5: Real Estate Contracts Flashcards Preview

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Flashcards in 5: Real Estate Contracts Deck (21)
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1
Q

All of the following are covered by the statute of frauds, except for:

A

6 month tenancy

2
Q

Which of the following is considered an essential element of a real estate contract?

A
  • Consent of the parties
  • Lawful object
  • Consideration
3
Q

Contracts may be discharged by:

A
  • Impossibility of the parties

- Agreement of the parties

4
Q

The most common form of listing agreement found in California is a(n):

A

Exclusive authorization and right-to-sell listing

5
Q

By law, which of the following listings must have a definite termination date?

A
  • Exclusive agency

- Exclusive authorization and right-to-sell listing

6
Q

Of the following listings, which stipulates that the agent will be paid no matter who sells the property?

A

Exclusive right to sell

7
Q

An exclusive listing is:

A

A bilateral contract

8
Q

A deposit receipt is:

A
  • A receipt for the buyer’s deposit
  • A real estate purchase contract
  • A common term for the purchase contract
9
Q

Which of the following statements is true if, during the escrow process but prior to closing the sale, a fire destroys the home being sold?

A

The buyer need not complete the purchase and is entitled to the deposit back

10
Q

After signing a deposit receipt, the seller decides not to sell. What can the buyer do?

A
  • Sue for specific performance
  • Sue for money damages
  • Cancel agreement and get a refund of any deposit
11
Q

A contract that still needs some action by one or more of the parties is:

A

Executory

12
Q

Within the prescribed time period, an inexcusable delay might limit a lawsuit according to the:

A

Statute of limitations

13
Q

Which best describes a voidable contract?

A

Valid on its face until the injured party voids the contract

14
Q

A 17 year old divorced man wishes to sell his separate real property. A real estate broker legally:

A

Can accept the listing

15
Q

Agency relationships are typically confirmed:

A

In paragraph 2 of the purchase agreement

16
Q

The liquidated damages clause:

A

Allows the seller to keep the buyer’s deposit if the buyer breaches the contract

17
Q

Megan’s Law is concerned with which issue?

A

The location of registered sex offenders

18
Q

A contract that can be canceled by one party due to fraud, misrepresentation, or duress is known as what type of contract?

A

Voidable

19
Q

Under the purchase agreement, mediation:

A

Is a requirement under the contract

20
Q

Under the preprinted language of the California Residential Purchase Agreement (RPA-CA) the amount of time the seller has to accept the offer from the buyer is:

A

3 days

21
Q

The time frame from which a party must perform or act under the California Residential Purchase Agreement (RPA-CA) is from:

A

The date of acceptance