulgated Contract Forms: Mini-Quizzes | All Answered with Complete Verified Solutions 2023/2024 Performance The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? All of the above Which of the following is an example of consideration...? - Money - Personal services - Cash - All of the above Statute of Frauds A State law requiring certain contracts to be in writing and signed before they will b...

Commercial Real Estate SAE - Champion's School of Real Estate 495 Questions with Verified Answers Productivity Management - CORRECT ANSWER Measuring the results from the use of available systems and tools for prospecting activities CRM - CORRECT ANSWER Contact Relationship Manager, a tool used to automate prospecting tasks and manage leads Geographic farming - CORRECT ANSWER A particular area that may include neighborhoods that a sales agent or broker markets for the solicitation of bu...

Rich owns a few properties just outside of Tulsa, and he wants to manage them himself. Does Rich need to have a real estate license? Topic: Property Management Subtopic: License Requirements and Exemptions No. Oklahoma doesn't require property managers to hold a real estate license. No. Property owners managing their own properties do not need to hold a real estate license. Yes. If Rich has someone else manage and handle the property finances, he can perform the rest of the tasks him...

The maximum commission a broker may charge for the sale of residential property is: (a) set forth in the Real Estate Law. (b) determined by the broker's contract with his principal. (c) six percent of the total sales price of a residence. (d) determined by local custom. - Answer-B There is currently no law which controls what amount may be charged by the broker. Therefore, it is set by agreement between the parties. The Statute of Frauds, outlines what contracts must be in writing to be ...