Chapter 11: Contracts (FITB)

Question 1

The type of listing given to only one broker but allows the owner to sell the property without paying the broker is a ____ listing.

Answer 1

exclusive

Question 2

An owner must be given a copy of a written listing within ____ hours.

Answer 2

24

Question 3

The type of listing that gives the broker the greatest degree of protection is the ____ ____ ____ ____ listing.

Answer 3

exclusive right of sale

Question 4

When a court is called upon to interpret the meaning of a contract, the process is called ____.

Answer 4

construction

Question 5

Damages specified in a contract are ____ damages.

Answer 5

liquidated

Question 6

When a contract has not yet been fully performed, it is an ____ contract.

Answer 6

executory

Question 7

A contract wholly in writing may be enforced for ____ years, as specified by the ____ ____ ____.

Answer 7

5 years, statute of limitations

Question 8

Oral real estate sales contracts are considered to be ____, but are not ____.

Answer 8

valid, but not enforceable

Question 9

Valuable consideration in a contract may consist of ____ property, ____ property or ____ ____.

Answer 9

real property, personal property, or enforceable promises

Question 10

The parties to a real estate sales contract are the ____, who is the seller, and the ____, who is the buyer.

Answer 10

vendor, vendee

Question 11

Witnesses on a real estate contract are ____ ____.

Answer 11

not required

Question 12

To be valid, an option must be accompanied by a ____ ____ ____.

Answer 12

definite valuable consideration

Question 13

The parties to an option are the ____, who is the owner of the property, and the ____, who is the potential purchaser.

Answer 13

optionor, optionee

Question 14

An option not accompanied by a definite valuable consideration is ____.

Answer 14

void

Question 15

With a contract for deed, a vendee has acquired ____ ____ in the property prior to closing.

Answer 15

equitable title