FREE Real Estate Sales Real Estate Contracts Questions and Answers Flashcards
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A seller accepts a buyer's offer but changes the closing date before signing. What has the seller created?
Answer: A counteroffer
Any modification to the terms of an offer before acceptance constitutes a counteroffer, which the original offeror may accept or reject.
Which type of real estate contract binds only one party to perform while the other party has the choice?
Answer: Unilateral contract
A unilateral contract obligates only one party to perform; the other party has the option but not the obligation to act.
Under the statute of frauds, which element is required for a real estate contract to be enforceable?
Answer: The contract must be in writing and signed by the party to be charged
The statute of frauds requires real estate contracts to be in writing and signed by the party against whom enforcement is sought.
A buyer puts down $5,000 earnest money and then defaults on the contract. If the contract contains a liquidated damages clause, what is the most likely outcome?
Answer: The seller keeps the earnest money as the predetermined damages amount
A liquidated damages clause typically allows the seller to retain the earnest money as the agreed-upon compensation for the buyer's breach.
What is the primary purpose of an attorney review clause in a real estate purchase contract?
Answer: To allow either party's attorney to review and disapprove the contract within a specified period
An attorney review clause gives either party's attorney the right to review and potentially cancel or modify the contract within a set timeframe.
Which of the following best describes an executory contract in real estate?
Answer: A contract where one or both parties still have obligations to fulfill
An executory contract is one in which one or both parties have not yet completed their contractual obligations.
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