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Contracts Bob Brooks Section 1 Exam Questions And Correct Answers
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Contracts Bob Brooks Section 1 Exam Questions AndCorrect Answers
A potential buyer has made an offering on a property that is below the listed price. The
offering is accompanied by an earnest money deposit. Of the following, which MUST the
broker do? - Answer Accept the offer and the deposit and present both to the seller.
A salesperson has a purchase agreement signed by a minor. The following person MAY
terminate the listing without liability. - Answer minor
Consideration in a contract is: - Answer An exchange of promises
When the consideration in a contract is a promise for an act; the contract is: - Answer
unilateral
Which of the following statements is CORRECT?
a. The object of a contract must be legal.
b. All contracts must be in writing. Wrong
c. Contracts signed by minors are never enforceable.
d. Contracts must be recorded to be enforceable. - Answer The object of a contract
must be legal.
The following rule is the basis of the principle of duress. - Answer fear
The quantity and nature of deposit which is required is determined by - Answer
Negotiation
If the seller in a purchase agreement should die prior to the closing; which of the
, following is TRUE: - Answer The death of the seller does no normally terminate a
contract.
A property is listed. Before it is sold the seller dies, the listing is now - Answer void
If a buyer in a real estate contract breaches the contract, the seller options are
a. Rescind the contract.
b. Sue for damages.
c. Sue for specific performance.
d. All of the above are options for the seller. - Answer All of the above are options of the
seller
If a purchase agreement is signed by both parties and then natural gas is discovered on
the property before the closing; the royalties would go to - Answer the new owner
When the parties to a contract are thinking of the same thing and there has been an
offer and acceptance - Answer a meetings of the minds has taken place
A contract in which neither party could sue would be - Answer Unenforceable
An option is which of the following? - Answer A contract giving an individual the right to
buy during a definite period at a definite price.
An option on real estate is: - Answer a contract
The Statute of Frauds requires a real estate purchase agreement to be - Answer In
writing
A party to a purchase agreement signed the contract on the basis of false information
about the property, the contract is voidable by which of the following? - Answer
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