Question
24. A broker must disclose if?
a. A close relative is buying their listing
b. There are buying property for a corporation in which the licensee has financial interest
c. Both a and b above
d. Neither a nor b above25. The listing agent should disclose that the seller?
a. Is the agent’s mother
b. Can come down in price.
c. Is sick with AIDS.
d. Does not want to sell to a person from another country.26. At what time are listing agents required to deliver the “disclosure regarding real estate agency relationships” from to a seller?
a. At the first meeting
b. Prior to entering the listing agreement
c. Before an offer is presented
d. Prior to closing27. When must a selling agent provide an agency disclosure form to a buyer?
a. Before showing the buyer any properties
b. Prior to the execution of the buyer’s offer to purchase.
c. After the seller accepts the offer
d. No later than close of escrow28. Using a purchase agreement, the buyer makes an offer to the seller, which the seller accepts. This is a ?
a. Voidable contract
b. Implied contract
c. Unilateral contract
d. Bilateral contract29. Generally speaking, what is the legal age to enter into binding contracts in California?
a. 15
b. 16
c. 18
d. 2130. Mutual consent is most commonly arrived at in real estate transactions when?
a. The broker is paid
b. An offer is written
c. An offer is accepted
d. Communication of acceptance takes pleace
31. If a contract required a seller perform an illegal act, the contract would lack the essential element of?
a. Mutual consent
b. Consideration
c. Lawful objective
d. Parties capable of contracting32. All of the following are required to create a binding contract to buy and sell real estate EXCEPT?
a. Competent parties
b. Clear and definite offer
c. Acceptance in writing
d. Earnest money33. A void contract is?
a. Enforceable be either party
b. Not enforceable by either party
c. Enforceable but only by the party who is injured
d. The same as a voidable contract34. The following individuals entered into leases with the property manager. All things being equal, which party may void the contract?
a. A 17-year-old boy who takes his meals at this parents home?
b. A 16-year old girl married to her 18- year old husband
c. Two sisters in their 30s
d. A father with custody of two children under the age of 1835. Which of the following is required for a legally binding contract?
a. Right of first refusal clause
b. Earnest money
c. Counteroffer
d. Acceptance of the offer36. An option contract is a ?
a. Unilateral contract
b. Bilateral contract
c. Contract that forces the buyer to buy a property
d. Contract that forces either the buyer or the seller to buy or sell the property37. A financing contingency?
a. Requires a buyer to apply for a loan.
b. Protects the seller
c. Continues by default (in the basic CAR purchase agreement) until the loan is funded.
d. Is not a valid contingency38. A sale that is contingent on the sale of the buyers’ property?
a. Is great for a seller
b. May include a “72 hour clause”
c. May result in the buyer not accepting a reasonable offer on the property
d. Doesn’t mean the buyer’s asking price should be identified39. If a real estate salesperson refused to allow a couple to leave the office until they had signed an offer, the offer would have been entered to?
a. By fraud
b. By mistake
c. Under duress
d. Under menace40. Which of the following contracts is considered unenforceable in a California court.
a. Oral purchase agreement
b. Verbal agreement to a six-month lease
c. Written purchase agreement
d. Written agreement for a five-year lease41. The buyer brought all of the necessary documents to the escrow agent. The sellers signed everything for which they were responsible, and the escrow agent recorded the dead. This is example of?
a. Substantial performance
b. Partial performance
c. Full performance
d. Right of first refusal42. The sellers have notified the buyers that there is an active termite infestion in the house, although previously they had provided the buyers a forget termite reort stating the opposite. The buyers do not want to proceed with buying the house and have the right do declare?
a. Acceptance of the breech
b. Unilateral rescission
c. Specific performance