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Question 1 of 10
1. Question
Owner A is hiring someone for insurance money to burn down his building. All of the terms, including payment, are agreed upon. The arrangement would be?
Correct
The agreement is not valid and, therefore, is void because the object of the contract is illegal, i.e. burning down the building.
Incorrect
The agreement is not valid and, therefore, is void because the object of the contract is illegal, i.e. burning down the building.
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Question 2 of 10
2. Question
A choice for the purchase of property is deemed to be an option of?
Correct
Since it’s a real estate deal, it’s going to be in writing, so it’s clear, that only one party needs to act, so it’s unilateral.
Incorrect
Since it’s a real estate deal, it’s going to be in writing, so it’s clear, that only one party needs to act, so it’s unilateral.
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Question 3 of 10
3. Question
Which of the following forms of listing agreements below do not need to be in writing?
Correct
The listing of lease rental agreements for less than a month does not need to be in writing.
Incorrect
The listing of lease rental agreements for less than a month does not need to be in writing.
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Question 4 of 10
4. Question
The principal is always represented by a real estate broker. Which of the following statements is true?
Correct
It is a common misconception that the seller is often represented by the broker. Buyer agency agreements are becoming more common, so the broker can represent the buyer and, in the case of dual agency agreements, the broker can represent both the buyer and seller.
Incorrect
It is a common misconception that the seller is often represented by the broker. Buyer agency agreements are becoming more common, so the broker can represent the buyer and, in the case of dual agency agreements, the broker can represent both the buyer and seller.
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Question 5 of 10
5. Question
A real estate commission is earned at what point of the contract process?
Correct
Another term for meeting of minds is mutual consent.
Incorrect
Another term for meeting of minds is mutual consent.
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Question 6 of 10
6. Question
Buyer A tells Seller B that he likes to spend $300,000 to purchase Seller B’s house. Buyer A is told by seller B that he will be prepared to sell the property for $350,000. Which of the following is right at this point?
Correct
The seller became the offeror and the buyer the offeree at the stage at which the buyer’s offer was refused and a counteroffer made.
Incorrect
The seller became the offeror and the buyer the offeree at the stage at which the buyer’s offer was refused and a counteroffer made.
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Question 7 of 10
7. Question
Which of the following statement about the minimum age to enter into a contract with a married person is true?
Correct
The age should be 21. For contractual purposes, a married person is treated as an adult.
Incorrect
The age should be 21. For contractual purposes, a married person is treated as an adult.
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Question 8 of 10
8. Question
Which of the following is a factor for consideration in an option agreement?
Correct
The consideration shall be paid in order to secure, at some future date, the right to purchase land. They are not refundable.
Incorrect
The consideration shall be paid in order to secure, at some future date, the right to purchase land. They are not refundable.
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Question 9 of 10
9. Question
An exclusive agreement on the authorization and right to sale is considered to be what?
Correct
Generally, the obligation of the agent to market the property and the promise of the seller to pay the agent are conveyed in writing.
Incorrect
Generally, the obligation of the agent to market the property and the promise of the seller to pay the agent are conveyed in writing.
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Question 10 of 10
10. Question
A tenant who lives in a rental property after the lease has expired without the landlord’s consent is said to have what?
Correct
No one is exempted from the estate at sufferance.
Incorrect
No one is exempted from the estate at sufferance.