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Hawaii Salesperson Course Exam Prep: Contracts and Addenda Study Guide Solutions $11.49   Add to cart
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Hawaii Salesperson Course Exam Prep: Contracts and Addenda Study Guide Solutions
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Hawaii Salesperson Course Exam Prep: Contracts and Addenda Study Guide Solutions Breach of contract - ANSWER-When one party fails to meet the obligations of the contract Acceptance vs. binding acceptance - ANSWER-When all parties have signed a contract vs. when the accepted (signed) offer is d...

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  • November 4, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • hawaii salesperson course exam prep contracts and

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  • Real Estate
  • Real Estate

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Hawaii Salesperson Course Exam Prep:

Contracts and Addenda Study Guide

Solutions


Breach of contract - ANSWER✔✔-When one party fails to meet the obligations of the contract


Acceptance vs. binding acceptance - ANSWER✔✔-When all parties have signed a contract vs. when the

accepted (signed) offer is delivered according to the delivery procedures outlined in the contract,

including the deadline for delivery


Contingency - ANSWER✔✔-A condition that must be met before the sales contract is complete and

enforceable


Buyer representation agreement - ANSWER✔✔-Specifies the terms under which the licensee will help

the buyer find a property


Items that undermine mutual agreement - ANSWER✔✔-Fraud, duress, innocent misrepresentation,

undue influence, mutual mistake, lack of contractual capacity


Standard listing agreements - ANSWER✔✔-Exclusive right to sell, exclusive agency, open listing


Reasons for terminating listing agreements - ANSWER✔✔-Sale of the property, mutual agreement,

expiration, agent abandonment, and seller's request (seller may owe commission)


Four essential contract elements - ANSWER✔✔-Legally competent parties, offer and acceptance, legal

purpose, and consideration

Copyright ©Stuvia International BV 2010-2024 Page 1/5

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


Common contract clauses - ANSWER✔✔-Choice of law, statute of limitations, time of performance,

indemnification, severability, and liquidated damages


Ways a contract can terminate - ANSWER✔✔-Performance, assignment, novation, rescission, or breach


Fraud vs. innocent misrepresentation - ANSWER✔✔-An intentional false representation of a material fact

(by words, conduct, or concealment) vs. one party relies on an inadvertent falsehood of another


Novation - ANSWER✔✔-The substitution of one party for another in an agreement; the original party is

released from all obligations


Assignment - ANSWER✔✔-Finding a substitute for one of the original parties to a contract; original party

may still remain responsible for the terms in the event of a default of the substitute


Time is of the essence - ANSWER✔✔-Parties agree to proceed in good faith without undue delay


Contract clause - ANSWER✔✔-A section or provision within a contract that addresses a specific point of

law or aspect of the agreement


HAR Purchase Contract - ANSWER✔✔-Although created by the Hawaii Association of REALTORS®, this

form is in use throughout the islands by members and non-members of NAR


HAR Counter Offer - ANSWER✔✔-Only one counter offer is used per transaction; all contract terms must

be made part of the purchase contract and a single counter offer


Plain language addendum - ANSWER✔✔-Required for properties valued under $25,000


Early occupancy addendum - ANSWER✔✔-Used when a buyer under contract will move in before closing




Copyright ©Stuvia International BV 2010-2024 Page 2/5

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