Real Estate P1 Chapter 13-14

Which of the following is an essential element of a valid contract for the sale of real estate?

• Offer and Acceptance

• Social Security numbers of seller and buyer.

• Price based on certified appraisal.

• Signature of the listing broker.

To be enforceable, a contract for the sale of real estate must

• be written.

• contain clearly defined contingencies.

• have an expiration date.

• be recorded.

A real estate sale contract is an executory contract until

•   the buyer's earnest money deposit and down payment have been delivered to and accepted by the seller.

•   the buyer and seller have agreed to all provisions and have signed the contract.

• all the obligations and promises are performed and the transaction is closed.

• the completed sale transaction is recorded.

What parties must be identified in a sale contract?

• Buyer and Seller

• Both Real Estate Brokers

• Only the seller

• Only the buyer

To create an enforceable option-to-buy contract, there must be an exchange of

• a down payment and a post-dated contract for sale.

•   a promise to sell and a promise to buy.

• valuable consideration and a right to buy.

•   valuable consideration and a promise to buy.

A buyer signs an earnest money agreement and gives it to the broker who showed her the property she is buying.  After leaving the broker's office, she reconsiders and decides she prefers a different property.  How long does she have to take back her offer?

 

•   She cannot take it back until after the expiration date of the offer.

• Until the seller communicates acceptance of the offer.

• She can take it back at any time, but must forfeit the earnest money.

• Twenty-four hours.

A buyer makes an offer to purchase a house, and the seller accepts the offer.  Both parties sign the sale contract, but the buyer fails to provide an earnest money deposit.  What are the seller's obligations to the buyer?

• The seller may cancel the contract.

• The seller must perform under the terms of the contract

What is the TREC-promulgated addendum called when there is a required membership in a property owners association?

• Addendum for Property Subject to Mandatory Membership in a Property Owners Association.

• Homeowners Association Regulatory Declaration

What TREC promulgated addendum contains the required notice to purchaser of coastal area property?

•   Coastal Survey Addendum

• Addendum for Coastal Area Property.

What contract should be used when the subject property’s construction has been completed by the builder and no one has previously lived in the home?

• Builder Contract (In Progress)

• New Home Contract (Completed Construction)

• Builder Contract (Finished)