PERRY REAL ESTATE FINAL EXAM || GUARANTEED PASS.
If I am makes an offer on a house and the seller excepts in writing. What is the current status of
this relationship? correct answers 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
correct answers 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 correct answers
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 correct answers 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 property is 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? correct answers 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 correct answers 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 correct answers Liquidated damages limit the compensation available to the
injured party should a breach of contract occur
, What is minimum consideration in a valid contract correct answers Anything the parties agree is
good and valuable
What is an example of a unilateral contract correct answers In a unilateral contract only one party
is obligated to perform. The optionor-owner of the property must sell at the agreed-upon price
only if the optionee he decides to buy
A woman is buying a man's house and wants to take over the mortgage. The lender releases the
man from the obligation substituting the woman as the party liable for the debt. This new
agreement is called correct answers Novation
A real estate broker in ounces to the sales people in her office that she will pay $1000 bonus to
the top selling sales person each quarter. This contract is an correct answers The offer of a bonus
to the top selling sales person each quarter is an express contract because the broker clearly
stated her intentions and words to the sales people. It is unilateral contract because she's
obligated to keep her promise but the sales people are not obligated to perform
A testamentary trust is created by correct answers A will
In any Township what is the number of the section designated as the school section correct
answers 16
Lonnie conveys the ownership of his house to his mother and stipulates that upon her death he
will recapture ownership. The interest Lonnie has in the property is a correct answers
reversionary interest
If a creator of a life estate chooses not to name my remainderman the creator has correct answers
The property will revert back to the creator
If I am makes an offer on a house and the seller excepts in writing. What is the current status of
this relationship? correct answers 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
correct answers 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 correct answers
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 correct answers 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 property is 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? correct answers 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 correct answers 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 correct answers Liquidated damages limit the compensation available to the
injured party should a breach of contract occur
, What is minimum consideration in a valid contract correct answers Anything the parties agree is
good and valuable
What is an example of a unilateral contract correct answers In a unilateral contract only one party
is obligated to perform. The optionor-owner of the property must sell at the agreed-upon price
only if the optionee he decides to buy
A woman is buying a man's house and wants to take over the mortgage. The lender releases the
man from the obligation substituting the woman as the party liable for the debt. This new
agreement is called correct answers Novation
A real estate broker in ounces to the sales people in her office that she will pay $1000 bonus to
the top selling sales person each quarter. This contract is an correct answers The offer of a bonus
to the top selling sales person each quarter is an express contract because the broker clearly
stated her intentions and words to the sales people. It is unilateral contract because she's
obligated to keep her promise but the sales people are not obligated to perform
A testamentary trust is created by correct answers A will
In any Township what is the number of the section designated as the school section correct
answers 16
Lonnie conveys the ownership of his house to his mother and stipulates that upon her death he
will recapture ownership. The interest Lonnie has in the property is a correct answers
reversionary interest
If a creator of a life estate chooses not to name my remainderman the creator has correct answers
The property will revert back to the creator
