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Question:
____
It is the communication of the acceptance of the offer to the buyer that limits their ability to rescind the offer.
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Liquidated damages cannot exceed ____ in the instance of an owner-occupied one-to-four unit residential property.
3% of the sale price
Which of the following is an acceptable termination date for an enforceable exclusive listing of residential real property?
180 days after the listing agreement is signed.
Upon the default of a buyer under a land sales contract, the seller ____
files a quiet title action.
Acknowledgment by a notary public of the signature on a deed is done as a prerequisite for ____
recording the deed at the county recorder’s office.
Under a (n) ____, the agent’s fee is set as all sums received exceeding a net price established by the owner.
net listing
A listing agreement in which a seller agrees to pay a broker a commission if they produce a “ready, willing, and able” buyer and agree to use due diligence in procuring a buyer is an example of a (n) ____
bilateral executory contract.
An offer to perform in accordance with contractual obligations is an example of ____
tender.
Which of the following is true?
A valid contract can be an unenforceable contract.
When an existing contract is replaced by an entirely new contract, it is an example of ____
novation.
A (n) ____ is an example of a bilateral contract in which both the offeror and the offeree are grantors.
exchange agreement
Writing “without recourse” on the back of a check creates a (n) ____
qualified endorsement.
All of the following are essential elements of a contract, except ____
performance.
A salesperson obtains a listing on a family member’s house. After taking the listing, the salesperson changes brokers. The listing ____
belongs to the salesperson’s previous broker.
Failure to perform as agreed under a contract is known as a (n) ____
breach.
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