Contracts

Which of the following lists the essential elements of an enforceable contract?

Which of the following describes “mutual consent?”

Failure to perform any of the terms or conditions of a contract is called:

Which of the following is NOT essential to all contracts?

Which of the following is NOT essential to a contract?

To have a valid contract, all but one of the following would be necessary:

A contract based on an illegal consideration is:

Consideration may be:

Valuable, adequate, good and sufficient in a contract would apply to:

A 17-year-old unemancipated minor enters into a contract to sell real property. The contract is:

A 17-year-old girl inherits a parcel of vacant land from her uncle. While still a minor, she deeds the land to her church, which promptly builds on it. When she turns 18, she decides she wants the land back. In this case she:

Seller Smith sold a home to buyer Jones under contract. Shortly before close of escrow, it was judicially determined that Jones was incompetent prior to entering into the contract with Smith. The contract between Smith and Jones is:

You enter into a contract with a person not knowing he was judicially declared incompetent. The incompetence of one of the parties to this agreement would make the contract:

A contract signed under duress is:

What is it called when one person is substituted for another in a contract?

The Statute of Frauds outlines what contracts must be in writing to be enforceable through court action. Which of the following contracts would be enforceable?

A tenant verbally agrees to lease a house for six months. The following month, the tenant notifies the owner that he has found a more desirable unit and will be moving out. The contract is:

All of the following would be required to be in writing EXCEPT:

The word “laches” most nearly pertains to:

A listing agreement is:

An agent acquired a listing for a house and orally promised to hold an open house every week until the house was sold. The agent failed to hold them as promised. This is an example of:

If the owner enters into a Seller Reserved Listing and thereafter sells the property through his own efforts:

Under a Seller Reserved Listing, a broker advertises a home for sale. The owner sells the home prior to the expiration of the listing. The broker is entitled to:

All of the following listings require that the broker be the “procuring cause” of the sale if he/she is to be entitled to a commission, EXCEPT:

A broker secured a buyer for his principal and the seller accepted the offer presented through the broker. Under which type of listing would the broker not receive a commission from the principal?

Which of the following accurately describes a listing agreement which allows the broker to either find a prospective buyer, or purchase the home himself/herself?

A broker has listed Mr. Applegate’s property under a net listing. He also has an option to purchase the property within 30 days. If after 27 days the broker decides to buy the property, he must:

Who must the broker disclose the amount of profit the broker will make on a Net Listing?

Mr. Seller signs an open listing on his home with five different brokers. In this case,:

A “safety clause” is found in a:

Where does information governing the use of electronic signatures (eSigning) NOT exist?

Thinking that he is acting properly regarding the safety clause in a listing, a broker notifies the owner verbally of a prospective buyer with whom he negotiated. The day after the listing expires, the buyer purchases the property. Which of the following is correct?

A verbal agreement between two brokers to split a commission is:

A listing agent received two offers in the morning and immediately presented the offers to the seller. In the evening the agent received two more offers, both with a lower price. What should the agent do?

Broker Williamsburg obtained an exclusive authorization and right to sell listing from the owner of a residence. During the listing period, Williamsburg found a buyer who made an offer on the property which was accepted. Neither the offer nor the escrow instructions made any mention of Williamsburg being the agent or the payment of a commission. Under these circumstances:

An exclusive authorization and right to sell listing is given to Steve R. Stone (DBA: Steve R. Stone Realty). If Steve R. Stone dies prior to the sale of the property, the listing:

To whom does a listing belong?

A broker is going to take a listing on a church that is owned by an unincorporated association. In order to determine who has the proper authority to sign documents and represent the group, the broker should do which of the following:

Owner Jones gives broker Smith a 90-day exclusive listing. One week later, Jones notifies broker Smith in writing that he is terminating the listing. The next day, owner Jones signs an open listing with broker King. Broker King quickly brings in an offer which owner Jones accepts. As to the commission, which of the following is true?

A broker has shown a property which he has authorization to sell under an open listing. After showing the property, he should:

With an exclusive listing, a broker may be subject to disciplinary action for:

A broker listed an owner’s home and later received an offer from another licensee that met all of the listing terms and conditions. After considering the offer, the owner informed the broker that the owner no longer wished to sell, and asked to be released from the listing agreement immediately. Which of the following is a TRUE statement about the broker’s position in this situation?

Broker Jones takes an exclusive listing on a property owned by three different people. Broker Jones takes the listing contract to each of their places of business to get it signed. Broker Jones must:

Mr. Owner enters into an exclusive listing with Broker X. One week later, Broker X brings in a full price offer, but Mr. Owner refuses the offer. Seeking an action of Specific Performance would be an option for:

The broker’s promise to use diligence in finding a buyer:

A listing that does not require a broker to use diligence in obtaining a purchaser is:

One week after entering into an exclusive authorization and right to sell listing, the owner dies. His designated administrator decides not to sell the property. In this case,:

A broker accepts an exclusive authorization and right to sell listing from a corporation. During the listing term, all of the officers of the corporation die. In this case,:

An exclusive authorization and right to sell listing has an expiration date of noon on September 5th. At 1 P.M. on September 5th, the owner signed a new listing with Larry, another broker. At 2 P.M., on September 5th, Sally, the original listing broker, presents a full price offer. In this case,:

A parcel of vacant land is listed for $100,000, requiring 20% down, with the seller to carry back the balance. The broker brings in a full-price cash offer, but the owner refuses. The broker is entitled to:

A broker brought in an offer but the listing agreement did not include an authorization to accept a deposit. Which of the following is correct?

An exclusive listing contains a provision for termination upon the owner giving the broker 24 hours’ notice.

An exclusive agency listing between a broker and owner incorrectly states 6 dollars rather than 6 percent as the commission payable to the broker if he produces a buyer. If the owner sells the property himself, the broker is entitled to:

During the term of an exclusive authorization and right to sell listing, the broker has his license revoked by the Department of Real Estate. To prove that he is entitled to a commission, he must prove all of the following EXCEPT:

A buyer has entered into an agreement with more than one buyer’s agent at the same time but owes compensation only if she uses the services of a buyer’s broker. This arrangement is known as a(n):

Select the choice which most nearly represents “price fixing” from the following:

An exclusive authorization a right to sell listing, does not contain a complete legal description.

Under a lease, the leasehold interest lies in the:

A family rents a house from January 1st to June 30th. This is considered a(n):

If one uses the words “of definite duration” to describe a lease, it is most likely a(n):

A month-to-month lease is considered a(n):

A tenant’s five-year lease has expired but they continue to live on the premises and pay their rent monthly. This is considered a(n):

Brown leases a residence from Baker on a three-month written lease. Upon expiration of the written lease, Brown retains possession of the property without the consent of Baker. Brown now holds a(n):

A periodic tenancy lease does not specify exactly when the rent payment is due. If this is the case, it would be due:

A tenant signs a lease that stipulates that the lessee pays the property tax. This lease is probably a:

Which type of lease requires the lessee to pay a flat rent?

A lease where the rent is based on a percentage of the monthly or annual gross sales of the lessee is called a:

When a lessee transfers all of his/her interest in the property, it is called a(n):

The transferee in an assignment of a lease is called the:

A lease contains a clause in which the parties agree to an adjustment of rent based upon some stated criteria. This lease clause is called a(n):

Salesperson Beth took an offer to purchase from her buyer to Broker Smith’s office to present it. The offer included a $1,000.00 promissory note from the buyer as the earnest money deposit. Broker Smith should do which one of the following upon receipt of the offer:

Which of the following would not be a required payment for the lessee under a net lease?

Regarding a promissory note,:

Which of the following is TRUE concerning promissory notes?

The lessee of an apartment and the owner of a condominium have many things in common. Which of the following is true for both? They each hold:

When the letters “HVAC” appears in a commercial or industrial lease, it normally refers to:

A tenant has a three year lease with the lessor of an apartment building. At the end of year one, the tenant is transferred to another city. The lease between the lessor and lessee is silent on the tenant’s ability to sublease or assign the lease. In this case:

Once an offer has been made and accepted by the seller, the buyer would have:

A broker has been in the business for many years. He currently has 40 exclusive listings in his office. The broker dies and his daughter, who is also a broker, takes over for him. What should she do about the current listings?

A listing broker wants to give $50 to a buyer and $50 credit against his commission to a buyer or seller who either lists with him or purchases one of his listings. With regard to his actions:

On a listing agreement what is included under the section, “Terms of the Sale?”

The transfer of personal property must be in writing if the amount or value of the property is:

What does “et ux” mean in the preliminary title report?

One party sells property to another, and within the contract, the legal description is incorrect because of a simple typographical error. This can be corrected through a legal action called:

A recorded legal document that gives constructive notice that an action affecting a particular piece of property has been filed in a state or federal court is called a(n):

A Notary Public can do all of the following EXCEPT:

Which of the following is considered a “bona fide” purchaser?

What is an “executed contract?”