Question 1

Choose the one most appropriate answer for each.
-to transfer one's rights in a contract to another person

Accepted Answer

A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract 
A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract

Question 2

A minor change in the terms of a contract does not constitute a counteroffer.

Accepted Answer

A) True 
 B)False

Question 3

When a contract appears to be good and binding but, in fact, one of the parties may legally reject it, the contract is said to be

Accepted Answer

A)  unenforceable. 
B)  valid. 
C)  void. 
D)  voidable. 
A)  unenforceable. 
B)  valid. 
C)  void. 
D)  voidable.

Question 4

Choose the one most appropriate answer for each.
-failure, without legal excuse, to perform any promise called for in a contract

Accepted Answer

A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract 
A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract

Question 5

Choose the one most appropriate answer for each.
-a contract that is not legally binding on any of the parties that made it

Accepted Answer

A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract 
A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract

Question 6

Partial performance may never be accepted as a remedy for breach of contract.

Accepted Answer

A) True 
 B)False

Question 7

Choose the one most appropriate answer for each.
-a person who is considered legally capable of entering into a contract

Accepted Answer

A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract 
A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract

Question 8

Under certain circumstances the ____________________ evidence rule permits oral evidence to complete an otherwise incomplete or ambiguous written contract.

Accepted Answer

The answer of Under certain circumstances the ____________________ evidence rule...

Question 9

A real estate contract can be declared void if it is not signed.

Accepted Answer

A) True 
 B)False

Question 10

The broker has the power to sign documents for the principal. This is probably because she holds

Accepted Answer

A)  a power of attorney. 
B)  an agency relationship. 
C)  special agent status. 
D)  an attorney-at-law. 
A)  a power of attorney. 
B)  an agency relationship. 
C)  special agent status. 
D)  an attorney-at-law.

Question 11

A contract that results not from a written or oral agreement but from the actions of the parties involved is called an expressed contract.

Accepted Answer

A) True 
 B)False

Question 12

Two persons make an oral agreement. A day later they put it in writing with several small changes. What is true about the agreement in a court of law?

Accepted Answer

A)  The oral one would prevail 
B)  The written one would prevail 
C)  A new agreement must be made 
D)  The agreement must be notarized to be legal 
A)  The oral one would prevail 
B)  The written one would prevail 
C)  A new agreement must be made 
D)  The agreement must be notarized to be legal

Question 13

A real estate broker could most likely be held liable to a buyer if the broker

Accepted Answer

A)  makes a misrepresentation to the buyer based on false information given to him by the seller. 
B)  signs an agreement with the buyer on behalf of the seller under the power of attorney granted by the seller. 
C)  acts in excess of the authority given to him by the seller under a listing agreement. 
D)  retains the buyer's check at the seller's request after an offer has been accepted by the seller and acceptance has been communicated to the buyer. 
A)  makes a misrepresentation to the buyer based on false information given to him by the seller. 
B)  signs an agreement with the buyer on behalf of the seller under the power of attorney granted by the seller. 
C)  acts in excess of the authority given to him by the seller under a listing agreement. 
D)  retains the buyer's check at the seller's request after an offer has been accepted by the seller and acceptance has been communicated to the buyer.

Question 14

If a contract is made under duress, it would be void.

Accepted Answer

A) True 
 B)False

Question 15

An offeree who wishes to bind the offeror to the contract may do which of the following with an offer?

Accepted Answer

A)  Accept it 
B)  Modify it slightly before acceptance 
C)  Withdraw it prior to acceptance 
D)  Accept and counter with conditions 
A)  Accept it 
B)  Modify it slightly before acceptance 
C)  Withdraw it prior to acceptance 
D)  Accept and counter with conditions

Question 16

All of the following are real estate contracts EXCEPT

Accepted Answer

A)  an exclusive right to sell listing. 
B)  a sales agreement. 
C)  a closing statement. 
D)  a lease. 
A)  an exclusive right to sell listing. 
B)  a sales agreement. 
C)  a closing statement. 
D)  a lease.

Question 17

Choose the one most appropriate answer for each.
-a meeting of the minds

Accepted Answer

A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract 
A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract

Question 18

A contract entered into by a minor is

Accepted Answer

A)  illegal. 
B)  voidable. 
C)  valid. 
D)  unenforceable. 
A)  illegal. 
B)  voidable. 
C)  valid. 
D)  unenforceable.

Question 19

Choose the one most appropriate answer for each.
-use of force to obtain contract agreement

Accepted Answer

A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract 
A) assign 
B) attorney-in-fact 
C) breach of contract 
D) competent party 
E) consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract

Question 20

When one party to a contract makes a promise without first receiving any promise of performance from the other, it is called

Accepted Answer

A)  a bilateral contract. 
B)  an implied contract. 
C)  a unilateral contract. 
D)  an executory contract. 
A)  a bilateral contract. 
B)  an implied contract. 
C)  a unilateral contract. 
D)  an executory contract.

Exam 6: Contract Law

Choose the one most appropriate answer for each. -to transfer one's rights in a contract to another person

A minor change in the terms of a contract does not constitute a counteroffer.

When a contract appears to be good and binding but, in fact, one of the parties may legally reject it, the contract is said to be

Choose the one most appropriate answer for each. -failure, without legal excuse, to perform any promise called for in a contract

Choose the one most appropriate answer for each. -a contract that is not legally binding on any of the parties that made it

Partial performance may never be accepted as a remedy for breach of contract.

Choose the one most appropriate answer for each. -a person who is considered legally capable of entering into a contract

Under certain circumstances the ____________________ evidence rule permits oral evidence to complete an otherwise incomplete or ambiguous written contract.

A real estate contract can be declared void if it is not signed.

The broker has the power to sign documents for the principal. This is probably because she holds

A contract that results not from a written or oral agreement but from the actions of the parties involved is called an expressed contract.

Two persons make an oral agreement. A day later they put it in writing with several small changes. What is true about the agreement in a court of law?

A real estate broker could most likely be held liable to a buyer if the broker

If a contract is made under duress, it would be void.

An offeree who wishes to bind the offeror to the contract may do which of the following with an offer?

All of the following are real estate contracts EXCEPT

Choose the one most appropriate answer for each. -a meeting of the minds

A contract entered into by a minor is

Choose the one most appropriate answer for each. -use of force to obtain contract agreement

When one party to a contract makes a promise without first receiving any promise of performance from the other, it is called

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

Filters