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real estate b-3 quiz

Terms in this set (39)

if the buyer fails to perform under a real estate purchase contract, the sellers recourse is
a suit for damages and call for forfeiture of the earnest money as liquidated damages (either a or b)
a voidable contract is
rescindable by one of the parties
a purchaser informs you that the seller has five days in which to accept his offer. The purchaser during this period:
may withdraw the offer and demand return of the earnest money before the five days have elapsed
the advantages of closing a real estate sales transaction in escrow, include the fact that
the seller is assured that he or she will receive the buyers payment for the property on closing and the buyer is assured that he or she will not become the owners unless good title to the property is received (both a and b)
a broker closed a transaction on realty and then found out that the byre was under 18 years of age, the sale was
voidable
funds for a contract of sales are held i a brokers trust account for the benefit of
both buyer and the seller
an oral agreement for the sale of real property is
unenforceable
if a husband and wife buy real property and the wife fails to sign the purchase contract, the contract is
unenforceable against both
mr. X is buying property and the structure appears to be over the property line, he should
order a survey
acceptance of an offer may not create a binding contract is the acceptance is
modification of the original owner
which of the following his not essential to a valid contract
monetary consideration
in an option, the option binds the
optionor
a sale of real property is being handled in the brokers office and there is no escrow called for in the contract. broker prepares several documents necessary in the sale at a cost of 35, who can the broker charge for the cost
1/2 to seller and buyer
that term which describes a party who is incapable of entering into a vlid contract on his own part is
incompetent
when an agreement of sale has been made between abuyer and seller, there is a time element involved before actual title is conveyed to the buyer. during this period what piston does the buyer hold in regard to title to said property
equitable
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