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WorksheetsContracts (real estate)
Total questions: 20
Worksheet time: 10mins
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
A provision in a offer to purchase that requires the completion of a certain act before the contract in binding is known as a
contingency
convenant
lis pendens
restriction
Which is NOT essential to a valid contract?
A lawful object
Competent parties
Monetary consideration
offer and acceptance
If a property is destroyed before the title or possession has passed and the buyer terminates the contract, the buyer
has no recourse
is entitled to all money back
must have insurance to cover it
must sue for the money
If a seller signs an offer made by a purchaser, the first thing the listing agent should do it
give a copy to the seller
sign the contract for her broker
submit the contract to the buyer
take the contract to the broker
If a contract offer is not accepted within the specified time period, it
can be extended by the offeree
cannot be countered
is renewed
terminates
If a seller has alredy acctpted one offer and later accepts another offer on a contigent basis, this new contract is called
back up contract
blanket contract
contingent contract
secondary contract
What must be completed for an option to sell to be valide and enforceable on real property
consideration for the option must be given
the option must be in writing
the option must be recorded
the option must be signed by the optionor and the optionee
A seller signs a contract allowing the buyer to buy the seller's home for $63,200 anytime between the date of the contract and February 8. The seller also agrees not to sell the home to anyone else until after February 8. This contract is called
escrow contract
option
receipt and binder
trust contract
A contract that does not have a legal objective is
void
valid but unenforceable
voidable and unenforceable
voidable
Certain contracts are required to be in writing because of the
statute of contracts
statute of frauds
statute of limitations
statute of wills
