Contracts Exam

A  Covenant

B  Deposit receipt

C  Contract for sale

D  Listing agreement

A  Lock-in clause

B  Fees and additional charges clause

C  Prepayment provision

D  Late charge provision

A  Non-judicial foreclosure is standard.

B  There are three parties involved: a lender, a borrower, and a party who holds title to the property.

C  In the case of foreclosure, the borrower has a statutory right of redemption.

D  The borrower is required to maintain the property and pay property taxes and insurance.

A  A broker and seller agree to an advance fee for marketing a time-share property and the agreement was approved by the Department of Real Estate.

B  A broker tells a new buyer client the types of wine she prefers just before winking suggestively.

C  A broker and a property owner agree to an advance fee for loan modification that will save the money in the long run.

D  A broker and seller agree to an advance fee for marketing a multi-million dollar property that is not approved by the Department of Real Estate.

A  A purpose

B  Two parties

C  A lawful objective

D  A mutual agreement

A  The seller must reduce the sales price to the appraised value.

B  The seller can sue for breach of contract.

C  The buyer’s earnest money is at risk.

D  The buyer will be sued for default.

A  Flaw

B  Undue influence

C  Consideration

D  Legal competency

A  Exclusive listing agreement

B  Non-exclusive, not for compensation buyer representation agreement

C  Open listing agreement

D  Non-exclusive buyer representation agreement

A  Profit

B  Earnest money

C  Attorney review

D  Consideration

A  Sales

B  Listing

C  Buyer agency

D  Option

A  Something of value in exchange for something without value

B  Thoughtfulness and courtesy to all parties

C  Something of value in exchange for something of value

D  Notice to attorneys that they may review the terms of the agreement

A  Typed text takes precedence over pre-printed text, and numbers (e.g. 2) take precedence over spelled-out numbers (e.g. three).

B  Typed text takes precedence over handwritten text.

C  Typed text takes precedence over pre-printed text, and spelled-out numbers (e.g. four) take precedence over numerals (e.g. 5).

D  Pre-printed text takes precedence over typed and handwritten text.

A  The Sale of Buyer’s Property contingency form is a required addendum to all sales contracts.

B  There is no buyer’s sale contingency in California.

C  It is highly unusual for buyers to make offers contingent on the sale of their property.

D  Buyers who need to sell their property before purchasing a new one should make the offer contingent on that sale.

A  The seller told a group of colleagues about the house 20 days after the listing expired, and one eventually came to see the house, which led to a contract.

B  Buyers viewed the property 15 days after the listing expired and made an offer that was accepted.

C  Buyers who viewed the property while it was listed with Gary made an accepted offer 10 days after the listing expired.

D  Gary told his overseas cousin about the property, and his cousin returned to the U.S. 35 days after the listing expired to make an offer.

A  Transfer clause

B  Alienation clause

C  Non-recourse clause

D  Acceleration clause

A  Net listings are illegal.

B  The amount or rate of the commission is not fixed by law.

C  The amount or rate of the commission is fixed by law.

D  Net listings are required by law.

A  Mentally

B  Financially

C  Morally

D  Purposefully

A  Subordination

B  Non-recourse

C  Exculpatory

D  Pre-payment

A  Electronic signature

B  Fairness clause

C  Counter-offer

D  Legally competent parties

A  Voiding

B  Performance

C  Non-performance

D  Partial performance