Ch. 11 Real Estate Contracts Flashcards

Ch. 11 Real Estate Contracts Flashcards The parties created a contract by stating terms for compliance. This is BEST described as- executed.- implied.- expressed.- executory.expressed.An Exclusive Right-to-Sell has been signed. What BEST describes the type and status of this contract?- Unilateral executory- Bilateral executory- Bilateral executed- Unilateral executed Bilateral executory An arrangement in which brokers pool their listings and all commissions are divided between the listing broker and the selling broker is- an open listing.- a multiple listing.- an exclusive agency listing.- an exclusive right-to-sell.a multiple listing.Which of the following disclosures are not required in a sales contract?- Lead-based paint- Radon gas- Utility costs- Building code violation Utility costs An unscrupulous investor completes a contract with a buyer to sell a property the investor does not own. What is true about the sale contract for this transaction?- It is voidable.- It must be in writing.- It is void.- It is illegal yet potentially enforceable.It is void."Safe harbor" describes a situation where- the sales associate follows all the directions of the seller.- the broker cannot be fined due to a sales associate's actions.- A policy manual within the brokerage directing actions of the sales associates.- all employees of the broker have a contract.A policy manual within the brokerage directing actions of the sales associates.If an offer to purchase real property has been presented to a seller, but NOT accepted, the offer- may be withdrawn by the buyer at any time.- must remain open until the seller responds.- may be withdrawn, only with the seller's permission.- binds the buyer until the offer has expired.may be withdrawn by the buyer at any time.A listing which allows the owner to sell the property himself without being liable for a commission, but which appoints only one broker to act as his sole agent is a(an)- sole listing.- open listing.- exclusive right-to-sell.- exclusive agency.exclusive agency.When is a contract terminated?- After a cooling period- After both parties have signed it- After it is performed- After the parties agree to their respective promises After it is performed There was an oral agreement for the sale of real estate.This contract would be- void and unenforceable.- valid and enforceable.- not valid because it did not meet Florida's

laws.- valid but unenforceable because of the Statute of Frauds.valid but unenforceable because of the Statute of Frauds.The term "procuring cause" refers to- the sales associate who first showed the property to the buyer.- a "single

agent" for the buyer only.- the party who put the sale into effect.- the first person to turn the contract in to the seller.the party who put the sale into effect.

Which would be the best description of "culpable negligence?"- When the sales associate knew or should have known of a defect- When the sales associate is negligent in the care of his customer- When the sales associate makes a statement that he knows is false- When the broker doesn't watch his sales associates when they perform their duties.When the sales associate knew or should have known of a defect When is a purchaser said to have "equitable title?"- At the signing of the sales contract by the buyer- At the time of closing- Between the time of delivery and acceptance (notification) of the contract and actual closing- At the time of the offer Between the time of delivery and acceptance (notification) of the contract and actual closing The failure to perform provisions of a contract without a legal excuse is known as- an option.- a breach.- a novation.- an assignment.a breach.The primary purpose of a listing agreement is to- serve as a contract of employment between the seller and broker.- list all the improvements and amenities of the property.- serve as a guide for a sales contract.- serve as a contract between the buyer and the seller.serve as a contract of employment between the seller and broker.In order to be in compliance with the Statute of Frauds, a sales contract must be- in English.- in writing.- delivered.- recorded.in writing.What is an important legal feature of a contract?- It represents a "meeting of the minds."- It must use precise wording in a document.- It is not voidable.- It can be created only by an attorney.It represents a "meeting of the minds."