Laila Enchante
Quiz von , erstellt am more than 1 year ago

Real estate studies

145
1
1
Laila Enchante
Erstellt von Laila Enchante vor etwa 9 Jahre
Schließen

Contracts (Pennsylvania Real Estate ch. 9)

Frage 1 von 30

1

A ____________ is a voluntary agreement between competent parties to perform or refrain from performing some legal act supported by legal consideration.

Wähle eine der folgenden:

  • mutual consent

  • contract

  • consideration

  • bilateral contract

Erklärung

Frage 2 von 30

1

Listing contract, Buyer agency contract, and sales contract are known as _______.

Wähle eine der folgenden:

  • Valid

  • Assignment

  • Agreement of sale

  • Contingency

Erklärung

Frage 3 von 30

1

For a real estate contract to be legal and enforceable real estate contracts must:

Wähle eine oder mehr der folgenden:

  • Written and signed as required by the Statute of Frauds, a lease of 3 years duration or less entered into between a landlord and tenant through an oral contract discussion is considered by law to be a binding contract.

  • Legality of object, Specific identification of the property, Competent Parties,

  • Valid and executed

  • Mutual consent - "offer and acceptance", "meeting of the minds", "mutual agreement"

  • Consideration - an exchange of something of value between the parties

  • an express only contract

Erklärung

Frage 4 von 30

1

an objective within the boundaries of the law

Wähle eine der folgenden:

  • Statute of frauds

  • novation

  • Rescission

  • legality of object

Erklärung

Frage 5 von 30

1

parole evidence rule

Wähle eine der folgenden:

  • real estate agents responsibility to keep their clients interest in real property on file.

  • police monitoring properties one a month.

  • that indicates that oral statements cannot be used to change or contradict the term of a clearly written.

  • probation for a buyer who defaults in a contract.

Erklärung

Frage 6 von 30

1

A contract is ______ meaning legal and enforceable when it contains all the necessary components.

Wähle eine der folgenden:

  • valid

  • voidable

  • void

  • default

Erklärung

Frage 7 von 30

1

A contract is ______ meaning not legal and unenforceable, when it is missing one or more of the necessary components.

Wähle eine der folgenden:

  • valid

  • voidable

  • void

  • default

Erklärung

Frage 8 von 30

1

A contract is called _________ when it cannot be carried out according to the law.

Wähle eine der folgenden:

  • voidable

  • unenforceable

  • valid

  • default

Erklärung

Frage 9 von 30

1

A ______ contract means one that is able to be made void.

Wähle eine der folgenden:

  • voidable

  • unenforceable

  • valid

  • default

Erklärung

Frage 10 von 30

1

In an unilateral contract, when a party promises to do something then the other party has to follow through with the action to the promise.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 11 von 30

1

Bilateral contract

Wähle eine der folgenden:

  • is an agreement between two parties in which both parties make promises to do something and each party can enforce the promises of the other party.

  • a contract for the purchase of two plats

  • an agreement between two parties who make promises but only one party has to keep their specific promise.

  • an agreement for the interest of two properties

Erklärung

Frage 12 von 30

1

is an agreement in which the terms and conditions are clearly stated in words

Wähle eine der folgenden:

  • implied contract

  • executory contract

  • executed contract

  • express contract

Erklärung

Frage 13 von 30

1

is an agreement that is carried out through the actions of a party

Wähle eine der folgenden:

  • implied contract

  • executed contract

  • executory contract

  • express contract

Erklärung

Frage 14 von 30

1

is one in which all the parties have fulfilled their promises, also refers to the signing of a contract

Wähle eine der folgenden:

  • implied contract

  • executory contract

  • executed contract

  • express contract

Erklärung

Frage 15 von 30

1

executory contract

Wähle eine der folgenden:

  • cancel the contract

  • is when a party defaults

  • is one in which the parties have entered into the contract and are in the process of fulfilling the contract but have not yet completed all the terms and conditions.

  • is when the parties have not yet signed and agreed to the contract

Erklärung

Frage 16 von 30

1

"time is of the essence"

Wähle eine der folgenden:

  • without the inclusion of a specific time limit, the courts have indicated that a contract needs to be fulfilled within a reasonable period of time.

  • the time period between the interest in real property and the actually agreement of sale, where the buyer has that time limit to back out of the contract.

Erklärung

Frage 17 von 30

1

The contract term assign means to transfer one's interest over to another party, prior to settlement turn the buying rights over to another party. It allows those lenders to sell the mortgage obtained to a purchaser in the secondary mortgage market.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 18 von 30

1

A novation is a new contract that is used to extinguish and simultaneously replace one or more persons or conditions in an old contract.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 19 von 30

1

The _______ of a contract means the breaking of one or more of the terms of the contract by a party and consequently represents failure to perform.

Wähle eine der folgenden:

  • default

  • rescission

  • liquidated damages

  • void

Erklärung

Frage 20 von 30

1

Also called breach of contract

Wähle eine der folgenden:

  • default

  • rescission

  • liquidated damages

  • void

Erklärung

Frage 21 von 30

1

If the seller defaults on an agreement of sale, the purchaser has the following choices:

Wähle eine oder mehr der folgenden:

  • Get the property for FREE! ^.^

  • File suit for "time is of the essence"

  • File a suit for specific performance

  • File a suit for compensatory damages

Erklärung

Frage 22 von 30

1

Unilaterally cancel the agreement

Wähle eine der folgenden:

  • void

  • novation

  • execute

  • rescission

Erklärung

Frage 23 von 30

1

If purchaser defaults on an agreement of sale, the seller has the following choices:

Wähle eine oder mehr der folgenden:

  • file a lawsuit for the purchase price and transfer of the deed

  • suit for compensatory damages

  • rescind the contract

  • accept the earnest money deposit as liquidated damages

  • suit for "time is of the essence"

Erklärung

Frage 24 von 30

1

In, Pennsylvania the __________ on contracts is fours years from the time of the breach of the contract.

Wähle eine der folgenden:

  • contingency

  • statute of frauds

  • statute of limitations

Erklärung

Frage 25 von 30

1

A______ is a condition in a contract on which the successful performance of the contract by the parties is dependent.

Wähle eine der folgenden:

  • contingency

  • statue of frauds

  • statute of limitations

Erklärung

Frage 26 von 30

1

A ________ provision allows a buyer to legally get out of a binding sale if a mortgage cannot be obtained for the buyer.

Wähle eine der folgenden:

  • loan contingency

  • mortgage contingency

  • fee simple contingency

Erklärung

Frage 27 von 30

1

by agreeing in writing to terminate the contract is by

Wähle eine der folgenden:

  • breaching the contract

  • mutual agreement

  • settling it in court

  • asking your mom

Erklärung

Frage 28 von 30

1

Performance indicates

Wähle eine der folgenden:

  • that your in a talent show

  • the contract parties have fulfilled the terms and conditions of the contract and the contract is completed and ended.

  • the contract parties have fulfilled the terms and conditions of the contract but the contract is still active.

  • that you went to try-outs for the talent show

Erklärung

Frage 29 von 30

1

Confession of judgement

Wähle eine der folgenden:

  • It represents a written and voluntary agreement by a debtor to allow the attorney of a creditor to seek a court order for the recovery of a specific amount of money.

  • When a party confesses that they breached the contract.

  • When your pressured by the court and you admit that you wore pull-up diapers until you were the age of ten.

  • when you confess that your actually an adult to the judge and the jury of KND.

Erklärung

Frage 30 von 30

1

Who is the fourth grade president?

Wähle eine der folgenden:

  • Muppy Jenkins

  • Muppy Jenkins..

  • Muppy Jenkins...

  • Muppy the ONE and only jenkins

Erklärung

Vorherige
Nächste