An amendment to a contract is created

After the buyer’s offer was accepted, he applied for a loan. He could not secure a loan to purchase the property. Which contract clause would allow the seller to receive the earnest money deposit?

A promise, or something of value, made by one party to induce another party to enter into a contract is

The status of a contract that meets all the essential elements and is enforceable is called a(n)

A contract entered into without duress, menace, misrepresentation, or fraud means that it meets the legal requirements of the

A contract that has no legal force or effect is

When neither party can sue the other to force performance, the contract is said to be

The transfer of rights and/or duties from one contract to another contract, or from one person to another person, is

One contract was substituted for another contract, and there was a release of liability from the original contract. The term that defines the release is.

A sales contract, land contract, or trust deed would give the buyers a(n)

Upfront damages or compensation that are agreed upon to be paid by the breaching party in the contract are called

The legal action that may be taken to enforce the terms of the contract is

The term that means let the seller beware is.

The clause in the contract that is meant to relieve a party from liability for injuries to another party is the

The seller has accepted monetary consideration and has agreed to sell the property for an agreed upon amount within a specified time frame if the buyer chooses to purchase. This contract is called a(n)

A land contract, contract for deed, or installment contract has been reached between the seller and the buyer. It MOST LIKELY means that the

The clause of a contract that makes timely performance a condition of the contract is called the

The essential elements of a contract include which of the following?

In a bilateral contract

An executed contract means

To create a contract, the offeree must accept the offer

An optionee has communicated to the optionor that the optionee will purchase the property. The option contract is now exercised and  is BEST described as a(n)

An oral sales contract involving the sale of real estate is

An agent forgot to get the buyer to sign the offer. What is the status of the offer?

An offer was accepted with contingencies. The status of this contract is

An attorney was discussing an investment with a buyer who will be attending a foreclosure sale. The attorney said "caveat emptor." This means

The buyer's offer stipulated that the closing must take place by April 15 or the contract is null and void. The buyer refuses to purchase on April 16 if the contract contains a

Which of the following statements is FALSE regarding offer and acceptance?

Which of the following is NOT required to create a valid sales contract?

On a listing appointment, the seller told the agent that he was learning disabled and illiterate. He asked the agent to read the listing agreement to him. After a lengthy discussion answering all of the seller’s questions, the seller said he understood the terms and placed an X where the agent indicated. Is this a valid listing contract?

To insert additional terms into the contract the agent would use a(n)

Every enforceable contract for the sale of real estate must be in writing and signed by all parties, in accordance with the.

Sandra and Cyril entered into a one-year contract wherein Cyril agreed to provide complete lawn care and snow removal services for Sandra. However, after the first snowstorm of the year, Cyril decided he wanted to move south even though the contract had six months left.  Eric wanted to provide the services Cyril had provided, and the parties agreed that Sandra and Eric would enter into a new contract and that the contract between Sandra and Cyril would be canceled. The above is an example of a(n)

If a prospective buyer has an option to purchase a certain parcel of real estate, the prospective buyer has

Victor enters into a contract to sell certain land to Sally.  During the course of the negotiations, Victor wrongfully represents the nature of the soil, claiming that a basement can be built. This contract is

Charlene and Patricia enter into a contract wherein Charlene agrees to sell her house to Patricia. Charlene thereafter changes her mind and defaults.  Patricia then sues Charlene to force her to go through with the contract. This is known as a suit for

When an offer has been signed by a purchaser and then given to the seller's broker with an earnest money check to present to the seller the

An option contract that has been exercised is a(n)

After the snowstorm of the century, Warren offers to pay $6 to whoever will shovel his driveway. This is an example of which of the following?

Carl made a written offer on Kristen's property.  After reviewing the contract with her attorney,  Kristen accepted the offer in writing.  At this point, what type of title does Carl have to the property?

As a general rule, an oral sales contract involving the sale of real estate

Time is of the essence in a contract means

At closing, a title is transferred to the buyer. Until that event occurs, a contract entered into by a buyer and a seller is

In most states, all of the following contracts would need to be in writing to be enforceable EXCEPT

Carrie negotiated an option contract with Mindy, wherein Mindy had six months to purchase the property. Month four Mindy found another buyer for the property. If Mindy can transfer her option contract to the new buyer, she can do so because of the right of

After three extensions of a sales contract, the buyers and sellers finally met at the title company for closing. The primary role of the agent at the closing is to

Which of the following would LEAST likely be found in a sales contract?

A contract entered into based on a misrepresentation is

In a land contract, which of the following would MOST LIKELY happen?

A seller listed a property for $100,000. The buyer made an offer for the full list price and gave the seller three days to accept. Two days later the seller had not yet accepted. Regarding this situation, which of the following is true?

What do the terms offer and acceptance, mutual assent and meeting of the minds have in common?

A husband in the military is currently stationed in Japan. He and his wife decide to sell their house in the United States so she can join him. To provide a good and marketable title to the buyer, the wife should

A contract has written contingencies. The status of this contract is

All of the following would render an offer voidable EXCEPT the contract that is

The buyer's offer stipulated that the closing must take place by April 15. This clause is known as

Peggy made an offer of $250,000 on a For Sale by Owner property. Her offer contained an earnest money check for $1,000 and no contingencies. If the seller accepts her offer, is it a binding contract?

An offer was made contingent on the buyer’s negotiating a 30-year fixed rate mortgage with an interest rate of no more than 7 percent. The buyer was to provide the seller with a preapproval letter from a lender by July 11. And the property was to close on July 31. On July 10 the seller’s agent received another, higher offer on the property. Can the agent present the second offer to the seller, and what clause should be in the contract to possibly release the seller from the first offer?

A sales contract had been negotiated between the buyer and seller. At the closing table, the seller received a phone call from his company and was informed that he was not being transferred after all. The seller has not signed the deed and no longer wants to sell his property. if he refuses to sell, does the buyer have legal action to force the sale?

Which of the following statements is false regarding offer and acceptance?

Floyd owns 50 acres and has been presented with an option contract. The possible buyer included a $50,000 option money check with her contract. If Floyd signs the option contract and the buyer does not buy, does he have to return the $50,000 to the buyer?

An acceptance which changes one of the terms of the offer is:

An offer from the seller back to the buyer is a/an?

A contract is created when:

Prior to closing, the buyer learns that the zoning has been changed in such a way that the property is more desirable. The contract is:

Before the closing the vendee has:

A seller who defaults on a contract of sale may be forced to sell by being sued for:

To be enforceable, a real estate sales contract must contain:

The contract of sale:

The contract of sale obligates: