AGENCY

The term fiduciary means there is

• A legal relationship between parties that creates a position of trust and confidence

• A legal relationship in which only the duties of honesty and good faith are owed to the parties

• An oral agreement between the parties that does not create an agency relationship

• A written agreement between the parties to pay a real estate commission

An offer was accepted with contingencies. The status of this contact is

• Valid

• Void

• Voidable

• Unenforceable

An oral sales contract involving the sale of real estate is

• Valid

• Void

• Voidable

• Unenforceable

An optionee has communicated to the option that the optionee will purchase the property. This option contract is now exercised and is BEST described as an

• Executive unilateral contract

• Executive bilateral contract

• Executory bilateral contract

• Executory unilateral contract

An executed contract means

• Only one party to the contract must perform

• A party has the right to sue for specific performance

• All of the parties have fully performed their duties

• Contingencies do not have to be met

In a bilateral contract

• Only one of the parties is bound to the contract

• Both parties to the contract have duties to be performed

• A restriction is placed in the contract

• Consideration is not an essential element

Every enforceable contract for the sale of real estate must be in writing and signed by all parties, in accordance with the

• Real Estate License Act

• Uniform Commercial Code

• Statute of Frauds

• Truth in Lending Act

The seller has accepted monetary consideration and has agreed to sell her property for an agreed upon amount within a specified time frame, if the buyer chooses to purchase. This contract is called

• Option Contract

• Land Contract

• Listing Contract

• Sales Contract

The clause in a contract that is meant to relieve a party from liability for injuries to another party is the

• Exculpatory clause

• Execution clause

• Indemnification clause

• Indefeasible clause

The term that means let the buyer beware is

• Caveat Actor

• Caveat Emptor

• Caveat Vendor

• Caveat Viator