Chapter 11 - Quiz Flashcards
What is the Procuring Cause?
The Marketing Material
The Chain of Title
The Title Report
The party responsible for the sale
The party responsible for the sale
Which Statute requires all contracts to be in writing to be enforceable?
Florida Statute 475
Statute of Frauds
Statute of Liberty
Statute of Limitations
Statute of Frauds
If Buyer and Seller reach an oral agreement over the purchase of a piece of property which of the following is true?
The Seller must sell and the Buyer must buy.
They have a valid but unenforceable contract because it is not in writing
The contract is void and unenforceable
It is not a valid contract
They have a valid but unenforceable contract because it is not in writing
On oral contract is valid but unenforceable because it is not in writing.
What is a Meeting of the Minds?
Mensa Meeting
An important legal feature of a contract
The Senate
Commission Meeting
An important legal feature of a contract
When is an executory contract?
A contract in process
A Death Sentence
An agreement to be the executor of a will
A contract that has not been presented.
A contract in process
An executory contract is a contract in process, where there are still contingencies to be removed, for example.
When does a purchaser have Equitable Title?
When there are two owners with equal shares
After Closing
Only the Seller has Equitable Title
Between the delivery and acceptance of the contract and actual closing
Between the delivery and acceptance of the contract and actual closing
An Option Contract is an example of which of the following?
An Implied Contract
A Bilateral Contract
A Unilateral Contract
An Unenforceable Contract
An Unilateral Contract
An option contract is a Unilateral Contract because only one party is obliged to perform if required to do so.
What is a Breach of Contract?
A contract which does not contain legal provisions
Contingency clauses have been added in the wrong order
A contract prepared by the seller instead oft he buyer.
Failure to perform the provisions of the contract without a legal excuse
Failure to perform the provisions of the contract without a legal excuse
What is a Safe Harbor situation?
Where a brokerage has a policy manual which directs the actions of the sales and broker associates
Signing a Quitclaim Deed
Checking out prices on the internet
Buying properties as a Trust
Where a brokerage has a policy manual which directs the actions of the sales and broker associates
What is an example of culpable negligence?
Failure by a sales associate to disclose a material fact that they knew about or should have known about.
Erosion
Steering
Conversion
Failure by a sales associate to disclose a material fact that they knew about or should have known about.
