Real Estate License Contracts 2

Question 1

Which element is NOT required for a real estate contract to be legally valid?

Accepted Answer

Notarization by a public notary

Answer

Offer and acceptance

Answer

Legal capacity of the parties

Answer

Consideration

Question 2

A contract signed by a minor for the purchase of real estate is generally considered:

Accepted Answer

Voidable by the minor

Answer

Void

Answer

Fully enforceable

Answer

Voidable by the seller

Question 3

Under the Statute of Frauds, a contract for the sale of real estate must be:

Accepted Answer

In writing and signed

Answer

Recorded with the county

Answer

Witnessed by two parties

Answer

Reviewed by an attorney

Question 4

When a buyer makes a counteroffer, the original offer is:

Accepted Answer

Automatically terminated

Answer

Still open for acceptance

Answer

Converted to an option

Answer

Binding on the seller

Question 5

Consideration in a real estate contract refers to:

Accepted Answer

Something of value exchanged by the parties

Answer

The closing date

Answer

The property's appraised value

Answer

The agent's commission

Question 6

A contract that has been fully performed by all parties is described as:

Accepted Answer

Executed

Answer

Executory

Answer

Void

Answer

Unilateral

Question 7

Which term describes a contract where one party promises performance in exchange for an act by the other?

Accepted Answer

Unilateral contract

Answer

Bilateral contract

Answer

Implied contract

Answer

Voidable contract