Chapter 19 Quiz

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  1. If upon the receipt of an offer to purchase his property under certain conditions, the seller makes a counteroffer, the prospective buyer is
    Relieved of his origional offer
  2. The amout of earnest money is determined by
    agreement between the parties
  3. Ifa buyer defaulted some time ago on a written contract to purchase a sellers rea estae, the seller can still sue for damages if he is not prohibited from doing so by the
    Statute of Limitations
  4. WHich of the following gives the best evidence of the buyer's intention to carry out the terms of the real estate purchase contract
    The earnest money deposit
  5. What is the effect of an option
    Keeps the offer open for a specified time.
  6. When a porpsective buyer make a writte purchase offer that the seller accepts, then the
    Buyer received equatable title to the property
  7. A buyer agrees to buy a porperty for $230,000 and deposits $6900 earnenst money with the listing broker.  However the seller is unsble to clear the title to the property and the buyer demands the return of his earnest money as provided in the purchase contract.  The broker should
    Return the amount ot the buyer
  8. A buyer makes an earnest money deposit of $1500 on a $150,000 property and then withdraws her offer before the seller can accept it.  The broker is responsible for disposing of the earnest money by
    Returning it to the buyer
  9. A broker arrives to present a purchase offer to an invalid and finds the woman's son and his wife present as well.  In the broker's presence, the couple persistently urges the invalid to sign and accept the offer, even though it is much lower than the price she has been asking for her home.  If the invalid accepts the offer, she may later claim that
    she was under undue duress frim her son and his wife and that, therefore the contract is void.
  10. A owner enters into an agreement not to sekk a property to other interested  for a specified time in exchange for some consideration, additionall, granting a right in agreement for the property to be purchased on or before the end of that time for a specified proce.  The agreement is called
    An installment agreement
  11. Which of the folloing BEST represents earnest money
    The money that is put up by the buyer at the time the offer is made
  12. What is the effect when the buyer and the seller both sign a valid purchase contract
    The buyer receives a interested know as equiable title
  13. Two salespeople working for the same broker obtained offers on a property listed with thier firm.  The first offer was obtained early in the day.  A second offer for a higher purchase price was obtained later in the afternoon. The broker presented the first offer to the seller that evening.  The broker did not inform the seller about the second offer so that the seller could make a decision about the first offer.
    The broker has no authority to withhold any offers from the seller
  14. A broker has an exclusive right to sell listing on a building.  The owner is out of town when the broker gets an offer from a buyer to purchase the building, provided the seller agrees to take a purchase money mortgage.  The buyer must have a commitment from the seller before the seller is scheduled to return to the city.
    The broker must obtain the signature of the seller to effect a contract
  15. On Monday a seller offers to sell his vacan lot to a buyer for $12,000.  On Tuesday, the buyer counter offers to buy for $10,500.  ON Friday, the buyer withdraws the counteroffer and accepts the origional offer of $12,000.  Under these conditions, there is
    NOt a valid agreement because the buyer's counteroffer was  rejection of the seller's offer and, once  rejected, cannot be accepted later.
  16. In an option to purchase real estate, the optionee
    Has no obligation to purchase the property.
  17. The broker receives an earnest money deposit with a written offer to purchase that includes a ten-day acceptance clause.  On the fifth day, before the offer is accepted, they buyer notifies the broker that she is withdrawing the offer  and demands the return of the earnest money deposit
    The buyer has the right to revoke the offer at any until it is accepted and recover the earnest money
  18. THe concept that requires an injured party to bring an action within a specific period of time after an injury is
    the statute of limitations
  19. A real estate sales contract becomes valid or in effevt when it is signed by
    the buyer and the seller
  20. If a broker deposits a buyer's earnest money in a trust account, at what time is the seller entitled to recevie it
    At the time of settlement
Author:
mgferraro
ID:
316452
Card Set:
Chapter 19 Quiz
Updated:
2016-02-24 22:22:22
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salescontracts
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Chapter 19 Quiz
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