Exam (elaborations)
Law of Contracts Exam Prep Questions with Correct Answers.
- Course
- Institution
Law of Contracts Exam Prep Questions with Correct Answers.
[Show more]
Content preview
Law of Contracts Exam Prep Questions with CorrectAnswers
All of the following acts on the part of a real estate broker would
constitute steering and thus be prohibited under the Fair Housing Act
EXCEPT:
A) directing a prospective buyer of one minority group to work only
with a salesperson of the same minority group and to look at areas
dominated by that minority group
B) directing a member of one minority group away from properties
located in areas dominated by other races
C) referring a member of one minority group to properties located only
in areas dominated by members of the same group
D) directing a minority buyer to an expensive subdivision Correct
Answer-D) directing a minority buyer to an expensive subdivision
The One-to-Four Family Residential Contracts states:
A) only the buyer needs to sign the contract
B) licensees cannot give legal advice
C) no more than four people may live on the property
D) it may be used for condominiums Correct Answer-B) licensees
cannot give legal advice
Which listing is a non-exclusive agreement that lets the owner sell the
property by themselves?
A) Open listing
,B) Net listing
C) Exclusive Agency listing
D) Exclusive Right To Sell listing Correct Answer-A) Open listing
In the deed, the clause which sets forth the extent of the title being
conveyed is:
A) hereditaments
B) the demising clause
C) the indenture clause
D) the habendum clause Correct Answer-D) the habendum clause
When one of the parties of a contract may legally reject it, the contract is
said to be:
A) voidable
B) void
C) unenforceable
D) valid Correct Answer-A) voidable
Listing contracts obtained by a real estate salesman are considered to be:
A) the salesman's own property
B) his personal property
C) the property of the employing broker
D) negotiable instrument Correct Answer-C) the property of the
employing broker
, The seller and buyer enter into an oral contract and a written contract
concerning the same property. Which contracts will prevail in court?
A) written contract
B) oral contract
C) the contract offering the highest price for the property
D) the contract offering the lowest price for the property Correct
Answer-A) written contract
A contract that has no legal effect because it does not contain all the
essential elements of a contract is:
A) voidable
B) unenforceable
C) void
D) canceled Correct Answer-C) void
Which form is required for use in Texas for listing a property for sale?
A) The TREC promulgated listing agreement
B) The Texas Association of Realtors listing agreement
C) Any form may be used with the agreement of both parties
D) The form required by the broker listing the property Correct Answer-
B) The Texas Association of Realtors listing agreement
Whose signature is required on a deed?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now