PERRY REAL ESTATE FINAL EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

PERRY REAL ESTATE FINAL EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS If I am makes an offer on a house and the seller excepts in writing. What is the current status of this relationship? - Answer -Because the seller has promised to sell and the buyer has promised to buy, it is clearly a bilateral contract. It is express because they announced their intentions in writing. This contract is executory because the sale has not closed yet Additional conditions that must be satisfied before a sales contract is fully enforceable are called - Answer -contingencies If I'm in allows a woman to back out of the contract, returned the earnest money to her, and both are back to the positions they held before the contract, the contract has been - Answer -Rescission allows both parties to return to their original possessions before the contract, so any monies exchange must be returned A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is obligated to perform only if the buyer is first able to sell her condo. This is an example of - Answer -A property sale contingency protects a buyer who has to sell a property in order to buy the sellers property On March 7 a buyer and a seller execute a contract for the purchase of the sellers property. Closing is set for June 10. On April 15 the propertyis struck by lightning and destroyed by the resulting fire. If the uniform vendor and purchase or risk act has been adopted by the state in which the property is located, which party bears liability for the loss? - Answer -In states that have adopted the uniform vendor and purchaser act, the seller remains responsible for the property until the day of closing The term statue of limitation is best described as the limitation on the - Answer -Every state limits the right during which parties to a contract may bring a legal action to enforce their rights. Rights not enforced within the Applicable time period Are lost In case the buyer decides not to buy for no legal reason, the contract may provide at the earnest money is there as - Answer -Liquidated damages limit the compensation available to the injured party should a breach of contract occur What is minimum consideration