XI Contracts

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Author:
derekinaz
ID:
161085
Filename:
XI Contracts
Updated:
2012-07-27 00:18:42
Tags:
AZ Real Estate
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Description:
AZ Real Estate
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  1. A unilateral contract is enforcable against:

    A. optionee
    B. optionor
    C. both
    D. no one
    B. optionor
    (this multiple choice question has been scrambled)
  2. A legal procedure brought about by one party to a contract to enforce the terms of the contract is:

    A. lis pendens
    B. punitive damages
    C. specific performance
    D. exemplary damages
    C. specific performance
    (this multiple choice question has been scrambled)
  3. A new contract being substituted for an existing one, relieving the parties of responsibility, is an example of:

    A. novation
    B. rescission
    C. an executed contract
    D. assignment
    A. novation
    (this multiple choice question has been scrambled)
  4. If, upon receiving an offer to purchase under certain terms, the seller makes a conditional acceptance, the offeror is:

    A. bound by the original offer
    B. bound to accept the counteroffer
    C. relieved from the original offer at seller's option
    D. relieved from the original offer unconditionally
    D. relieved from the original offer unconditionally
    (this multiple choice question has been scrambled)
  5. The authority for real estate agents to prepare documents related to real estate transactions is found in:

    A. Satute of Frauds
    B. article XXVI of US Constitution
    C. article XXVI of Arizona Constitution
    D. RESPA
    C. ariticle XXVI of Arizona Constitution
    (this multiple choice question has been scrambled)
  6. Assuming that no written provision addresses the death of either party, what is the status of a purchase contract when the seller dies afgter the contract is formed, but before closing:

    A. contract is binding on the heirs of the seller
    B. contract is voidable by the buyer
    C. contract is void
    D. contract is unenforceable by the seller's heirs
    A. contract is binding on the heirs of the seller
    (this multiple choice question has been scrambled)
  7. J and S agree that J will purchase S's house for 125K cash on June 30. This is an example of:

    A. bilateral, express, executory contract
    B. unilateral, express, executory contract
    C. bilateral, express, executed contract
    D. unilateral, implied, executed contract
    A. bilateral, express, executory contract
    (this multiple choice question has been scrambled)
  8. A voidable contract is:

    A. valid until voided
    B. illegal
    C. unenforcable
    D. void
    A. valid until voided
    (this multiple choice question has been scrambled)
  9. An option does not become a binding contract upon both parties until the:

    A. expiration of the option period
    B. consideration is paid
    C. option is exercised
    D. option is signed by both parties
    C. option is excercised
    (this multiple choice question has been scrambled)
  10. When a tenant purchases the right to buy the property it is a:

    A. a lease purchase
    B. a purchase contract
    C. a lease option
    D. a lease agreement
    C. a lease option
    (this multiple choice question has been scrambled)
  11. A contract for the purchase of real estate made by a 17 year old person who intends to reside in the property is:

    A. void
    B. indefeasible
    C. enforceable
    D. voidable
    D. voidable
    (this multiple choice question has been scrambled)
  12. Failure to meet the requirements described in a contract is:

    A. novation
    B. breach
    C. voidable
    D. laches
    C. voidable
    (this multiple choice question has been scrambled)
  13. If a buyer backs out of the contract without a valid reason, who determines what is done with the earnest money?

    A. broker
    B. commissioner
    C. title company
    D. seller
    D. seller
    (this multiple choice question has been scrambled)
  14. When all parties to a contract have agreed to its terms, this is referred to as:

    A. specific performance
    B. meeting of the minds
    C. legality of contructual object
    D. specific competency
    B. meeting of the minds
    (this multiple choice question has been scrambled)
  15. A contract that depends of the actions of the parties as evidence of a contract is referred to as:

    A. unilateral
    B. Bilateral
    C. implied
    D. express
    implied
  16. To create a binding contract for real property, the offer must be signed by the:

    A. offeror, offeree and agent
    B. offeree and the agent
    C. offeror and the offeree
    D. offeree
    C. offeror and offeree
    (this multiple choice question has been scrambled)
  17. A contract was ambiguous in that number written as words, differed from the numberals. Which of the following statement is true?

    A. contract is void
    B. contract is voidable
    C. words take precedence over numerals
    D. numerals take precedence over words
    C. words take precedence over numerals
    (this multiple choice question has been scrambled)
  18. What requires most real estate contracts to be in writing

    A. statute of limitations
    B. statute of frauds
    C arizona constitution
    D. supreme court
    B. statute of frauds
  19. What are the exceptions to the statute of frauds relating to real estate contracts?

    A. leases for one year or less
    B. broker to broker contracts and leases for one year or less
    C. leases for one year
    D. broker to broker contracts
    B. broker to broker contracts and leases for one year or less
    (this multiple choice question has been scrambled)
  20. As the listing salesperson you are given a contract to purchase from the selling agent. The seller has rejected offers for a higher price in the recent past. What is your legal obligation?

    A. refuse to present it to the seller because the price is too low
    B. present it to the seller
    C. reject the offer for the seller since they have already rejected beter offers
    D tell the selling agent they will have to get a higher offer
    B. present it to the seller
    (this multiple choice question has been scrambled)
  21. Vocabulary

    Delay in asserting one's rights...
    Laches
  22. Vocabulary

    Proposal to make a contact...
    Offer
  23. Vocabulary

    Contact seems enforceable on the surface, but may be rescinded by one party
    voidable
  24. Vocabulary

    Option fee
    Consideration
  25. Vocabulary

    Occurs when either party defaults on a contract
    Breach
  26. Vocabulary

    One-sided contract in which one party makes a promise in order to induce a second party to perform
    Unilateral Contract
  27. Vocabulary

    One contract is substituted for another..
    Novation
  28. Vocabulary

    Person to whom an offer is made...
    offeree
  29. Vocabulary

    Laws that prohibit writing contracts on Sunday
    Blue Laws
  30. Vocabulary

    Law that gives brokers and salespersons the right to write contracts relating to real estate..
    Article 26 of the AZ Constitution
  31. Vocabulary

    Preprinted words in a contract
    Boilerplate
  32. Vocabulary

    Contract with all essential elements present that is binding upon both parties
    Valid Contract
  33. Vocabulary

    Unlawful pressure, force or threats by one person againt another
    Duress
  34. T/F

     Consideration in a purchase contract is the earnest money deposit make by the seller...
    False
  35. T/F
     
     The "Time is of the Essence" clause in a contract means it should be completed as soon as possible...
    False
  36. T/F 

    The person who signs to show acceptance of a sales contract is the offeree..
    True
  37. T/F 

    An option is assignable unless prohibited...
    True
  38. T/F 

    Damages for breach of contract in excess of the actuall loss suffered wopuld be compensatory damages...
    False

    That would be punitive damages
  39. T/F 

    If the offeror dies just prior to the offeree's acceptance of the offer the contract is enforceable.
    False

    There was no acceptance and communication back
  40. T/F 

    Offers to purchase must be presented to the seller in a reasonable amount of time...
    True
  41. T/F 

    When the seller makes a change in the amount of earnest money deposit to be made, initials the change and signs the contract, it is considered a counteroffer...
    True
  42. T/F 

    A purchase contract must be in writing and is considered an implied contract...
    False
  43. T/F 

    An executed contract is a contract that has been terminated.
    True
  44. T/F 

    In an option agreement, the party with the most control is the optionee
    True
  45. T/F 

    Voidable means unenforceable until voided...
    False

    It is valid until voided
  46. T/F 

    Parol Evidence is the rule that oral evidence will not be admissible to vary the terms of the written cpontract...
    True
  47. T/F 

    Numerals take precedence over words...
    False
  48. T/F 

    Blue Sky Laws prohibit writing contracts on Sundays...
    False

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