Chapter 11 Review Questions (Real Estate Contracts)

Question 1

The type of listing given to only one broker but which allows the owner to sell the property without paying the broker is a(n) __________________ 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 a(n) __________________ contract.

Answer 6

executory

Question 7

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

Answer 7

5,
statute of limitations

Question 8

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

Answer 8

valid,
enforceable

Question 9

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

Answer 9

real,
personal,
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(n) __________________ __________________ __________________ .

Answer 12

definite valuable consideration

Question 13

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

Answer 13

void

Question 14

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

Answer 14

optionor,
optionee

Question 15

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

Answer 15

equitable title