Unit 4 - Real Estate Contracts and Agency Page 1 of 48 All real estate contracts must be: Verbal. Written. Recorded at the register of deeds. Executed. Page 2 of 48 A contract may be voided if which of the following applies to the contract? Created by a 20 year old college student who is looking to start the next phase in her life Created by a 90 year old home owner who wants to move into an apartment Created by a single mom who's father is telling her to enter into the contract or else Created by a man entering a listing agreement to sell because he is unhappy with his recent purchase Page 3 of 48 A promise for a promise is considered a ______________________. Implied Contract Bilateral Contract Unilateral Contract Executed Contract Page 4 of 48 A valid contract must contain all of the following except? Competent Parties Mutual Agreement Condensation Legal Purpose Page 5 of 48 Creating a contract to rob a bank would violate which element of a valid contract? Mutual Agreement Consideration Legal Purpose Consideration Page 6 of 48 A promise contingent on a specific act being completed is called a __________________. Implied Contract Bilateral Contract Unilateral Contract Executed Contract Page 7 of 48 The jury was so upset over the case, they wanted to assess additional money to ensure this type of thing doesn't happen again. Nominal Damages Compensatory Damage Punitive Damages Liquidated Damages Page 8 of 48 Mike's actual losses of $25,000 due to undisclosed defects in the property caused the courts awarded him? Nominal Damages Compensatory Damage Punitive Damages Liquidated Damages Page 9 of 48 Earnest Money is considered to be ______________________________. Nominal Damages Compensatory Damage Punitive Damages Liquidated Damages Page 10 of 48 A valid contract must contain all of the following but not? Competent Parties Mutual Agreement Consideration Illegal Purpose Page 11 of 48 The court awarded _____________________________ due to the the plaintiff because the who situation was unnecessary. Nominal Damages Compensatory Damage Punitive Damages Liquidated Damages Page 12 of 48 Sarah is selling her parents house but her three siblings do not want to, they could file _________________________. for Punitive Damages for Specific Performance for a Novation An injunction Page 13 of 48 I wish to replace one buyer with another buyer in the contract, this is known as ______________________. Estoppel Novation Recession Waiver Page 14 of 48 A real estate contract is cancelled, the buyer received all his Earnest Money back and the seller puts the home back on the market. Which is the most correct as it relates to the scenario? Liquid Damages Accordance & Satisfaction Novation Recession Page 15 of 48 "Time is of the Essence" relates to which of the following? Doctrine of Estoppel An action that can correct a mistake in a contract All contracts must be in writting Acceptance prior to a specific date or time Page 16 of 48 The person making the offer is the is referred to as? Offeree Grantee Offeror Grantor Page 17 of 48 The person receiving the offer is the is referred to as? Offeree Grantee Offeror Grantor Page 18 of 48 Once an offer is accepted the sellers and buyers are in a biding _____________________. Counter Offer Dispute Contract Multiple Counter Offer Page 19 of 48 What may signify acceptance of a contract? Placing a counter offer in the mail Placing the accepted offer in the mail Placing a revocation letter in the mail Hand delivering the offer to the offerree Page 20 of 48 I am working with a real estate agent, I have not signed an agreements but I am questioning if we are a right fit. Client Seller Buyer Agent Customer Page 21 of 48 Pushing someone to a specific neighborhood because you feel they may feel more comfortable there is known as? Fiduciary Duty Stigmatized Properties Blind Ads Steering Page 22 of 48 A real estate contract is cancelled, the seller received Earnest Money and the seller puts the home back on the market. Which is the most correct as it relates to the scenario? Liquid Damages Accordance & Satisfaction Novation Recession Page 23 of 48 Acceptance occurs once you mail it, but revocation doesn't occur until ___________________________. the initial offer is received the revocation is placed in the mail the revocation is received the withdrawal is mailed Page 24 of 48 Earnest money is intended to be ____________________________________. liquid damages if the contract is cancelled without cause given to the sellers for needed repairs only for down payment show how unhappy the buyer is about purchasing the property Page 25 of 48 The same firm or agent may represent both parties in the transaction but must remain neutral throughout the transaction. Multiple Representation with Designated Agency Reject Multiple Representation without Designated Relationships Multiple Representation without Designated Agency Reject Multiple Representation Relationship Page 26 of 48 _________________________ is where I am only representing one of the parties to a transaction. Dual Agency Single Agency Multiple Representation Designated Agency Page 27 of 48 The seller signs a __________________________ which transfers ownership to the buyer even though the buyer doesn't sign it. Buyer Agency Agreement Offer to Purchase Closing Statement Deed Page 28 of 48 Each offer to purchase includes _____________________________ that must be met for the sale to close. (i.e., appraisals, home sales and bump clauses) Inspections Contigencies Radon Test Fixtures Page 29 of 48 The same firm may represent me and the other party as long as the same agent does not represent us both. Multiple Representation with Designated Agency Reject Multiple Representation without Designated Relationships Multiple Representation without Designated Agency Reject Multiple Representation Relationship Page 30 of 48 The Real Estate Condition Report form helps the seller to more easily ________________________ potential ___________________ with the property they are selling. Disclose, Known Issues Disclose, Unknown Issues Disclose, Fixtures Decrease, Known Issues Page 31 of 48 _________________________ is where I am only representing both of the parties to a transaction. Single Agency Dual Agency Multiple Representation Designated Agency Page 32 of 48 I am working with a real estate agent but I have not signed any agreements with them. Client Seller Buyer Agent Customer Page 33 of 48 The same firm or agent may not represent both parties in the transaction. Multiple Representation with Designated Agency Reject Multiple Representation without Designated Relationships Multiple Representation without Designated Agency Reject Multiple Representation Relationship Page 34 of 48 The same agent may not represent both parties in the transaction, but another agent in the same firm may represent the other side. Multiple Representation without Designated Agency Reject Multiple Representation without Designated Relationships Multiple Representation with Designated Agency Reject Multiple Representation Relationship Page 35 of 48 A cooperating broker is whoever is representing ___________________________. the selling brokerage a client the listing brokerage the mother-in-law's sister Page 36 of 48 My Fiduciary Duty as an agent includes: Care, Obedience, Accounting, Loyalty, Steering Care, Obedience, Accounting, Loyalty, Disclosure Care, Disobedience, Accounting, Loyalty, Disclosure Care, Obedience, Accounting, Loyalty, Performance Page 37 of 48 Being accountable for all funds received or distributed on behalf of the client falls under _______________________________. Multiple Representation with Designated Agency Termination of the Agency Trust Accounting Methods Fiduciary Duty Page 38 of 48 Informing your client of any facts that could influence their decision-making process falls under _______________________________. Multiple Representation with Designated Agency Fiduciary Duty Termination of the Agency Trust Accounting Methods Page 39 of 48 Pushing someone away from a specific neighborhood because you feel they may feel they maybe more comfortable somewhere else is known as? Fiduciary Duty Steering Stigmatized Properties Blind Ads Page 40 of 48 _________________________________ are where you publish a post on Facebook about a home for sale and to call you, but do not say that you work with a specific brokerage. Fiduciary Duty Steering Stigmatized Properties Blind Ads Page 41 of 48 With a ______________________ a licensee does not need to disclose a known act or occurrence that happen unless that act or occurrence caused damage to the improvements. Fiduciary Duty Steering Stigmatized Properties Blind Ads Page 42 of 48 Client Funds must be kept in a _________________________________. safe in the brokers office Interest Bearing Real Estate Trust Account client's bank account senator's bank account for future favors Page 43 of 48 Client funds and broker funds must be kept in separate accounts to prevent ______________________. Steering Block Busting Issuing a 1099 Commingling Page 44 of 48 All money's taken into and paid out of a Interest Baring Real Estate Trust Account must be ________________________________. recorded in a trust ledger recorded in both a trust ledger and a cash journal tracked in a spiral note book recorded at the bank Page 45 of 48 As a real estate agent you are considered to be? a W2 employee a temporary employee an independent contractor a long term contracted employee Page 46 of 48 As a independent contractor you will receive a ____________ for tax filing purposes. W2 W2-Independent 1099-R 1099 Page 47 of 48 E&O insurance helps protect you against ________________________. Slipping and falling at a home Shark attacks Errors other agents make in a transaction Errors or Omissions that you make in a transaction Page 48 of 48 Conflict resolution process that allows two parties to come together with a neutral third party without litigation is called? Steering Arbitration Graduate, REALTOR® Institute Errors & Omissions Please provide your contact information to proceed.First NameLast NameEmail Address *Consent *Yes, I agree not to share any of these questions or answers with any current or future students of SENSBL Real Estate Academy. I also agree with the privacy policy and terms and conditions.Start Quiz
