The Natural Hazards Disclosure Act requires such
disclosure for
Detailed Answer
A. This is statutory.
2
Under the appropriate circumstances, all but which
of the following disclosures will be required to be
provided by a seller?
Detailed Answer
D. These disclosures are statutory under the right conditions. There is no such thing as demographic change
disclosure.
3
Owner A discusses the terms of selling his
property with Buyer B. They agree on the amount
of money, the type of deed, and when the closing
will be. This contract for the sale of the property is
Detailed Answer
B. Because all real estate sales contracts must be in writing, the contract is both void and unenforceable.
4
The major difference between a unilateral and a
bilateral contract is that
Detailed Answer
C. Don’t be confused by Choice B. In both types of contracts, both parties agree to do something. The difference
is stated in Choice C.
5
Buyer A signs an agreement with Seller B to
purchase her home. Seller B changes her mind
about selling, but Buyer A still wants the house.
Buyer B files a suit for
Detailed Answer
C. The suit for specific performance is the method for forcing a party to a contract to fulfill the terms of the contract.
6
A homeowner places an advertisement in the
newspaper offering her home for sale and offering
to compensate any broker who brings a successful
buyer to the property. The homeowner is seeking
to create an
Detailed Answer
B. Because the homeowner has expressed her terms and will pay only if a broker produces a buyer, Choice B is
correct. The other answers are essentially random combinations of the terms involved in contracts and listings.
7
Which of the following is most correct about
buyer broker compensation?
Detailed Answer
A. Although all the choices may be correct under certain circumstances, the most correct and that which is
usually stated in the buyer-broker agreement is Choice A.
8
Which of the following is not a requirement of a
valid real estate sales contract?
Detailed Answer
A. The acknowledgment is needed to file a deed.
9
A real estate sales contract entered into by an
emancipated minor is
Detailed Answer
C. The contract is valid because an emancipated minor is considered an adult and can enter into contracts.
10
Which of the following is correct regarding the
statute of limitations in which to bring an action
to enforce written and oral contracts?