Real Estate Sales License Questions With Accurate Solutions
contract - accurate answers-An agreement between two legally competent
parties is a ______________ .
forbearance - accurate answers-A contract that specifies that something not
be done is called a contract for _______________ .
parol - accurate answers-A verbal contract is called a _____________ contract .
expressed - accurate answers-A contract in which the parties specifically state
their intent to enter into an agreement is called a __________________ contract .
expressed - accurate answers-A contract which is either written or oral is a
______________ contract.
implied - accurate answers-A contract which is created by the acts of the
parties is called a _______________ contract .
implied - accurate answers-A contract which is neither nor oral is a
__________________ contract .
valid - accurate answers-A contract that meets all the requirements of the law
is called a ________________ contract .
valid and enforceable - accurate answers-A contract that will stand up in court
is _________________ .
oral - accurate answers-An unenforceable contract is often a contract that is
___________ .
void - accurate answers-A contract that does not meet legal requirements and
is not binding on either party is ____________ .
voidable - accurate answers-A contract that is binding on only one party is
_______________ .
voidable - accurate answers-A contract which can be rescinded by one party is
______________ .
,valid - accurate answers-A contract that is voidable but has not yet been
rescinded is __________ .
bilateral - accurate answers-A contract in which both parties promise to give
up something is a ______________ contract
bilateral - accurate answers-A real estate sales contract is a ________________
contract .
expressed - accurate answers-A real estate contract is a ________________
contract .
unilateral - accurate answers-A contract in which only one party promises to
give up something is called a ____________________ contract .
expressed - accurate answers-A sales bonus to salespersons by a company is a
__________________ contract .
unilateral - accurate answers-A sales bonus offered to salespersons by a
company is a _____________ contract .
executed - accurate answers-A contract for which all requirements have been
fulfilled and the parties have done what they agreed to do is called a
__________________ contract.
executed - accurate answers-A real estate sales contract which has been
closed is a _______________ contract .
executory - accurate answers-A contract for which some or all requirements
have not yet been completed is a _____________ contract.
executory - accurate answers-A real estate sales contract which has not closed
yet is a _____________ contract .
CALL - accurate answers-The word to use to remember the requirements for a
valid contract is _____________ .
consideration - accurate answers-The "C" in CALL stands for ______________ .
,agreement - accurate answers-The "A" in CALL stand for ____________ .
legally competent parties - accurate answers-The "L's" in CALL stand for legal
objective and __________.
consideration - accurate answers-In a home sale, the seller promises to give
his home to the buyer and the buyer promises to give him money. This is
known as ______________ .
the purchase price - accurate answers-In a real estate contract the
consideration given by the buyer is a promise of ______________ .
consideration - accurate answers-A promise to deliver a service is called
____________ .
valuable - accurate answers-Anything that has monetary value when
promised in a contract is called ________________ consideration .
good - accurate answers-Something of worth promised in a contract that
doesn't have a monetary value is called __________________ consideration .
good - accurate answers-Love, affection, and good will are examples of
______________ consideration .
meeting of the minds - accurate answers-A requirement for a valid contract
known as mutual agreement is also called a _______________ .
mutual agreement - accurate answers-Offer and acceptance are required in
order to have ________________ .
offeror - accurate answers-The party who makes an offer is called the
________________ .
offeree - accurate answers-The party to whom an offer is made is called the
________________ .
communication of acceptance - accurate answers-The last requirement in the
process of offer and acceptance is ________________ .
, counteroffer - accurate answers-When an offeree rejects an offer and becomes
an offeror, the immediate result is a _______________ .
terminated - accurate answers-When a counteroffer is made, the original offer
is _____________ .
either the offeror or offeree - accurate answers-In reaching an agreement
through the process of offer and acceptance, the seller can be _______________ .
either the offeror or offeree - accurate answers-In reaching an agreement
through the process of offer and acceptance, the buyer can be
__________________ .
until acceptance is communicated - accurate answers-Once an offer is made, it
can be withdrawn _________________ .
fraud - accurate answers-An act intended to deceive someone in order to get
him/her to give up something of value is called _____________.
fraud - accurate answers-Intentionally withholding relevant information
about real property from a buyer is _______________ .
fraud - accurate answers-A seller is aware that the roof of her house leaks but
conceals this from the buyer. This would probably be a case of _____________ .
rescind the contract - accurate answers-When fraud occurs, the injured party
has the option to _________________ .
innocent misrepresentation - accurate answers-The giving of incorrect
information without the intent to deceive is called _______________ .
rescind the contract - accurate answers-In the case of innocent
misrepresentation, the buyer has the option to _______________ .
mistake - accurate answers-An error in the facts of a transaction that occurs
mutually by both parties is called ________________ .
contract - accurate answers-An agreement between two legally competent
parties is a ______________ .
forbearance - accurate answers-A contract that specifies that something not
be done is called a contract for _______________ .
parol - accurate answers-A verbal contract is called a _____________ contract .
expressed - accurate answers-A contract in which the parties specifically state
their intent to enter into an agreement is called a __________________ contract .
expressed - accurate answers-A contract which is either written or oral is a
______________ contract.
implied - accurate answers-A contract which is created by the acts of the
parties is called a _______________ contract .
implied - accurate answers-A contract which is neither nor oral is a
__________________ contract .
valid - accurate answers-A contract that meets all the requirements of the law
is called a ________________ contract .
valid and enforceable - accurate answers-A contract that will stand up in court
is _________________ .
oral - accurate answers-An unenforceable contract is often a contract that is
___________ .
void - accurate answers-A contract that does not meet legal requirements and
is not binding on either party is ____________ .
voidable - accurate answers-A contract that is binding on only one party is
_______________ .
voidable - accurate answers-A contract which can be rescinded by one party is
______________ .
,valid - accurate answers-A contract that is voidable but has not yet been
rescinded is __________ .
bilateral - accurate answers-A contract in which both parties promise to give
up something is a ______________ contract
bilateral - accurate answers-A real estate sales contract is a ________________
contract .
expressed - accurate answers-A real estate contract is a ________________
contract .
unilateral - accurate answers-A contract in which only one party promises to
give up something is called a ____________________ contract .
expressed - accurate answers-A sales bonus to salespersons by a company is a
__________________ contract .
unilateral - accurate answers-A sales bonus offered to salespersons by a
company is a _____________ contract .
executed - accurate answers-A contract for which all requirements have been
fulfilled and the parties have done what they agreed to do is called a
__________________ contract.
executed - accurate answers-A real estate sales contract which has been
closed is a _______________ contract .
executory - accurate answers-A contract for which some or all requirements
have not yet been completed is a _____________ contract.
executory - accurate answers-A real estate sales contract which has not closed
yet is a _____________ contract .
CALL - accurate answers-The word to use to remember the requirements for a
valid contract is _____________ .
consideration - accurate answers-The "C" in CALL stands for ______________ .
,agreement - accurate answers-The "A" in CALL stand for ____________ .
legally competent parties - accurate answers-The "L's" in CALL stand for legal
objective and __________.
consideration - accurate answers-In a home sale, the seller promises to give
his home to the buyer and the buyer promises to give him money. This is
known as ______________ .
the purchase price - accurate answers-In a real estate contract the
consideration given by the buyer is a promise of ______________ .
consideration - accurate answers-A promise to deliver a service is called
____________ .
valuable - accurate answers-Anything that has monetary value when
promised in a contract is called ________________ consideration .
good - accurate answers-Something of worth promised in a contract that
doesn't have a monetary value is called __________________ consideration .
good - accurate answers-Love, affection, and good will are examples of
______________ consideration .
meeting of the minds - accurate answers-A requirement for a valid contract
known as mutual agreement is also called a _______________ .
mutual agreement - accurate answers-Offer and acceptance are required in
order to have ________________ .
offeror - accurate answers-The party who makes an offer is called the
________________ .
offeree - accurate answers-The party to whom an offer is made is called the
________________ .
communication of acceptance - accurate answers-The last requirement in the
process of offer and acceptance is ________________ .
, counteroffer - accurate answers-When an offeree rejects an offer and becomes
an offeror, the immediate result is a _______________ .
terminated - accurate answers-When a counteroffer is made, the original offer
is _____________ .
either the offeror or offeree - accurate answers-In reaching an agreement
through the process of offer and acceptance, the seller can be _______________ .
either the offeror or offeree - accurate answers-In reaching an agreement
through the process of offer and acceptance, the buyer can be
__________________ .
until acceptance is communicated - accurate answers-Once an offer is made, it
can be withdrawn _________________ .
fraud - accurate answers-An act intended to deceive someone in order to get
him/her to give up something of value is called _____________.
fraud - accurate answers-Intentionally withholding relevant information
about real property from a buyer is _______________ .
fraud - accurate answers-A seller is aware that the roof of her house leaks but
conceals this from the buyer. This would probably be a case of _____________ .
rescind the contract - accurate answers-When fraud occurs, the injured party
has the option to _________________ .
innocent misrepresentation - accurate answers-The giving of incorrect
information without the intent to deceive is called _______________ .
rescind the contract - accurate answers-In the case of innocent
misrepresentation, the buyer has the option to _______________ .
mistake - accurate answers-An error in the facts of a transaction that occurs
mutually by both parties is called ________________ .
