The valuable consideration necessary to make a contract valid must be
Something specifically offered in exchange for something else.
A buyer makes an offer with a 48-hour expiration time. 12 hours later, she changes her mind and informs the seller that the offer is withdrawn? What is the status of the offer?
The offer is extinguished along with the seller's right to accept it.
A bilateral contract is one in which
both parties promise to do something in exchange for the other party's performance
The necessary condition of mutual consent may be found lacking in a contract if
The offer that was accepted is vague.
What is the statute of limitations?
A set period of time during which an injured party can rescind a contract.
If an offeree alters any part of an offer and then signs it,
The original offer is extinguished and the offeror is not bound by any agreement.
Which of the following contracts can be assigned to another party?
A contract for the sale of a house.
Can an oral contract between a buyer and a seller to transfer real estate be enforced?
No. Real estate sales contracts must be in writing.
An adhesion contract
Offers one party only the option of accepting or rejecting the contract.
A breach of contract is
A failure to perform according to the terms of the contract.
A homeseller signs a listing agreement with a broker and the next week decides not to sell and revokes the listing. What may the broker have to do?
The broker may have a claim for damages.
Which type of pipe is typically found in drainage systems
All of the following are guidelines usually provided by a state's Department of Health for the location of wells EXCEPT
well must not be located where the water table is less than 10 feet below the surface.
Which of these types of wire would probably not be found in a residence?
Real estate licensees should know enough about building ordinances to be able to
Alert clients of potential problems in a home.
The part of the foundation that transmits loads directly to the soil is called
What does the R-factor measure?
How much insulation a material provides.
Which foundation is a flat concrete pad poured directly on the ground?
What kind of refrigerant is used for cooling in air conditioners?
What is the purpose of Planned Unit Development zoning?
To promote an efficient land use design that maximizes open space when whole tracts are developed.
A court orders Jerry to allow neighbor Loretta to drive across his property because it is the only way Loretta can reach her property from a public road. The easement created is an
easement by necessity.
Bob signs a six-month apartment lease agreement with John. What kind of lease is this?
Estate for years
A person who owns all ownership interests in real property is said to own
An encroachment arises when
one property physically intrudes into another without authorization.
can take a property from an unwilling property owner by a process of condemnation.
To be valid and enforceable, a contract must
include valuable consideration.
Included in the definition of "real estate" are
fences and roads on a parcel of land.
Unlike other property taxes, a special assessment tax
applies only to properties which will directly benefit from the project to be funded.
take priority over less restrictive zoning ordinances.
Which of the following is required for a legal description to be adequate?
It must accurately locate and identify the boundaries of the property and distinguish it from all other properties.
When a joint tenant dies, that tenant's interest
passes to the surviving joint tenants.
The owner of a cooperative owns a(n)
The primary agents of private land use control are
property owners by means of deed restrictions.
An estate is transferred with the stipulation that trees on the premises will never be cut down or the seller will take back the property. This kind of estate is a
fee simple defeasible.
In a tenancy in common, the co-owners
share an indivisible interest.
A contract in which an owner hires a broker to market the property creates an agency relationship between
Broker and seller
Which of the following types of information can a licensee legally provided to both a principal and a customer?
Agent Sam told a buyer that the fence line also marked the property line. Agent Sam knew that the property line did not extend to the fence line. Agent Sam's actions are an example of what?
The principles of an agency relationship include all of these factors except which one?
Antitrust laws prohibit
Which of the following is a common complaint buyers have against brokers?
Misrepresentation of the facts
When a home is listed, what is the most limited agency that can be created?
The principal of Notice is sometimes called what?
What are the two forms of fraud?
Active and passive
An agent's duties to a principal include all of the following except which?
Which of the following is not a form of agency?
Three forms of agency are
Express agency, Implied agency, and Ostensible agency.
Puffing is best characterized as which of the following
Agent Fred fronts his cousin Norm money to buy a client's house. Shortly after the closing, Agent Fred flips the house and realizes a substantial profit. Agent Fred's actions might be describe as
Which BEST describes the role of a fiduciary?
A fiduciary relationship is established when a property manager agrees to represent an owner in leasing the owner's property.
Which of the following best defines negligent misrepresentation?
Failure to use ordinary or reasonable care in a situation
An agency relationship
can occur through implication (what you might say or do) without a written contract
What are the three primary areas of disclosure?
Agency, property condition, and environmental hazards
The broker, who has listed a property for sale, has the obligation to
do whatever the owner has instructed him to do legally.