A legal procedure brought about by one party to a contract to enforce the terms of the contract is:
C. specific performance
A new contract being substituted for an existing one, relieving the parties of responsibility, is an example of:
B. novation
If, upon receiving an offer to purchase under certain terms, the seller makes a conditional acceptance, the offeror is:
C. relieved from the original offer unconditionally
The authority for real estate agents to prepare documents related to real estate transactions is found in:
A. ariticle XXVI of Arizona Constitution
Assuming that no written provision addresses the death of either party, what is the status of a purchase contract when the seller dies afgter the contract is formed, but before closing:
D. contract is binding on the heirs of the seller
J and S agree that J will purchase S's house for 125K cash on June 30. This is an example of:
B. bilateral, express, executory contract
A voidable contract is:
D. valid until voided
An option does not become a binding contract upon both parties until the:
A. option is excercised
When a tenant purchases the right to buy the property it is a:
D. a lease option
A contract for the purchase of real estate made by a 17 year old person who intends to reside in the property is:
D. voidable
Failure to meet the requirements described in a contract is:
B. voidable
If a buyer backs out of the contract without a valid reason, who determines what is done with the earnest money?
B. seller
When all parties to a contract have agreed to its terms, this is referred to as:
B. meeting of the minds
A contract that depends of the actions of the parties as evidence of a contract is referred to as:
A. unilateral
B. Bilateral
C. implied
D. express
implied
To create a binding contract for real property, the offer must be signed by the:
C. offeror and offeree
A contract was ambiguous in that number written as words, differed from the numberals. Which of the following statement is true?
B. words take precedence over numerals
What requires most real estate contracts to be in writing
A. statute of limitations
B. statute of frauds
C arizona constitution
D. supreme court
B. statute of frauds
What are the exceptions to the statute of frauds relating to real estate contracts?
C. broker to broker contracts and leases for one year or less
As the listing salesperson you are given a contract to purchase from the selling agent. The seller has rejected offers for a higher price in the recent past. What is your legal obligation?
D tell the selling agent they will have to get a higher offer
A. present it to the seller
Vocabulary
Delay in asserting one's rights...
Laches
Vocabulary
Proposal to make a contact...
Offer
Vocabulary
Contact seems enforceable on the surface, but may be rescinded by one party
voidable
Vocabulary
Option fee
Consideration
Vocabulary
Occurs when either party defaults on a contract
Breach
Vocabulary
One-sided contract in which one party makes a promise in order to induce a second party to perform
Unilateral Contract
Vocabulary
One contract is substituted for another..
Novation
Vocabulary
Person to whom an offer is made...
offeree
Vocabulary
Laws that prohibit writing contracts on Sunday
Blue Laws
Vocabulary
Law that gives brokers and salespersons the right to write contracts relating to real estate..
Article 26 of the AZ Constitution
Vocabulary
Preprinted words in a contract
Boilerplate
Vocabulary
Contract with all essential elements present that is binding upon both parties
Valid Contract
Vocabulary
Unlawful pressure, force or threats by one person againt another
Duress
T/F
Consideration in a purchase contract is the earnest money deposit make by the seller...
False
T/F
The "Time is of the Essence" clause in a contract means it should be completed as soon as possible...
False
T/F
The person who signs to show acceptance of a sales contract is the offeree..
True
T/F
An option is assignable unless prohibited...
True
T/F
Damages for breach of contract in excess of the actuall loss suffered wopuld be compensatory damages...
False
That would be punitive damages
T/F
If the offeror dies just prior to the offeree's acceptance of the offer the contract is enforceable.
False
There was no acceptance and communication back
T/F
Offers to purchase must be presented to the seller in a reasonable amount of time...
True
T/F
When the seller makes a change in the amount of earnest money deposit to be made, initials the change and signs the contract, it is considered a counteroffer...
True
T/F
A purchase contract must be in writing and is considered an implied contract...
False
T/F
An executed contract is a contract that has been terminated.
True
T/F
In an option agreement, the party with the most control is the optionee
True
T/F
Voidable means unenforceable until voided...
False
It is valid until voided
T/F
Parol Evidence is the rule that oral evidence will not be admissible to vary the terms of the written cpontract...
True
T/F
Numerals take precedence over words...
False
T/F
Blue Sky Laws prohibit writing contracts on Sundays...
