Unit 7 Practice Exam Copy

Which is NOT a document that a broker is authorized to prepare?

In a written purchase and sale contract, a buyer agreed to purchase the seller’s property for $100,000 by the end of the year. The buyer defaulted. What did the court say when the seller brought a lawsuit six years afterward?

If a contract for the sale of real property is not written, it is

Which is NOT an essential element of a contract?

Which does NOT have monetary value?

A buyer has signed a contract with a seller to purchase the seller’s house in 30 days. The contract is

Which is NOT a way to terminate an offer?

Usually, the best and easiest way to terminate a contract is by

In case a buyer breaches a contract, the seller, who did not breach the contract, has four legal remedies. One of the remedies is that the buyer forfeits the earnest money deposit. This remedy for breach is called

A written listing requires the broker to give the seller a copy

Which is NOT one of the three principal types of listings?

Open listings are

In a real estate contract, the buyer is the

The party who is required to perform in an option contract is the

A buyer makes an offer to purchase a house. The seller makes a counteroffer. The buyer’s offer is