What is a real estate contract?

FL Real Estate Chapter Unit 11 Quiz

Quiz
•
Architecture
•
Professional Development
•
Easy
Zach Honore
Used 1+ times
FREE Resource
10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A type of insurance policy for real property
An estimate of the value of real property
Legally binding agreement for the purchase or transfer of real property
A permit to build on real property
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the essential elements of a valid real estate contract?
Offer and acceptance, no consideration, legal capacity of the parties, lawful purpose, no written form required
Offer and rejection, consideration, illegal purpose, written form if required by law
Offer and acceptance, consideration, legal capacity of the parties, lawful purpose, and written form if required by law
Acceptance and rejection, legal capacity of the parties, unlawful purpose, oral form if required by law
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of offer and acceptance in real estate contracts.
Process of one party making an offer to purchase a property and the other party accepting the offer, creating a legally binding agreement
Offer and acceptance in real estate contracts is not legally binding
Offer and acceptance in real estate contracts refers to the negotiation process only
The concept of offer and acceptance does not apply to real estate contracts
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is consideration in a real estate contract?
Something of value exchanged between parties
A type of building material used in construction
A legal document outlining property boundaries
A specific location for a property
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Discuss the concept of capacity in real estate contracts.
The number of bedrooms in the property
The size of the property being sold
The color scheme of the property
Legal ability of parties to enter into a contract
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the different types of real estate contracts?
Rental agreements, mortgage contracts, title deeds, and easement agreements
Commercial leases, residential leases, timeshare contracts, and construction contracts
Deed of trust, quitclaim deed, warranty deed, and foreclosure agreement
Purchase agreements, lease agreements, option contracts, and land contracts
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of performance and breach in real estate contracts.
Performance refers to fulfilling the terms and conditions agreed upon by both parties, while breach occurs when one party fails to fulfill their obligations.
Performance refers to the buyer's ability to secure financing, while breach occurs when the seller changes their mind.
Performance is related to the location of the property, while breach occurs when the property is not as described.
Performance means the property is in good condition, while breach means the property is in poor condition.
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