Contracts - Review Exam (Bob Brooks) With Complete Solution 100% Verified

An option on real estate is: a. A deposit b. A consideration c. A contract d. An endorsement - ANSWER-c. A contract A person given the right to sign or execute a contract on behalf of another is: a. Administrator b. Executor c. Escrow agent d. Attorney-in-Fact - ANSWER-d. Attorney-in-Fact A buyer makes an offer to purchase on a standard purchase agreement. This is binding when: a. Seller signs b. Seller signs and notifies buyer of that fact. c. Agent initials for seller. d. When it is delivered and accepted. - ANSWER-b. Seller signs and notifies buyer of that fact. The amount and type of deposit required is determined by: a. Real Estate Commission rules b. Negotiation c. The listing broker d. Realtor Code of Ethics - ANSWER-b. Negotiation The acceptance of a real estate offer must be: a. In writing b. Received by time specified in contract. c. Communicated back to offeror