Contracts

As it relates to the field of real estate, the legal term "theft" would include all of the following EXCEPT:

A net leasing agreement would require the lessee to pay his share of all of the following EXCEPT:

An agent must submit all new offers to the owner until:

An estoppel is a:

Thinking that he is acting properly regarding the safety clause in a listing, a broker notifies the owner verbally of a prospective buyer with whom he negotiated. The day after the listing expires, the buyer purchases the property. Which of the following is correct?

Jack leases a single family dwelling property from Mr. Michaels. After the lease agreement is signed and Jack moves in, Mr. Michaels insists that Jack sign a contract agreeing to make substantial capital improvements to the property. This requirement by the lessor would render the lease contract:

A lease contains a clause in which the parties agree to an adjustment of rent based upon some stated criteria. This lease clause is called a(n):

A broker has a combination of a listing and an option. She exercises the option without disclosing that she already has a buyer at a higher price. The broker:

A listing with an effective date of March 12th and expiring on April 12th is for:

Which of the following can be recorded?

Which of the following is NOT essential to all contracts?

In which of the following ways is fraud different from misrepresentation?

Under a lease, the leasehold interest lies in the:

An exclusive authorization and right to sell listing is given to Steve R. Stone (DBA: Steve R. Stone Realty). If Steve R. Stone dies prior to the sale of the property, the listing:

A tenant signs a lease that stipulates that the lessee pays the property tax. This lease is probably a:

A contract based on an illegal consideration is:

A contract signed under duress is:

Mr. Owner enters into an exclusive listing with Broker X. One week later, Broker X brings in a full price offer, but Mr. Owner refuses the offer. Seeking an action of Specific Performance would be an option for:

A lease contains an assignment clause requiring the consent of the landlord. If the lessee assigns the lease without approval, the assignment is:

A tenant's five-year lease has expired but they continue to live on the premises and pay their rent monthly. This is considered a(n):

Salesperson Beth took an offer to purchase from her buyer to Broker Smith's office to present it. The offer included a $1,000.00 promissory note from the buyer as the earnest money deposit. Broker Smith should do which one of the following upon receipt of the offer:

A recorded legal document that gives constructive notice that an action affecting a particular piece of property has been filed in a state or federal court is called a(n):

On the last day of a 90-day exclusive listing, broker Jones submits a list of names of people with whom he negotiated to the seller. Broker Jones accidentally left out Adams' name. One week later, the owner sells to Adams. Which of the following is correct?

When a lessee transfers all of his/her interest in the property, it is called a(n):

Which of the following represents the minimum time period for an exclusive right to sell listing on real property?

When can you hire a contractor without a contractor's license?

A family rents a house from January 1st to June 30th. This is considered a(n):

When there is a counter offer, a new "counter offer" form must be filled out. The reason for this is:

A broker is going to take a listing on a church that is owned by an unincorporated association. In order to determine who has the proper authority to sign documents and represent the group, the broker should do which of the following:

What is it called when one person is substituted for another in a contract?

The maximum duration of an agricultural lease is:

What does "et ux" mean in the preliminary title report?

Bob signs a contract under duress. By whom can the contract be voided?

Given the subjective nature of market value, the listing price is most likely:

A broker enters into an open listing with a seller but fails to give a copy of the listing contract to the owner and also fails to include a termination date. The broker then presents an offer which is accepted.

Which of the following would not be a required payment for the lessee under a net lease?

The transferee in an assignment of a lease is called the:

A "safety clause" is found in a:

One week after entering into an exclusive authorization and right to sell listing, the owner dies. His designated administrator decides not to sell the property. In this case:

Which of the following is NOT essential to a contract?

The transfer of personal property must be in writing if the amount or value of the property is:

Salesperson Kim has several listings and is an agent of Broker Ling. These listings are:

Broker Jones takes an exclusive listing on a property owned by three different people. Broker Jones takes the listing contract to each of their places of business to get it signed. Broker Jones must:

A 17-year-old girl inherits a parcel of vacant land from her uncle. While still a minor, she deeds the land to her church which promptly builds on it. When she turns 18, she decides she wants the land back. In this case she:

Which of the following accurately describes a listing agreement which allows the broker to either find a prospective buyer or purchase the home himself/herself?

A broker secured a buyer for his principal and the seller accepted the offer presented through the broker. Under which type of listing would the broker not receive a commission from the principal?

If the owner enters into an exclusive agency listing and thereafter sells the property through his own efforts:

A listing that does not require a broker to use diligence in obtaining a purchaser is:

What font is used in real estate contracts?

Brown leases a residence from Baker on a three-month written lease. Upon expiration of the written lease, Brown retains possession of the property without the consent of Baker. Brown now holds a(n):

What is a business opportunity in California?

During the term of an exclusive authorization and right to sell listing, the broker has his license revoked by the Department of Real Estate. To prove that he is entitled to a commission, he must prove all of the following EXCEPT:

An agent acquired a listing for a house and orally promised to hold an open house every week until the house was sold. The agent failed to hold them as promised. This is an example of:

On a listing agreement what is included under the section, "Terms of the Sale?"

Which type of lease requires the lessee to pay a flat rent?

Under an exclusive agency listing, a broker advertises a home for sale. The owner sells the home prior to the expiration of the listing. The broker is entitled to:

Failure to perform any of the terms or conditions of a contract is called:

A broker receives a full-price offer on a house he has listed in accordance with the terms of the listing. Before he can present the offer, another broker brings in an offer for $500 less but with slightly better terms. The listing broker should:

One party sells property to another, and within the contract, the legal description is incorrect because of a simple typographical error. This can be corrected through a legal action called:

A broker accepts an exclusive authorization and right to sell listing from a corporation. During the listing term, all of the officers of the corporation die. In this case:

A periodic tenancy lease does not specify exactly when the rent payment is due. If this is the case, it would be due:

Licensee A has out-of-town relatives come to visit and he shows them several listings. He ends up helping them rent a property with an option to purchase. He should make a disclosure to:

The word "laches" most nearly pertains to:

Consideration may be:

A parcel of vacant land is listed for $100,000, requiring 20% down with the seller to carry back the balance. The broker brings in a full-price cash offer, but the owner refuses. The broker is entitled to:

All of the following would be required to be in writing EXCEPT:

A 17-year-old unemancipated minor enters into a contract to sell real property. The contract is:

A licensed real estate broker is successful in securing a buyer for a property who is ready, willing and able to buy. The offer is accepted and signed by both parties and escrow is opened. During the escrow period, the title company discovers that the seller is married but under 18 years of age and notifies the broker and the escrow holder. Under these circumstances, the contract is:

On June 10, a prospective buyer gave a deposit to a broker and signed the usual form of an offer to purchase property. The deposit form included the statement, "This offer is irrevocable for five days." On June 11 and before the offer had been accepted by the seller, the buyer contacted the broker and withdrew his offer and demanded the return of his deposit. The broker:

Which of the following would NOT be a valid reason for the seller to terminate a listing?

Mr. Seller signs an open listing on his home with five different brokers. In this case:

Which of the following describes "mutual consent?"

An exclusive agency listing between a broker and owner incorrectly states 6 dollars rather than 6 percent as the commission payable to the broker if he produces a buyer. If the owner sells the property himself, the broker is entitled to:

A purchase offer is NOT valid when transmitted by which of the following, unless followed up by a written confirmation?

Buyer and seller are in escrow. Prior to the close of escrow, the seller wants to back out because he finds out a new freeway is being built close to his house and he thinks the property will increase in value. What should seller's agent do?

The Statute of Frauds, outlines what contracts must be in writing to be enforceable through court action. Which of the following contracts would be enforceable?

Seller Smith sold a home to buyer Jones under contract. Shortly before close of escrow, it was judicially determined that Jones was incompetent prior to entering into the contract with Smith. The contract between Smith and Jones is:

The broker's promise to use diligence in finding a buyer:

The lessee of an apartment and the owner of a condominium have many things in common. Which of the following is true for both? They each hold:

A broker brought in an offer but the listing agreement did not include an authorization to accept a deposit. Which of the following is correct?

Four months ago, a seller entered into a legally binding written contract to sell his property. Later, the seller refused to complete the transaction since he felt the value of the property would increase in the near future. Under these circumstances, the Statute of Limitations could affect the rights of the buyer to prevail in a civil action due to a breach of the written contract within:

A listing agreement is:

Net listings are illegal in many states. Which of the following states allows net listings?

You enter into a contract with a person not knowing he was judicially declared incompetent. The incompetence of one of the parties to this agreement would make the contract:

Owner Jones gives broker Smith a 90-day exclusive listing. One week later, Jones notifies broker Smith in writing that he is terminating the listing. The next day, owner Jones signs an open listing with broker King. Broker King quickly brings in an offer which owner Jones accepts. As to the commission, which of the following is true?

An exclusive listing contains a provision for termination upon the owner giving the broker 24 hours notice.

If one uses the words "of definite duration" to describe a lease, it is most likely a(n):

A broker has shown a property which he has authorization to sell under an open listing. After showing the property, he should:

In a new counter-offer:

An exclusive authorization, a right to sell listing, does not contain a complete legal description.

The buyer (offeror) submits an offer to purchase and dies 4 hours later. What happens to the offer?

A listing broker agrees verbally to split a commission with a selling broker. The listing broker now refuses to do so. The selling broker should:

A broker has listed Mr. Applegate's property under a net listing. He also has an option to purchase the property within 30 days. If after 27 days, the broker decides to buy the property, he must:

A tenant has a three year lease with the lessor of an apartment building. At the end of year one, the tenant is transferred to another city. The lease between the lessor and lessee is silent on the tenant's ability to sublease or assign the lease. In this case:

A buyer has entered into an agreement with more than one buyer's agent at the same time but owes compensation only if she uses the services of a buyer's broker. This arrangement is known as a(n):

A month-to-month lease is considered a(n):

When a tenant leaves the premise with no intention to return, it is called:

Most real estate contracts contain preprinted clauses or spaces for information to be added in writing. In the interpretation of such contracts:

Which of the following lists the essential elements of an enforceable contract?

A verbal agreement between two brokers to split a commission is:

A lease where the rent is based on a percentage of the monthly or annual gross sales of the lessee is called a:

Broker Williamsburg obtained an exclusive authorization and right to sell listing from the owner of a residence. During the listing period, Williamsburg found a buyer who made an offer on the property which was accepted. Neither the offer nor the escrow instructions made any mention of Williamsburg being the agent or the payment of a commission. Under these circumstances:

An exclusive authorization and right to sell listing has an expiration date of noon on September 5th. At 1 p.m. on September 5th, the owner signed a new listing with Larry, another broker. At 2 p.m. on September 5th, Sally, the original listing broker, presents a full price offer. In this case:

To whom does a listing belong?

To have a valid contract, all but one of the following would be necessary:

All of the following listings require that the broker be the "procuring cause" of the sale if he/she is to be entitled to a commission, EXCEPT:

When the letters "HVAC" appear in a commercial or industrial lease, it normally refers to:

A broker listed an owner's home and later received an offer from another licensee that met all of the listing terms and conditions. After considering the offer, the owner informed the broker that the owner no longer wished to sell, and asked to be released from the listing agreement immediately. Which of the following is a TRUE statement about the broker's position in this situation?

Which of the following is TRUE concerning promissory notes?

A tenant verbally agrees to lease a house for six months. The following month, the tenant notifies the owner that he has found a more desirable unit and will be moving out. The contract is:

With an exclusive listing, a broker may be subject to disciplinary action for:

Valuable, adequate, good and sufficient in a contract would apply to:

Which of the following requires real estate listings to be in writing?

What form is sent when a short sale is completed?

A person who had leased a property for three years had to move out of state before the lease period had expired. In reading the lease, there was no mention of either subleasing or assignment of the leasehold. The lessee:

Regarding a promissory note: