6/7/25, 12:22 PM law of contracts practice test 2025 COMPREHENSIVE EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS |RECENTLY T…
law of contracts practice test 2025
COMPREHENSIVE EXAM QUESTIONS
|FREQUENTLY TESTED QUESTIONS |RECENTLY
TESTING REAL EXAM QUESTIONS|VERIFIED
SOLUTIONS (100% CORRECT)
Save
Terms in this set (96)
What is a method of Assignment
withdrawing from a
contract without actually
canceling it?
When someone who is a deceased person's heir.
tenant in common with
another person dies, the
deceased person's
interest in the estate is
transferred to the
What type of funds MUST earnest money
be deposited by the
second working day after
the effective date of the
contract?
https://quizlet.com/1052127927/law-of-contracts-practice-test-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-real-… 1/16
,6/7/25, 12:22 PM law of contracts practice test 2025 COMPREHENSIVE EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS |RECENTLY T…
There are limitations on a homestead's size:
What is one limiting factor
put on urban homesteads urban homesteads have a 10 acre maximum; rural
and rural homesteads? homesteads have a 200 acre maximum per family and
100 acre maximum per single person
The surface of land, all Real Property
things below the surface
of the land, and things
growing on the land are
all considered:
For Sale by Owner race, color, or national origin.
properties are exempt
from Fair Housing
discrimination laws under
certain circumstances
EXCEPT:
When a buyer defaults on accept earnest money as liquidated damages,
a real estate contract, the releasing everyone from the contract.
seller has four options,
one being that the seller
can forfeit the contract
and may forfeit and
Which of the following A void contract
contracts has no legal
effect?
For an amendment to a all parties
contract to be valid, who
must sign the
amendment?
WHAT must be delivered option fee
to the seller or the seller's
agent within three days
after the effective date of
the contract?
https://quizlet.com/1052127927/law-of-contracts-practice-test-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-real-… 2/16
, 6/7/25, 12:22 PM law of contracts practice test 2025 COMPREHENSIVE EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS |RECENTLY T…
Wes and Neil entered into none, wasn't in writing
an oral contract to sell a
ranch. Neil agreed to pay
$850,000 for the ranch. A
week before the sale was
to close, Neil changed his
mind and rescinded the
offer. What legal recourse
does Wes have?
The stipulations that there hallmarks or attributes of mutual consent
must be an offer and
acceptance, that a
contract must not contain
any form of fraud,
misrepresentation, or
duress, and that there
cannot be mistakes in the
terms and conditions of a
contract are all: hallmarks
of...
the money that a buyer Option money, also known as the option fee
pays a seller in exchange
for the unrestricted right
to terminate the sales
contract within a specified
amount of days after the
effective date.
Regarding buyer and seller
seller credits and debits, a
seller is charged for taxes
from January 1st through
closing. WHO pays for the
actual day of closing?
https://quizlet.com/1052127927/law-of-contracts-practice-test-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-real-… 3/16
law of contracts practice test 2025
COMPREHENSIVE EXAM QUESTIONS
|FREQUENTLY TESTED QUESTIONS |RECENTLY
TESTING REAL EXAM QUESTIONS|VERIFIED
SOLUTIONS (100% CORRECT)
Save
Terms in this set (96)
What is a method of Assignment
withdrawing from a
contract without actually
canceling it?
When someone who is a deceased person's heir.
tenant in common with
another person dies, the
deceased person's
interest in the estate is
transferred to the
What type of funds MUST earnest money
be deposited by the
second working day after
the effective date of the
contract?
https://quizlet.com/1052127927/law-of-contracts-practice-test-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-real-… 1/16
,6/7/25, 12:22 PM law of contracts practice test 2025 COMPREHENSIVE EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS |RECENTLY T…
There are limitations on a homestead's size:
What is one limiting factor
put on urban homesteads urban homesteads have a 10 acre maximum; rural
and rural homesteads? homesteads have a 200 acre maximum per family and
100 acre maximum per single person
The surface of land, all Real Property
things below the surface
of the land, and things
growing on the land are
all considered:
For Sale by Owner race, color, or national origin.
properties are exempt
from Fair Housing
discrimination laws under
certain circumstances
EXCEPT:
When a buyer defaults on accept earnest money as liquidated damages,
a real estate contract, the releasing everyone from the contract.
seller has four options,
one being that the seller
can forfeit the contract
and may forfeit and
Which of the following A void contract
contracts has no legal
effect?
For an amendment to a all parties
contract to be valid, who
must sign the
amendment?
WHAT must be delivered option fee
to the seller or the seller's
agent within three days
after the effective date of
the contract?
https://quizlet.com/1052127927/law-of-contracts-practice-test-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-real-… 2/16
, 6/7/25, 12:22 PM law of contracts practice test 2025 COMPREHENSIVE EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS |RECENTLY T…
Wes and Neil entered into none, wasn't in writing
an oral contract to sell a
ranch. Neil agreed to pay
$850,000 for the ranch. A
week before the sale was
to close, Neil changed his
mind and rescinded the
offer. What legal recourse
does Wes have?
The stipulations that there hallmarks or attributes of mutual consent
must be an offer and
acceptance, that a
contract must not contain
any form of fraud,
misrepresentation, or
duress, and that there
cannot be mistakes in the
terms and conditions of a
contract are all: hallmarks
of...
the money that a buyer Option money, also known as the option fee
pays a seller in exchange
for the unrestricted right
to terminate the sales
contract within a specified
amount of days after the
effective date.
Regarding buyer and seller
seller credits and debits, a
seller is charged for taxes
from January 1st through
closing. WHO pays for the
actual day of closing?
https://quizlet.com/1052127927/law-of-contracts-practice-test-2025-comprehensive-exam-questions-frequently-tested-questions-recently-testing-real-… 3/16
