The essential elements of an enforceable contract are ___

The grantor must ____ the deed for it to be valid.

sign

Without the grantor's signature, a deed is not valid.

Which of the following is true concerning an option?

Only the optionor is bound to perform under the terms of an option.

The optionor is the owner of the real estate. Thus, the optionor is the only party obligated to perform under the terms of the option.

When Jack sells his home, he wants to be relieved of the primary liability for payment of the existing loan. He needs to find a buyer who is willing to ____

assume the existing loan.

The buyer’s assumption of the loan is the only answer selection offered that will relieve the seller of the primary responsibility for the underlying debt. Though the obvious answer would be for the seller to pay off the loan, that answer selection is not provided and therefore cannot be selected.

For a listing agreement to be valid, it must be ____.

in writing, have an expiration date, and be signed

Listing agreements must be for a certain amount of time, be in writing, and be signed.

An express contract is ____.

either written or oral

An express contract is created in words, either written or oral. The other answer choices are not true.

Which of the following contracts needs to be in writing in accordance with the Statute of Frauds?

A contract that is not to be performed for thirteen months.

The Statute of Frauds, based on an old English statute, requires written contracts for actions not to be performed within one year.

Mutual consent is typically evidenced by ____

offer and acceptance.

Mutual consent implies both parties have agreed to the contract. Thus, one party has made an offer and the other has accepted.

An offer to perform in accordance with contractual obligations is an example of ____

tender.

To make an offer is to “tender” the offer. Refer to the Real Estate Glossary if any of these terms are unknown.

Anita signs a real estate purchase contract as a buyer. The contract states the offer to purchase is valid for three days. One day later, Anita wishes to rescind her unaccepted offer. Which of these answers is correct?

Anita may revoke the offer and recover her deposit.

Until the offer has been accepted, and the acceptance has been communicated to the buyer, Anita is free to revoke the offer.

Under which one of the following listing contracts must an owner pay a commission, regardless of who sells the property?

An exclusive right to sell listing.

An exclusive right to sell listing agreement guarantees a commission will be paid to the broker regardless who sells it.

The following persons may not lawfully enter into a valid contract to purchase property, except ____

international buyers.

Foreign buyers may lawfully enter into a valid contract to purchase property.

A(n) ____ is a way of proving that the grantor signs the deed voluntarily.

acknowledgment

Generally, an acknowledgment is witnessed and attested to by a notary public, who requires evidence of your identity, and to indicate that you are signing the deed of your own free will.

The instrument most likely to state that “time is of the essence” is a (n) ____