Perry real estate final exam questions with
correct answers
If |I |am |makes |an |offer |on |a |house |and |the |seller |excepts |in |writing. |What |is |the |current |status |of |this
|relationship? |- |VERIFIED |ANSWER✔✔-Because |the |seller |has |promised |to |sell |and |the |buyer |has |
promised |to |buy, |it |is |clearly |a |bilateral |contract. |It |is |express |because |they |announced |their |
intentions |in |writing. |This |contract |is |executory |because |the |sale |has |not |closed |yet
Additional |conditions |that |must |be |satisfied |before |a |sales |contract |is |fully |enforceable |are |called |- |
VERIFIED |ANSWER✔✔-contingencies
If |I'm |in |allows |a |woman |to |back |out |of |the |contract, |returned |the |earnest |money |to |her, |and |both |
are |back |to |the |positions |they |held |before |the |contract, |the |contract |has |been |- |VERIFIED |
ANSWER✔✔-Rescission |allows |both |parties |to |return |to |their |original |possessions |before |the |
contract, |so |any |monies |exchange |must |be |returned
A |buyer |makes |an |offer |to |buy |a |sellers |house. |Pursuant |it |to |this |offer, |the |buyer |is |obligated |to |
perform |only |if |the |buyer |is |first |able |to |sell |her |condo. |This |is |an |example |of |- |VERIFIED |
ANSWER✔✔-A |property |sale |contingency |protects |a |buyer |who |has |to |sell |a |property |in |order |to |buy
|the |sellers |property
On |March |7 |a |buyer |and |a |seller |execute |a |contract |for |the |purchase |of |the |sellers |property. |Closing |
is |set |for |June |10. |On |April |15 |the |property |is |struck |by |lightning |and |destroyed |by |the |resulting |fire. |
If |the |uniform |vendor |and |purchase |or |risk |act |has |been |adopted |by |the |state |in |which |the |property |
is |located, |which |party |bears |liability |for |the |loss? |- |VERIFIED |ANSWER✔✔-In |states |that |have |
adopted |the |uniform |vendor |and |purchaser |act, |the |seller |remains |responsible |for |the |property |until |
the |day |of |closing
The |term |statue |of |limitation |is |best |described |as |the |limitation |on |the |- |VERIFIED |ANSWER✔✔-Every |
state |limits |the |right |during |which |parties |to |a |contract |may |bring |a |legal |action |to |enforce |their |
rights. |Rights |not |enforced |within |the |Applicable |time |period |Are |lost
