An optionor and an o Study guides, Class notes & Summaries

Real Estate Final Exam (150 Questions) #1 100% Correct Answers 2023 A real estate licensee has a buyer agency agreement. What is the seller in this situation? A customer. An optionor and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? He must exercise his option under the terms of the option contract. When can a landlord evict a disabled blind or disabled tenant from the premises? If the te...

Virginia Final Exam Questions with Correct Answers 2024 A void contract is one that is A. not in writing. B. voidable by only one of the parties. C. rescindable by agreement. D. not legally enforceable. - answerD. not legally enforceable. In order to be enforceable, real estate contracts must meet the legal requirements for contracts in general. For example, a contract signed by a minor or a "seller" who doesn't own the property in question was never legal to begin with and is thus ...

Real Estate Final Exam Questions With Complete Solutions Updated O(GRADED 100%). An optionor and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? He must exercise his option under the terms of the option contract. When can a landlord evict a disabled blind or disabled tenant from the premises? If the tenant has loud parties, makes too much noise, and is constantly disturbing other tenants 4. B...

If a broker's branch office is 75 miles from his main office, the person managing this branch office must: - Answer Have been licensed for 2 years averaging 20 hours per week in the business. Which of the following is NOT true regarding a sale-leaseback? - Answer The ownership of the property never transfers. Dino owns property rights located on Lake Michigan where he docks his yacht. His water rights are called: - Answer Littoral rights Which of the following is NOT a duty of the real...

National Real Estate Exam Q&A with Complete Solutions RATED A Contract containing ONE promise given in exchange for completing an act. NO obligation to act. -ANS- Unilateral Contract Contract containing TWO promises. Example: A listing agreement is a bilateral contract -ANS- Bilateral Contract A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract -ANS- Client/Principal Any 3rd party w/ whom a licensee works -ANS- Customer Transa...

RE Salesperson License requirements? - Answer 18 years old, 40 hour class, pass the exam, must affiliate with a broker to practice and may not accept direct client payments Broker's License requirements? - Answer 3 years salesperson experience, 40 hour class, pass the exam, $5,000 bond and pay a fee. What is MLS? - Answer Multiple Listing Service. It's a marketing tool used by Salespeople to show their listings. Difference between RE Salesperson and RE Broker? - Answer Salesperson wor...

Unilateral Contract Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer Any 3rd party w/ whom a licensee works In-Company Transaction Transaction in which the buyer and seller are both ...

National Real Estate Exam Prep, Questions with accurate answers, Rated A. Document Content and Description Below National Real Estate Exam Prep, Questions with accurate answers, Rated A. Unilateral Contract - Contract containing ONE promise given in exchange for completing an act. NO obligation to act . Bilateral Contract - Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal - A person who has entered into an agency relationship w/ a licensee...

National Real Estate Exam Prep Questions and Answers Graded A Unilateral Contract Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer Any 3rd party w/ whom a licensee works In-Company Transaction Transaction in whi...

Unilateral Contract Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer Any 3rd party w/ whom a licensee works In-Company Transaction Transaction in which the buyer and seller are both ...