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PSI Real Estate Exam-Contracts with correct answers
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PSI Real Estate Exam-Contracts with correct answers
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PSI Real Estate Exam-Contracts with correctanswers
Acceptance nn- nnANSWER: nn✔ nn1. nnAgreeing nnto nnthe nnterms nnof nnan nnoffer nnto nnenter nninto nna nncontract,
nnthereby nncreating nna nnbinding nncontract. nn2. nnTaking nndelivery nnof nna nndeed.
Consideration nn- nnANSWER: nn✔ nnAnything nnof nnvalue, nnsuch nnas nnmoney, nnservices, nngoods, nnor nnpromises,
nngiven nnto nninduce nnanother nnto nnenter nninto nna nncontract. nnSometimes nncalled nnvaluable nn_________
Contingency nnClause nn- nnANSWER: nn✔ nnA nnprovision nnin nna nncontract nnor nndeed nnthat nnmakes nnthe
nnparties’ nnrights nnand nnobligations nndepend nnon nnthe nnoccurrence nn(or nnnonoccurrence) nnof nna
nnparticular nnevent.
Counteroffer nn- nnANSWER: nn✔ nnA nncounteroffer nnrepresents nna nnchange. nnIt nnis nna nnresponse nnto nnan nnoffer
nnto nnenter nninto nna nncontract, nnchanging nnsome nnof nnthe nnterms nnof nnthe nnoriginal nnoffer. nnA nncounteroffer nnis
nna nnrejection nnof nnthe nnoriginal nnoffer nn(not nna nnform nnof nnacceptance), nnand nndoes nnnot nncreate nna nnbinding
nncontract nnunless nnthe nnnew nncounteroffer nnis nnaccepted nnby nnthe nnoriginal nnofferor
Earnest nnMoney nn- nnANSWER: nn✔ nn1. nnMoney nnoffered nnas nnan nnindication nnof nngood nnfaith nnregarding nnthe
nnfuture nnperformance nnof nna nnpurchase nnagreement. nn. nn2. nnA nntenant's nnsecurity nndeposit. nnAlso nncalled:
nnDeposit
Equitable nnTitle nn- nnANSWER: nn✔ nnAn nninterest nncreated nnin nnproperty nnupon nnthe nnexecution nnof nna nnvalid
nnsales nncontract, nnwhereby nnactual nntitle nnwill nnbe nntransferred nnby nndeed nnat nna nnfuture nndate nn(closing).
nnAlso, nnthe nnvendee's nn(buyer's) nninterest nnin nnproperty nnunder nna nnland nncontract.
Exclusive nnRight nnto nnSell nn- nnANSWER: nn✔ nnA nnlisting nnagreement nnthat nnentitles nnthe nnbroker nnto nna
nncommission nnif nnanyone nnincluding nnthe nnseller nnfinds nna nnbuyer nnfor nnthe nnproperty nnduring nnthe nnlisting
nnterm.
Express nnContract nn- nnANSWER: nn✔ nnA nncontract nnthat nnhas nnbeen nnput nninto nnwords, nneither nnspoken nnor
nnwritten.
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