REAL ESTATE TEST 2 LATEST UPDATED
STUDY GUIDE WITH QUESTIONS AND
ANSWERS
What element of a contract does the below describe?
> There must be an agreement to the provisions of the contract by the parties
involved
> Must be mutual willingness to enter into the contract
> Must be no fraud, misrepresentation or mistake and the agreement must be
genuine and freely given - CORRECT ANSWER>>>>Mutual Assent/Agreement
What does the below describe?
- Offer > Acceptance
- Offer > Counteroffer > Acceptance - CORRECT ANSWER>>>>Meeting of
the Minds
What element of a contract does the below describe?
> To be enforceable, a contract cannot call for the breaking of laws
- Ex. a debt contract requiring an interest rate in excess of that allowed by the
state would be void
> Contracts contrary to general public policy are also unenforceable - CORRECT
ANSWER>>>>Lawful Objective
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,What element of a contract does the below describe?
> An act or promise given in exchange for something
> Good & Valuable - CORRECT ANSWER>>>>Consideration
What element of a contract does the below describe?
> Statute of Frauds requires that all contracts for the sale of real estate be in writing
to be enforceable
> Parole Evidence Rule - CORRECT ANSWER>>>>Written
Each party must give up something for consideration to be - CORRECT
ANSWER>>>>Valuable
It is consideration when property is given as a gift based soley on love and
affection Ex. a parent gives property to a child - CORRECT ANSWER>>>>Good
permits oral evidence to complete an otherwise incomplete or ambiguous written
contract - CORRECT ANSWER>>>>Parole Evidence Rule
requires that if you are selling personal property along with real property, if the
personal property
is worth more than $500, a bill of sale must be attached to the contract -
CORRECT
ANSWER>>>>Uniform Commercial Code
prevents fraud by requiring that all contracts for the sale of land, or an interest in
land, be in writing and signed to be enforceable in a court of law - CORRECT
ANSWER>>>>Statute of Frauds
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, title: ownership of a freehold estate (full fee simple absolute interest is held) -
CORRECT ANSWER>>>>legal
title: right to obtain legal title - CORRECT ANSWER>>>>equitable
A buyer obtains when a contract for sale of real estate is fully
signed. The seller cannot sell to anyone else as long as the buyer has this. -
CORRECT ANSWER>>>>equitable title
> authorizes electronic agreements
> allows for electronic signatures
> state may supercede this legislation
> effective as of March 1, 2001 - CORRECT ANSWER>>>>Esign Act
Most contracts are discharged by being fully by the contracting parties in
accordance with the contract terms. - CORRECT
ANSWER>>>>performed/executed
legally enforceable agreement - CORRECT ANSWER>>>>contract
contracts are declared - CORRECT ANSWER>>>>Expressed
contracts are created by action - CORRECT ANSWER>>>>Implied
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STUDY GUIDE WITH QUESTIONS AND
ANSWERS
What element of a contract does the below describe?
> There must be an agreement to the provisions of the contract by the parties
involved
> Must be mutual willingness to enter into the contract
> Must be no fraud, misrepresentation or mistake and the agreement must be
genuine and freely given - CORRECT ANSWER>>>>Mutual Assent/Agreement
What does the below describe?
- Offer > Acceptance
- Offer > Counteroffer > Acceptance - CORRECT ANSWER>>>>Meeting of
the Minds
What element of a contract does the below describe?
> To be enforceable, a contract cannot call for the breaking of laws
- Ex. a debt contract requiring an interest rate in excess of that allowed by the
state would be void
> Contracts contrary to general public policy are also unenforceable - CORRECT
ANSWER>>>>Lawful Objective
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,What element of a contract does the below describe?
> An act or promise given in exchange for something
> Good & Valuable - CORRECT ANSWER>>>>Consideration
What element of a contract does the below describe?
> Statute of Frauds requires that all contracts for the sale of real estate be in writing
to be enforceable
> Parole Evidence Rule - CORRECT ANSWER>>>>Written
Each party must give up something for consideration to be - CORRECT
ANSWER>>>>Valuable
It is consideration when property is given as a gift based soley on love and
affection Ex. a parent gives property to a child - CORRECT ANSWER>>>>Good
permits oral evidence to complete an otherwise incomplete or ambiguous written
contract - CORRECT ANSWER>>>>Parole Evidence Rule
requires that if you are selling personal property along with real property, if the
personal property
is worth more than $500, a bill of sale must be attached to the contract -
CORRECT
ANSWER>>>>Uniform Commercial Code
prevents fraud by requiring that all contracts for the sale of land, or an interest in
land, be in writing and signed to be enforceable in a court of law - CORRECT
ANSWER>>>>Statute of Frauds
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, title: ownership of a freehold estate (full fee simple absolute interest is held) -
CORRECT ANSWER>>>>legal
title: right to obtain legal title - CORRECT ANSWER>>>>equitable
A buyer obtains when a contract for sale of real estate is fully
signed. The seller cannot sell to anyone else as long as the buyer has this. -
CORRECT ANSWER>>>>equitable title
> authorizes electronic agreements
> allows for electronic signatures
> state may supercede this legislation
> effective as of March 1, 2001 - CORRECT ANSWER>>>>Esign Act
Most contracts are discharged by being fully by the contracting parties in
accordance with the contract terms. - CORRECT
ANSWER>>>>performed/executed
legally enforceable agreement - CORRECT ANSWER>>>>contract
contracts are declared - CORRECT ANSWER>>>>Expressed
contracts are created by action - CORRECT ANSWER>>>>Implied
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