Real Estate Contracts

The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are legal purpose, competent parties, mutual consent, consideration and

• Signature of Witnesses

• In Writing

• Acknowledgment by a notary

• Recording in the county clerks office

If a contract has been entered into with a person who has been judged to be incompetent, that contract is considered ________ because that person never had the capacity to enter into it.

• Executed

• Valid

• Voidable

• Void

Tammy is interested in Jolene's property but wants to research the zoning laws before purchasing. She has an agreement in which she paid a fee of $100 to keep the property available for a preset price for 30 days, during which time Jolene cannot sell the property to another. Tammy, however, can change her mind if she likes. What kind of agreement is this?

• Bilateral

• Oral

• Option

• Void

EMD is short for?

• Earnest money deposit

• Every money deposit

• Each money deposit

• Earnest money delay

An option period gives the buyer a number of days to decide if they really want to buy the home

• True

• False

• I dont know

• both a & b

An amendment is for changes to the contract

• False

• True

• both a & b

• I dont know

An addendum is adding something to the contract

• I dont know

• False

• I'm right

• True