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Real Estate 7 Test

Enter the letter for the matching Answer
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1.
how does the broker officially earn commission?
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2.
when is a contract have to be in writing, in terms of time?
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3.
valid contract
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4.
even though a broker does not hold a fiduciary relationship with a customer/prospect?
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5.
undue influence
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6.
what is the statute of limitation for a deed?
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7.
lawful object
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8.
what does not create an agency relationship?
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9.
voidable contract
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10.
liquidated damages clause
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11.
What is the last step in the 3 step process for mutual consent
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12.
bilateral contract
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13.
actual athority
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14.
executory contract
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15.
valuable consideration
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16.
what takes priority over an oral agreement?
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17.
can a broker bring a suit for breach of contract
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18.
"as is" clause
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19.
what is that statute of limitations on a written contract
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20.
fiduciary relationship
A.
a broker is usually employed as an actual agent
B.
contract must be totally legal
C.
it doesn't have one
D.
written
E.
integrity,honesty, loyalty
F.
valid until voided
G.
a promise for a promise
H.
one that is binding an enforceable in the court of law, and has the four elements
I.
clause that state the consequence of breaking a contract
J.
remains to be done by one or both perties
K.
W-4 years
L.
voidable
M.
the acceptance must be communicated back to the offeror
N.
no
O.
the broker should still treat them fairly and honestly
P.
anything of value
Q.
by communicating acceptance
R.
voluntary offer
S.
doesn't eliminate the duty to disclose material facts
T.
if the terms are not to be performed within a year
Type the Answer that corresponds to the displayed Question.
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21.
when acting exclusively as agent of the buyer, who else can the agent represent?
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22.
illegal contract
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23.
Actual fraud
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24.
a unilateral act which relinquishes a right in a contract
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25.
contract is usually voidable
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26.
love and affection
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27.
oral is considered over written do to incomplete or understood written
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28.
an offer of money or performance in connection with a contract
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29.
a promise for a act
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30.
person under the age of 18

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