Mastering Real Estate Principles, Eighth Edition - Unit 14

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What is an essential element of a contract?

Consideration

Performance

Recording

Affirmation

In a real estate sales contract, the amount of the earnest money deposit is determined by

the local multiple listing service.

agreement between the seller and the broker.

agreement between the buyer and seller.

the listing broker's office policy.

To “rescind” a contract means to

perform the contract terms.

substitute a new contract.

change the terms of the contract.

cancel the contract.

A legal action started by one of the parties to a contract to force the other party to carry out the terms of the contract is called

“as is” action.

lis pendens.

specific performance.

injunction.

The law that requires certain contracts to be in writing to be enforceable is the

statute of limitations.

statute of frauds.

real estate licensing law.

parol evidence rule.

A buyer and seller enter into a written contract for the sale of the seller’s house. If there is a lawsuit over the terms of the agreement, the court will probably not allow any oral evidence that contradicts what is written in the agreement because of the

parol evidence rule.

statue of frauds.

doctrine of relation back.

statute of limitations.

A property owner gives a prospective buyer the right to purchase the property for a limited time and at a specified price in return for cash. This is called a(n)

bridge contract.

contract for sale.

option.

installment contract.

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