Real Estate Contracts

The instrument most likely to state that "time is of the essence" is a(n):

Angelo lists his farm on July 1 with Benita, a broker. The listing is for 30 days. On August 2, Benita finds a full-price buyer who makes a deposit directly into escrow (no purchase contract is signed).

The essential elements of an enforceable contract are:

Which of the following is true?

A broker locates a buyer ready, willing, and able to buy accepting the exact terms of an exclusive right to sell listing. The seller refuses to sell because the buyer has been arrested and convicted on a morals charge.

A buyer who refused to complete a sale without proper cause might be entitled to the return of all of his or her earnest money deposit if:

As to options, which of the following is true?

A broker lists a property for $20,000. He discovers that the holder of a $5,000 second trust deed will discount it 50 percent. A prospective buyer will pay $17,500 for the property, but the seller indicates her price is firm. The broker should:

A buyer defaults on a purchase contract. The seller notifies the buyer that he has elected to rescind their agreement. Under these circumstances:

A listing that does not require a broker to use diligence in obtainning a purchaser is:

All of the following are ways by which an offer to purchase real estate would be terminated, except:

After a house on which Paula, a broker, had an exclusive agency listing has been sold by another broker, she finds out about it. The selling broker received a full commission. Paula shoud make a demand on the:

A buyer of a single-family home is entitled to certification that:

A broker fails to give the owner a copy of the open listing or to include a termination date. The broker then obtains an offer that is accepted by the owner.

A listing entered into on March 12, expiring at midnight on April 12, is for ___ days:

An offer usually has to be accepted:

An ordinary exclusive right to sell listing in a broker's inventory is an:

An option is a(n):

A real estate commission is normally based on the:

A broker under an exclusive right to sell listing had her license revoked. In order to collect a commission, she must prove all but which of the following?

Marlene offers to buy Sean's farm. The accepted offer was contingent on Marlene's getting an $85,000 first trust deed on the farm.

Negative fraud would be:

An exclusive right to sell listing contract shows the expiration of the listings as 12 noon on December 3. At 3 P.M. on December 3, Adam, the original listing broker, produces a buyer. The owner gave an exclusive listing on the property at 2 P.M. on December 2 to Bernadine, another broker

As to contracts, which of the following is true?

The listing offering the greatest chance for the listing broker to earn a commission is a(n):

A disclosure that warns a buyer that there may be additional financial obligations after close of escrow would concern the:

A broker obtains a $1,200 down payment on a $20,000 full-price offer on her exclusive six percent listing. After acceptance, the seller releases the buyer from his obligation. The broker should:

A $500 deposit is received on a $20,000 offer. The seller accepts with a six percent commission agreement. The buyer backs out before close of escrow. Assuming the CAR standard-form purchase contract was used, how much does the broker get if expenses were $130?

An agent had a listing that authorized the agent to accept deposits. The agent received a $50,000 cash deposit. The agent and the deposit cannot be located. Who is responsible for the loss?

The seller defaults on an executed purchase contract. The broker is:

Archie, a broker, listed a property. Conrad, a salesperson working for Beryl, another broker, received an offer. Diana, a salesperson working for Archie, got the offer accepted. Who earned the commission?

A broker has a standard CAR Residential Listing Agreement. During the listing, the owner signs a two-year lease without the consent of the broker.

As to an option, which of the following is true?

Which of the following may be recorded?

Escrow is unable to close because the seller cannot deliver marketable title. The buyer can get his deposit back but is:

A contract that allows a real estate agent to be an agent of all of the parties to a transaction would be a(n):

Inadvertently, a deposit receipt is not filled in as to who pays for the standard policy of title insurance. The person responsible would then be:

An owner refuses to convey property after signing her acceptance on a purchase contract. Specific performance can be enforced by:

Enthusiasm of a licensee often results in painting an overly optimistic picture. This is known as:

A broker has an exclusive agency listing on a property and inadvertently states 6 cents rather than six percent as his commission on the listing. If the owner sells the property, the broker is entitled to:

To take a valid option on real property, which of the following is not required?

A young couple indicates to a broker that the down payment is beyond their means. While showing them a property, the broker overhears them discussing taking out a personal loan for the down payment. The broker should:

A salesperson obtains a listing on her broker's house. Immediately thereafter, she changes brokers.

A prospective buyer signs an offer but refuses to give a deposit. Which of the following applies?

Ashley gives her broker, Bob, an exclusive agency listing. Ashley's cousin, a broker in another town, finds a buyer and takes a reduced commission.

All of the following are natural hazards requiring disclosure except:

An option cannot be assigned:

Clark leases Francine's store under an oral, one-year lease. After three months occupancy, Clark finds a less expensive rental.

According to the CAR standard real estate purchase contract, if the seller fails to deliver title:

A safety clause in a listing requires the broker to submit names of people with whom whe negotiated to the owner prior to the expiration of the listing. The broker inadvertently left out Edwin's name. One week after the listing expires, the owner sells to Edwin.

Albert agrees to buy Boswell's "corner lot in Block 4 of College heights" for $30,000. Boswell thinks the sale is for Lot 18, but Albert thinks it is for Lot 32, which is another corner lot in the same block that is also owned by Boswell,

A seller accepts an offer but changes the escrow period. The broker notifies the buyer of acceptance.

The authority of the broker to accept a deposit is provided for in the:

A broker repeated rent information he received from his client to a purchaser. After the sale, it was discovered the information was false. The new buyer went to an attorney. Most likely she would sue:

Three people own a piece of property. A broker takes an exclusive listing to each of their places of business to get it signed. The broker must:

An option provides for a consideration of one dollar. The option is:

Which of the following would not have to be in writing to be enforceable?

A broker has an exclusive listing on a property that also provides the broker with an option to buy that property. The broker wishes to exercise the option. The broker:

The listing price is most likely:

The buyer would sign a receipt for a booklet dealing with:

The only provision an exlusive listing contains for terminaion is upon the owner giving two-hour notice to the broker.

An owner signs open listings on a parcel of land with five different brokers.

On a dwelling having four units, one of which the buyer intends to occuy as a residence, liquidated damages cannot exceed:

A statement that commissions are negotiable need not be included in:

An example of an illegal earnest money deposit would be:

Burt, a broker, shows houses on which he has listings to Don and Wilma Smith. They don't like any of them. When Don is away, Burt shows a house to Wilma. She likes it and gives a deposit. On the purchase contract form, what would be appropriate to write after "received from"?

A broker finds a buyer for his listed property at more than the listing price. He therefor buys the property himself and resells it. This is a:

Optionor best describes a(n):

A broker receives a full-price offer on a house she has listed in accordance with the terms of the listing. Before she can present the offer, another broker brings in an offer for $500 less but slightly better terms. The listing broker should:

As to an offer to purchase, which of the following is true?

Armand contracts to sell some land to Brenda and thereafter refuses to perform. Brenda wants the land, so she should bring suit against Armand for:

The agreement between a broker and a salesperson as to commission splits would normally be:

Broker John took an oral listing of Ralph's popcorn wagon at a price of $400. The agreement provided for a 25 percent commission. John was successful in arranging a sale. From these facts:

Abby, a broker, has a listing from Bruce, who has been declared insane, unknown to Abby, who acted in good faith. The listing is:

Broker Elsie listed a property owned by Widow Jones. The called for a 12 percent commission. After the sale was completed and the commission paid, Widow Jones discovered that Elsie charged other owners six percent for sales of similar property. As to this transaction:

All of the following are essential elements of a contract except:

Alec gives Betty an option to buy his farm for $50,000 within 30 days. Betty gives Alec $50 for this option. Alec notifies Betty 25 days later that he is withdrawing the option. Two days later Betty tenders the full option price to Alec for the farm.

A husband signs a contract to sell community real estate without his wife's signature. The contract would be:

An offer to perform in accordance with contractual obligations would be:

An option set forth in a lease would be a(n):

The lead paint information booklet must be given to buyer of one to four residential units constructed prior to:

In taking a listing it is proper for the broker to:

Amy agreed to buy Bert's horse for $100. Bert agreed to sell it fo r$100. Bert delivered the horse to Amy and Amy paid Bert $100. This is an:

The provision in a deposit receipt calling for forfeiture by the buyer of a deposit is known as:

Harvey gives Jonas, a broker, an exclusive agency listing for three months. After one week, Harvey notifies Jonas in writing that he is terminating the agreement. The next day, Harvey signs an open listing with Keith, another broker. Lee, a sales person working for Keith, brings in an offer, which Harvey accepts. As to the commission. which of the following is true?

Entering into a contract with a person you did not know and had no reason to know and had no reason to know had been declared incompetent would make the contract:

Coercion and duress are applied to one party in a contract. The contract is:

A broker lists property owned by a corporation. Before expiration of the exclusive listing, all of the officers of the corporation die.

Antonio enters into a contract with Bess through the chicanery of a broker who induced the contract through fraud. The contract is:

The rate of commission for selling a business is determined by:

Mold disclosure applies to:

If a buyer wishes to give a promissory note as a deposit with an offer:

Which of the following may recorded?

An election of remedies would most likely appear in:

An owner instructed her broker not to present any offer that did not include a deposit of at least five percent of the price offered. The broker received an offer without any deposit. The broker should:

An offer would be terminated by:

A purchase agreement signed by Mr. Jones alone calls for the title to be in Mr. and Mrs. Jone's Names as community property. The purchse agreement is:

Under an exclusive agency listing, a broker advertises a home. The owner sells the home prior to the expiration of the listing. The broker is entitled to:

Alan, a broker, obtains an offer from Bridget to buy Carl's house. After Carl accepts and the escrow instructions have been signed, both Bridget and Carl die.

Sandra, a broker, had 40 hours listed when she passed away. Her daughter, also a broker, inherits the business. She must:

Unknown to the seller, the buyer dies 10 minutes before the selelr accepts the purchase offer. The contract is:

Failure to perform as agreed under a contract is known as:

A broker informs an owner that a listing is really an open listing, when in fact it is an exclusive agency listing.

The Alquist-Priolo Act deals with:

Anita signs a real estate purchase contract as a buyer. The contract states that it is good for three days. One day later, Anita wishes to revoke her unaccepted offer.

After an offer is accepted, the seller dies. The seller's wife inherits the property.

A buyer of a common interest development is entited to receive all except:

A broker sold a home under an oral listing and was paid a commission. As to this:

A broker obtains an exclusive six percent listing for $40,000. The broker brings in a offer of $16,000. The offer angers the owner, who then leases the property for five year prior to the expiration of the listing. The broker is:

The broker's agreement to use diligence in finding a purchaser:

A minor inherits land. While still a minor, she deeds the land to the church, which puts a building on it. After reaching majority, she changes her mind and wants the land back.

Alice, a broker, submits a listing to an MLS based on a phone conversation with the owner, who indicates he will give Alice the listing. Bart, another broker, obtains a full-price offer, but the owner refuses to sell.

A sale falls apart and both the buyer and the seller make demands on the broker for the buyer's deposit. A wise broker would:

A broker has a combination of a listing and an option. She exercises the option without disclosing that she has a buyer at a higher price. The broker:

The function of board arbitration is to:

An owner dies one week after giving a six-month exclusive right to sell listing. His administrator does not wish to sell the property.

Arbitration under the CAR purchase contract shall be in accordance with:

An offer based on a $10,000 loan assumption was made and accepted. During escrow, it developed that the loan was for $9,000 not $10,000.

Payment of a commission orally agreed to without subsequent written ratification is:

Megan's Law deals with:

A real estate purchase contract is:

A listing dated June 1995 states "cash and assume a loan at ____ percent interest per annum with balance due in December 2010."

The broker who has most likely earned his or her commission has:

April signed a contract to buy Byron's property. Byron obtained April's signature by representing that the sale agreement was a petition to the city for street improvement. The purchase agreement would be:

A broker is least likely not to get in trouble by:

A listing cannot be terminated by the principal when:

A buyer must be notified about a military ordnance location that may contain explosives if within ___mile(s) of the property.

A purchase contract signed because of duress is:

A buyer gives an offer to purchase on February 1, requiring acceptance within 10 days.

Two brokers agree verbally to split a commission. The agreement is:

In accordance with the safety clause in an listing, the broker notifies the owner verbally of a prospective buyer. Ten days after the listing expires, the buyer purchases the property.

Waiver differs from rescission in that waiver:

Losing a right due to failure to assert it in a timely fashion is called:

Which of the following is an offer?

Brokers earn their commissions:

All contracts require all of the following except:

Which of these contracts must be in writing in accordance with the Statute of Frauds?

A seller sold property "as is." The broker knew the plumbing was in bad repair but did not inform the buyer. The buyer can sue:

A broker takes a listing that does not include an authorization to take a deposit.

After agreeing verbally to split a commission with a selling broker, the listing broker now refuses to do so. The selling broker should:

A property was used to manufacture methamphetamine. When must a purchaser be notified of this use?

A buyer makes an accepted offer conditioned upon the approval of the buyer's spouse. Prior to the spouse's approval, this is a(n):

On an exclusive listing, a broker can be disciplined for:

A verbal agreement to sell real estate would be  enforceable where:

Mutual consent is usually evidenced by:

An astute broker would least likely spend his or her advertising dollars on:

All four copies of a purchase agreement would most likely be signed by the:

A minor cannot:

A contract to sell real estate by a 17-year-old unemancipated girl is:

Sherman agrees to pay $100,000 for Ray's lot. During escrow, Ray learns that Sherman has an offer to sell the lot for $300,000 and that Sherman had priviledged information about this buyer before he made his offer. Ray sues Sherman for his profit.