Contracts Flashcards
7 cards from real Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Contracts flashcards as text
Which element is NOT required for a real estate contract to be legally valid?
Answer: Notarization by a public notary
Notarization is not a required element for a valid contract; offer, acceptance, capacity, consideration, and legal purpose are.
A contract signed by a minor for the purchase of real estate is generally considered:
Answer: Voidable by the minor
Contracts with minors are voidable at the option of the minor because they lack full legal capacity.
Under the Statute of Frauds, a contract for the sale of real estate must be:
Answer: In writing and signed
The Statute of Frauds requires real estate sales contracts to be in writing and signed to be enforceable.
When a buyer makes a counteroffer, the original offer is:
Answer: Automatically terminated
A counteroffer rejects and terminates the original offer, creating a new offer.
Consideration in a real estate contract refers to:
Answer: Something of value exchanged by the parties
Consideration is the thing of value (money, promise, etc.) each party gives, making the contract binding.
A contract that has been fully performed by all parties is described as:
Answer: Executed
An executed contract is one where all obligations have been completely performed.
Which term describes a contract where one party promises performance in exchange for an act by the other?
Answer: Unilateral contract
A unilateral contract binds one party to perform only if the other completes a specific act.