Real Estate Contracts

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).

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

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

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:

The function of board arbitration is to:

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"?

As to options, which of the following is true?

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

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

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

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

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:

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.

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 minor cannot:

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

Which of the following is an offer?

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

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

An example of an illegal earnest money deposit would be:

An offer usually has to be accepted:

Which of the following may be recorded?

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:

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

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

A listing cannot be terminated by the principal when:

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

An election of remedies would most likely appear in:

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:

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

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

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:

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

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

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

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

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:

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 is least likely not to get in trouble by:

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:

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.

All contracts require all of the following except:

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.

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:

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.

Which of the following is true?

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

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

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.

All of the following are natural hazards requiring disclosure except:

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

Which of the following may recorded?

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

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

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

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:

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.

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

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.

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

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:

The essential elements of an enforceable contract are:

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

Mold disclosure applies to:

Megan's Law deals with:

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:

Negative fraud would be:

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

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

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

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

The listing price is most likely:

A purchase contract signed because of duress is:

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

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

An offer would be terminated by:

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

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

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

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

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

An option is a(n):

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?

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:

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

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.

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

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

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 rate of commission for selling a business is determined by:

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:

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

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?

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:

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

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

An option cannot be assigned:

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

Waiver differs from rescission in that waiver:

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

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

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

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

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

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

As to contracts, which of the following is true?

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 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?

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

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:

A real estate purchase contract is:

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

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

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

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.

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

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

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:

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

Mutual consent is usually evidenced by:

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.

Brokers earn their commissions:

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

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

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:

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

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?

A real estate commission is normally based on the:

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

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,

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

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

The Alquist-Priolo Act deals with:

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?

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

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

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:

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

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):

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

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:

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

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

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.

Optionor best describes a(n):