Question 1

A meeting of the minds creating enforceable rights is called

Accepted Answer

A)  a contract. 
B)  an estoppel. 
C)  a lien. 
D)  a deed. 
A)  a contract. 
B)  an estoppel. 
C)  a lien. 
D)  a deed.

Question 2

Which of the following are considered to be legally competent?

Accepted Answer

A)  Corporations 
B)  Persons of unsound mind 
C)  Minors 
D)  A 15 year old woman 
A)  Corporations 
B)  Persons of unsound mind 
C)  Minors 
D)  A 15 year old woman

Question 3

A contract that has no binding effect on the parties who made it is a(n)____________________ contract.

Accepted Answer

The answer of A contract that has no binding effect...

Question 4

Choose the one most appropriate answer for each.
-an act intended to deceive for the purpose of inducing another to part with something of value

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.
-damages that can be measured in and compensated by money

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

A promise not to act by one or more of the parties to a contract is known as ____________________.

Accepted Answer

The answer of A promise not to act by one...

Question 7

If a contract is breached and the damaged party wants the contract carried out, he would sue for

Accepted Answer

A)  specific performance. 
B)  money damages. 
C)  novation. 
D)  unilateral rescission. 
A)  specific performance. 
B)  money damages. 
C)  novation. 
D)  unilateral rescission.

Question 8

The absence of duress, menace and undue influence are requirements of lawful objective.

Accepted Answer

A) True 
 B)False

Question 9

A contract can be discharged by novation.

Accepted Answer

A) True 
 B)False

Question 10

Rights, benefits, and obligations under a contract can not be assigned to someone else.

Accepted Answer

A) True 
 B)False

Question 11

In the absence of a special provision for such an event, an offer to purchase will probably be voided

Accepted Answer

A)  by the death of either buyer or seller before acceptance. 
B)  if the seller changes his mind after accepting the offer. 
C)  if not accepted within 24 hours. 
D)  if the seller should receive a higher offer from another buyer. 
A)  by the death of either buyer or seller before acceptance. 
B)  if the seller changes his mind after accepting the offer. 
C)  if not accepted within 24 hours. 
D)  if the seller should receive a higher offer from another buyer.

Question 12

Choose the one most appropriate answer for each.
-contract performance according to the precise terms agreed upon

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 13

Choose the one most appropriate answer for each.
-a contract that is able to be voided by one of its parties

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 14

The term "rescinded" in real estate means

Accepted Answer

A)  rewritten. 
B)  rejected. 
C)  reworded. 
D)  canceled. 
A)  rewritten. 
B)  rejected. 
C)  reworded. 
D)  canceled.

Question 15

Choose the one most appropriate answer for each.
-requires all contracts for the sale of land to be in writing to be enforceable in a court of law

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 16

John and Jay are brothers who received title to a property from their father. When they decided to sell the property, Jay was out of town. In order to properly transfer title, the deed could be signed by

Accepted Answer

A)  John alone, since they are brothers. 
B)  John, with a properly recorded power of attorney from Jay. 
C)  John and the father, since the father was the original owner. 
D)  no one, since both must be present. 
A)  John alone, since they are brothers. 
B)  John, with a properly recorded power of attorney from Jay. 
C)  John and the father, since the father was the original owner. 
D)  no one, since both must be present.

Question 17

The sum of money agreed upon in advance to be the damages in the event certain problems occur later is best described as

Accepted Answer

A)  judgement damages. 
B)  liquidated damages. 
C)  default damages. 
D)  punitive damages. 
A)  judgement damages. 
B)  liquidated damages. 
C)  default damages. 
D)  punitive damages.

Question 18

The party making an offer is called the

Accepted Answer

A)  offeree. 
B)  grantee. 
C)  offeror. 
D)  agent. 
A)  offeree. 
B)  grantee. 
C)  offeror. 
D)  agent.

Question 19

A lawsuit for specific performance is an action in court to force the innocent party to carry out the remainder of the contract.

Accepted Answer

A) True 
 B)False

Question 20

A contract that results when a promise is exchanged for a promise is called

Accepted Answer

A)  bilateral contract. 
B)  unilateral contract. 
C)  express contract. 
D)  implied contract. 
A)  bilateral contract. 
B)  unilateral contract. 
C)  express contract. 
D)  implied contract.

Exam 6: Contract Law

A meeting of the minds creating enforceable rights is called

Which of the following are considered to be legally competent?

A contract that has no binding effect on the parties who made it is a(n)____________________ contract.

Choose the one most appropriate answer for each. -an act intended to deceive for the purpose of inducing another to part with something of value

Choose the one most appropriate answer for each. -damages that can be measured in and compensated by money

A promise not to act by one or more of the parties to a contract is known as ____________________.

If a contract is breached and the damaged party wants the contract carried out, he would sue for

The absence of duress, menace and undue influence are requirements of lawful objective.

A contract can be discharged by novation.

Rights, benefits, and obligations under a contract can not be assigned to someone else.

In the absence of a special provision for such an event, an offer to purchase will probably be voided

Choose the one most appropriate answer for each. -contract performance according to the precise terms agreed upon

Choose the one most appropriate answer for each. -a contract that is able to be voided by one of its parties

The term "rescinded" in real estate means

Choose the one most appropriate answer for each. -requires all contracts for the sale of land to be in writing to be enforceable in a court of law

John and Jay are brothers who received title to a property from their father. When they decided to sell the property, Jay was out of town. In order to properly transfer title, the deed could be signed by

The sum of money agreed upon in advance to be the damages in the event certain problems occur later is best described as

The party making an offer is called the

A lawsuit for specific performance is an action in court to force the innocent party to carry out the remainder of the contract.

A contract that results when a promise is exchanged for a promise 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

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