5: Real Estate Contracts Flashcards
All of the following are covered by the statute of frauds, except for:
6 month tenancy
Which of the following is considered an essential element of a real estate contract?
- Consent of the parties
- Lawful object
- Consideration
Contracts may be discharged by:
- Impossibility of the parties
- Agreement of the parties
The most common form of listing agreement found in California is a(n):
Exclusive authorization and right-to-sell listing
By law, which of the following listings must have a definite termination date?
- Exclusive agency
- Exclusive authorization and right-to-sell listing
Of the following listings, which stipulates that the agent will be paid no matter who sells the property?
Exclusive right to sell
An exclusive listing is:
A bilateral contract
A deposit receipt is:
- A receipt for the buyer’s deposit
- A real estate purchase contract
- A common term for the purchase contract
Which of the following statements is true if, during the escrow process but prior to closing the sale, a fire destroys the home being sold?
The buyer need not complete the purchase and is entitled to the deposit back
After signing a deposit receipt, the seller decides not to sell. What can the buyer do?
- Sue for specific performance
- Sue for money damages
- Cancel agreement and get a refund of any deposit
A contract that still needs some action by one or more of the parties is:
Executory
Within the prescribed time period, an inexcusable delay might limit a lawsuit according to the:
Statute of limitations
Which best describes a voidable contract?
Valid on its face until the injured party voids the contract
A 17 year old divorced man wishes to sell his separate real property. A real estate broker legally:
Can accept the listing
Agency relationships are typically confirmed:
In paragraph 2 of the purchase agreement
