Contracts (real estate)

In a lease purchase agreement, the buyer

• Must purchase the property

• has an option to purchase

• negotiates lease duration

• sets option fee later

In a fully performed and closed contract, when can the contract be assigned to another party?

• If permitted in the contract

• with seller's consent

• never

• if not explicitly prohibited

In an executory contract, when can parties assign their rights or obligations?

• only if specified

• always allowed

• never allowed

• unless prohibited

In a real estate transaction, when a party passes away before the contract is fully executed, what happens to the contract?

• Enforceable on estate

• Becomes voidable

• Requires renegoation

• automatically terminates

A real estate agent assists in the sale of a property, and the buyer decides to assign their contract of sale to a third party. The contract contains no provisions regarding assignment. Who opossesses the equitable title of the property until the sale is closed?

• Initial buyer and third party

• Initial buyer

• third party

• property seller

A contract must have certain specific elements in order for it to be valid. all of the following are essential to a valid contract EXCEPT

• acceptance

• consideration

• notarization

• offer

what is the advantage of a paperless transaction

• access to old statements

• data security

• conversion to ecofriendly

• set up and learning curve

When a seller breaches a sales contract, the buyer may NOT be able to

• collect liquidated damages

• rescind the contract

• sue for monetary damages

• sue for specific performance

A remedy in court compelling the seller to sell the property is known as

• equity of redemption

• execution

• foreclosure

• specific performance

A contract of sale accepted by the seller with the stated understanding that the seller has an executory contract is

• a back up contract

• a lease with an option

• illegal

• legal but unethical