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Bob Brooks Exam Questions And 100% Correct Answers
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Bob Brooks Exam Questions And 100% Correct AnswersA contract which the parties create by stating their intentions in words is a(an):
a. Executory Contract
b. Implied Contract
c. Expressed Contract
d. Executed Contract - Answer C. expressed contract
A contract in which the consideration is a promise given in exchange for a promise is:
a. Unilateral
b. Bilateral
c. Void
d. Unenforceable - Answer B.Bilateral
When the parties to a contract are thinking of the same thing and there has been an
offer and acceptance:
a. The contract must be in writing to be valid.
b. A meeting of the minds has taken place.
c. The contract has been executed.
d. Each party is obligated to perform. - Answer B. a meeting of the minds has taken
place
A contract in which neither party could sue would be:
a. Void
b. Voidable
c. Unenforceable
d. Implied - Answer C. Unenforceable
,An expressed contract can be:
a. Oral
b. Written
c. Bilateral
d. An expressed contracts can be all of those mentioned above. - Answer D. An
expressed contacts can be all of those mentioned above
A contract involving an exchange of promises between the parties is a(an):
a. Unilateral contract
b. Binary contract
c. Bilateral contract
d. Novatory agreement - Answer B. Bilateral Contract
A listng agreement would be a(an):
a. Counteroffer
b. Bilateral contract
c. Unilateral contract
d. Implied contract - Answer C. Unilateral contract
A contract which has no legal force or effect is:
a. Unenforceable
b. Voidable
c. Valid
d. Void - Answer D. Void
An oral contract for the sale of real estate would NOT be enforceable because:
,a. It would be too hard to decide who is telling the truth
b. It would be impossible to prove
c. Federal law does not allow it
d. It does not comply with the Statute of Frauds - Answer D. It does not comply with the
Statue of Frauds
A valid contract which CANNOT be enforced by legal action is:
a. Voidable
b. Unenforceable
c. A novation
d. Under duress - Answer B. unenforceable
Which one of the following is CORRECT?
a. The object of a contract must be legal.
b. All contracts must be in writing.
c. Contracts signed by minors are never enforceable.
d. Contracts must be recorded to be enforceable. - Answer A. The object of a contract
must be legal
Consideration in a contract is:
a. Not required.
b. An exchange of promises.
c. The deposit
d. When all documents have been properly signed. - Answer B. An exchange of promises
An agreement which would give a party the first chance to buy a property if it were ever
placed on the market is called:
a. An option
, b. First right of refusal.
c. First right of acceptance.
d. Prepository supposition - Answer B. First right of refusal
A court order to compel an owner or buyer to live up to the terms agreed upon in a
contract
a. Liquidated damages
b. Litigatory exclusion
c. Specific performance
d. Rescission - Answer C. Specific performance
An individual given the privilege or authority 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
The amount and type of deposit governed by a deposit requirement is determined by:
a. Real Estate Commission rules
b. Negotiation
c. The listing broker
d. Realtor Code of Ethics - Answer B. Negotiation
If a seller refuses to perform; what is the proper disposition of the deposit money?
a. It is owned by the broker.
b. It should be refunded to the buyer.
c. Net lease
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