Executory contract Study guides, Class notes & Summaries

Broker's Price Opinion (BPO) A broker's price opinion is the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property Closing The completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount Comparative Market Analysis (CMA) A report comparing the prices of sold homes that are similar to the subject property (called comparables), created by a license ho...

condominium Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a on probation A licensee could be active in the real estate business if his/her license is Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to the BREP. Agent Kenzie has thirty days to place her license in escrow or find another broker Disciplinary actions that can be taken by the ...

Kentucky Life Insurance Exam Questions With All Correct Answers Elements of a Contract - CORRECT ANSWERS Competent parties, legal purpose, offer and acceptance, consideration Waiver - CORRECT ANSWERS Voluntary giving up of a known right or privilege, can be express or implied Estoppel - CORRECT ANSWERS A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the...

Promulgated Contract Forms Practice Test Questions With All Correct Answers Elements of a Valid and Enforceable Contract - CORRECT ANSWERS 1. Competent Parties 2. Offer and Acceptance (mutual consent) 3. Legal Purpose 4. In Writing 5. Consideration Valid Contract - CORRECT ANSWERS A contract that meets all the requirements of law. Void Contract - CORRECT ANSWERS A contract having no legal force or binding effect...

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - A

Texas Promulgated Contracts-CHAMPIONS STUDY QUESTIONS AND ANSWERS 100% ACCURATETexas Promulgated Contracts-CHAMPIONS STUDY QUESTIONS AND ANSWERS 100% ACCURATETexas Promulgated Contracts-CHAMPIONS STUDY QUESTIONS AND ANSWERS 100% ACCURATEThe elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - ANSWER-B A(n) __________________ contract is define...

National Real Estate Exam - Guide to Pearson Vue Book, Question sections coverage. Rated A+. Verified. An estate for years - -The phrase definite duration refers to: A periodic tenancy - -A lease that automatically renews itself, in the absence of notice, is: $66,666 - -A man just sold a condo for $80,000. This gave him a 20% profit on what he paid. What did the man pay? $80,000/1.20 Signed by the grantor - -A requirement of a valid deed is that the deed be: The Truth In Lending...

Important Contractual Concepts: Executory Contract Correct Answer Contract that is not completed immediately; some future act remains to be done to consummate the contract Important Contractual Concepts: Contracts of Adhesion Correct Answer one sided contract -- no negotiating Important Contractual Concepts: Aleatory Correct Answer unequal contract -- one person/party will receive more than another Important Contractual Concepts: Parol Evidence Rule Correct Answer Everything agreed upon...

assignment correct answersThe transfer of rights and duties, but not liabilities, from one contract to another contract or from one person to another person is an: liquidated damages. Earnest money is not consideration; it is the seller's remedy in a liquidated damages contract if the buyer defaults. correct answersWhen the buyer is in default and the seller keeps the earnest money, the contract MOST likely provided for: executory. The phase from offer to a closed and executed/closed cont...

A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? a. $37,570 b. $75,141 c. $76,230 d. $78,712 - Answer-b. $75,141 A blind ad refers to an ad that a. provides no price b. provides no address c. gives no indication that the property is listed with a broker d. gives no indication that the property has been sold or not - Answer-c. gives no indication that the property is listed with a broker A borrower is required to put 10% down for the purchase of a propert...