Exam Cram Quiz - Real Estate Contracts Quiz #11

10 Question Quiz - Let's test your knowledge on Real Estate Contracts

An offer is NOT terminated by which of the following?

Extension

Rejection

Acceptance

Counteroffer

A valid real estate sales contract?

Transfers title to real property

Requires witnessing

Must be acknowledged by only one person

Contains all the essential elements and in writing

A contract that is NOT in writing is called?

Executory contract

Unilateral contract

Parole contract

Formal contract

A real estate associate must disclose to a prospective buyer which of the following?

The family room addition does not comply with building code

Families of other racial groups live in that area

The former owner committed suicide in the home

This seller has been diagnosed with HIV

Normally, the most advantageous type of listing from the broker's point of view is? (choose best answer)

An exclusive-right-of-sale listing

Net listing

An exclusive agency listing

An open listing

Which statement is FALSE concerning the lead based paint disclosure requirements?

If built before 1978, buyers must get lead-paint disclosure completed.

If requested by the buyer the seller must test home for lead based paint.

If built before 1978, renters must get lead-paint disclosure signed by all parties.

Sellers must disclose lead paint if known to be in residence.

Similar to an option contract, If a car dealer offers a one-way incentive to his sales people. Which type of contract is this?

Executed

Unilateral

Implied

Bilateral

A seller lists a residential lot. She demands a minimum amount of cash at closing. This is?

Exclusive-agency listing

Net listing

Open listing

Exclusive right of sale listing

What essential element is necessary for a contract to be valid?

Notarization

Signatures of two witnesses

Good faith deposit

Offer and acceptance

The Residential Lead-Based Paint Hazard Reduction Act deals with homes built before what year?

Prior to 1968

Prior to 1978

Prior to 1988

After 1979