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Perry real estate final exam review 2024
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Perry real estate final exam review 2024
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Perry real estate final exam review 2024If I am makes an offer on a house and the seller excepts in writing. What is the
current status of this relationship? - Because the seller has promised to sell and
the buyer has promised to buy, it is clearly a bilateral contract. It is express
because they announced their intentions in writing. This contract is executory
because the sale has not closed yet
Additional conditions that must be satisfied before a sales contract is fully
enforceable are called - contingencies
If I'm in allows a woman to back out of the contract, returned the earnest money
to her, and both are back to the positions they held before the contract, the
contract has been - Rescission allows both parties to return to their original
possessions before the contract, so any monies exchange must be returned
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is
obligated to perform only if the buyer is first able to sell her condo. This is an
example of - A property sale contingency protects a buyer who has to sell a
property in order to buy the sellers property
On March 7 a buyer and a seller execute a contract for the purchase of the sellers
property. Closing is set for June 10. On April 15 the property is struck by lightning
and destroyed by the resulting fire. If the uniform vendor and purchase or risk act
,Perry real estate final exam review 2024
has been adopted by the state in which the property is located, which party bears
liability for the loss? - In states that have adopted the uniform vendor and
purchaser act, the seller remains responsible for the property until the day of
closing
The term statue of limitation is best described as the limitation on the - Every
state limits the right during which parties to a contract may bring a legal action to
enforce their rights. Rights not enforced within the Applicable time period Are lost
In case the buyer decides not to buy for no legal reason, the contract may provide
at the earnest money is there as - Liquidated damages limit the compensation
available to the injured party should a breach of contract occur
What is minimum consideration in a valid contract - Anything the parties agree is
good and valuable
What is an example of a unilateral contract - In a unilateral contract only one party
is obligated to perform. The optionor-owner of the property must sell at the
agreed-upon price only if the optionee he decides to buy
, Perry real estate final exam review 2024
A woman is buying a man's house and wants to take over the mortgage. The
lender releases the man from the obligation substituting the woman as the party
liable for the debt. This new agreement is called - Novation
A real estate broker in ounces to the sales people in her office that she will pay
$1000 bonus to the top selling sales person each quarter. This contract is an - The
offer of a bonus to the top selling sales person each quarter is an express contract
because the broker clearly stated her intentions and words to the sales people. It
is unilateral contract because she's obligated to keep her promise but the sales
people are not obligated to perform
A testamentary trust is created by - A will
In any Township what is the number of the section designated as the school
section - 16
Lonnie conveys the ownership of his house to his mother and stipulates that upon
her death he will recapture ownership. The interest Lonnie has in the property is a
- reversionary interest
If a creator of a life estate chooses not to name my remainderman the creator has
- The property will revert back to the creator
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