Quiz
Contracts (Pennsylvania Real Estate ch. 9)
Questions in this quiz (30)
1A ____________ is a voluntary agreement between competent parties to perform or refrain from performing some legal act supported by legal consideration.
- Amutual consent
- Bcontract
- Cconsideration
- Dbilateral contract
2Listing contract, Buyer agency contract, and sales contract are known as _______.
- AValid
- BAssignment
- CAgreement of sale
- DContingency
3For a real estate contract to be legal and enforceable real estate contracts must:
- AWritten 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.
- BLegality of object, Specific identification of the property, Competent Parties,
- CValid and executed
- DMutual consent - "offer and acceptance", "meeting of the minds", "mutual agreement"
- EConsideration - an exchange of something of value between the parties
- Fan express only contract
4an objective within the boundaries of the law
- AStatute of frauds
- Bnovation
- CRescission
- Dlegality of object
5parole evidence rule
- Areal estate agents responsibility to keep their clients interest in real property on file.
- Bpolice monitoring properties one a month.
- Cthat indicates that oral statements cannot be used to change or contradict the term of a clearly written.
- Dprobation for a buyer who defaults in a contract.
6A contract is ______ meaning legal and enforceable when it contains all the necessary components.
- Avalid
- Bvoidable
- Cvoid
- Ddefault
7A contract is ______ meaning not legal and unenforceable, when it is missing one or more of the necessary components.
- Avalid
- Bvoidable
- Cvoid
- Ddefault
8A contract is called _________ when it cannot be carried out according to the law.
- Avoidable
- Bunenforceable
- Cvalid
- Ddefault
9A ______ contract means one that is able to be made void.
- Avoidable
- Bunenforceable
- Cvalid
- Ddefault
10In an unilateral contract, when a party promises to do something then the other party has to follow through with the action to the promise.
- ATrue
- BFalse
11Bilateral contract
- Ais 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.
- Ba contract for the purchase of two plats
- Can agreement between two parties who make promises but only one party has to keep their specific promise.
- Dan agreement for the interest of two properties
12is an agreement in which the terms and conditions are clearly stated in words
- Aimplied contract
- Bexecutory contract
- Cexecuted contract
- Dexpress contract
13is an agreement that is carried out through the actions of a party
- Aimplied contract
- Bexecuted contract
- Cexecutory contract
- Dexpress contract
14is one in which all the parties have fulfilled their promises, also refers to the signing of a contract
- Aimplied contract
- Bexecutory contract
- Cexecuted contract
- Dexpress contract
15executory contract
- Acancel the contract
- Bis when a party defaults
- Cis 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.
- Dis when the parties have not yet signed and agreed to the contract
16"time is of the essence"
- Awithout the inclusion of a specific time limit, the courts have indicated that a contract needs to be fulfilled within a reasonable period of time.
- Bthe 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.
17The 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.
- ATrue
- BFalse
18A novation is a new contract that is used to extinguish and simultaneously replace one or more persons or conditions in an old contract.
- ATrue
- BFalse
19The _______ 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.
- Adefault
- Brescission
- Cliquidated damages
- Dvoid
20Also called breach of contract
- Adefault
- Brescission
- Cliquidated damages
- Dvoid
21If the seller defaults on an agreement of sale, the purchaser has the following choices:
- AGet the property for FREE! ^.^
- BFile suit for "time is of the essence"
- CFile a suit for specific performance
- DFile a suit for compensatory damages
22Unilaterally cancel the agreement
- Avoid
- Bnovation
- Cexecute
- Drescission
23If purchaser defaults on an agreement of sale, the seller has the following choices:
- Afile a lawsuit for the purchase price and transfer of the deed
- Bsuit for compensatory damages
- Crescind the contract
- Daccept the earnest money deposit as liquidated damages
- Esuit for "time is of the essence"
24In, Pennsylvania the __________ on contracts is fours years from the time of the breach of the contract.
- Acontingency
- Bstatute of frauds
- Cstatute of limitations
25A______ is a condition in a contract on which the successful performance of the contract by the parties is dependent.
- Acontingency
- Bstatue of frauds
- Cstatute of limitations
26A ________ provision allows a buyer to legally get out of a binding sale if a mortgage cannot be obtained for the buyer.
- Aloan contingency
- Bmortgage contingency
- Cfee simple contingency
27by agreeing in writing to terminate the contract is by
- Abreaching the contract
- Bmutual agreement
- Csettling it in court
- Dasking your mom
28Performance indicates
- Athat your in a talent show
- Bthe contract parties have fulfilled the terms and conditions of the contract and the contract is completed and ended.
- Cthe contract parties have fulfilled the terms and conditions of the contract but the contract is still active.
- Dthat you went to try-outs for the talent show
29Confession of judgement
- AIt 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.
- BWhen a party confesses that they breached the contract.
- CWhen your pressured by the court and you admit that you wore pull-up diapers until you were the age of ten.
- Dwhen you confess that your actually an adult to the judge and the jury of KND.
30Who is the fourth grade president?
- AMuppy Jenkins
- BMuppy Jenkins..
- CMuppy Jenkins...
- DMuppy the ONE and only jenkins
Information
- Description
- Real estate studies
- Author
- Laila Enchante
- Language
- English
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