Unit 11 Practice Test - NEXUSSCHOOLS

This is a practice test for Unit 11 of the Florida Real Estate Principles, Practices & Law. It will help you determine your level of preparation is one of the most important chapters because it represents 12% of the state exam.
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1. What is necessary for a real estate contract to be valid?

Signature of one witness

must be for a legal purpose

must be recorded

earnest deposit

Question 1 of 15

2. According to the statute of frauds, it is required that

lease agreements for a term shorter than 12 months must be in writing and signed to be enforceable.

lawsuits concerning written contracts be filed within six years.

if a seller doesn't disclose a material defect in a real estate transaction be charged with fraud.

contracts that transfer an interest in real estate must be in writing to be enforceable unless certain specific conditions exist.

Question 2 of 15

3. The statute of limitations for an oral contract (parol) is for how many years?

Question 3 of 15

4. A car dealer promises to give a $10,000 bonus to the first salesperson who sells 10 cars this quarter. Which type of contract is this?

Executed

Unilateral

Bilateral

Void

Question 4 of 15

5. A buyer offered $325,000 for a seller's property. The seller countered at $350,000. The seller changed her mind and told her broker that she was withdrawing the counteroffer and accepting the buyer's original offer. Which statement is TRUE regarding this situation?

The seller can still accept the original buyer’s offer if she changes her mind and communicates it to the offeree until up to the time the buyer rejects the counteroffer.

The seller has breached the negotiation, and the buyer can sue to force the seller to take the lower offered price.

The buyer and seller have entered into a contract for $350,000.

The seller cannot now accept the original offer because it was nullified by the counteroffer.

Question 5 of 15

6. A seller lists his condo with a real estate broker. The seller sets an acceptable minimum amount of cash he wants to receive at closing. The broker adds his commission on top. What type of listing is this?

Exclusive-agency

Minimum price

Net

Open

Question 6 of 15

7. Which statement is FALSE concerning the purchase or rent of a property built before 1978 in regards to lead-based paint disclosure requirements?

If requested by the buyer, seller is required to pay for having the property tested within 10 days for lead-based paint.

Sellers are not required to remove lead-based paint.

Buyers or tenants of residential units must receive an EPA pamphlet regarding the danger of lead-based paint.

Prospective buyers must be given a lead-based paint disclosure.

Question 7 of 15

8. According to The Florida Building Energy-Efficiency Rating

Notification that the energy-efficiency rating of the structure may qualify the buyer for an energy-efficient mortgage.

The seller, at the seller's expense, must conduct an energy-efficiency rating of the structure prior to closing.

It only applies to residential and commercial buildings. Public buildings are exempt.

The creation of a uniform, statewide energy-efficiency rating system for new buildings only.

Question 8 of 15

9. Which type of legal document may NOT be prepared by a licensed real estate broker?

Sale and purchase contract

Buyer brokerage agreement

Promissory note

option contract

Question 9 of 15

10. A seller post his townhouse for sale in Zillow stating that the seller will pay 3% of the selling price to the first licensed real estate broker who procures a qualified buyer for the seller's townhouse and the sale closes. Which type of contract is this?

Unliteral

Implied

Bilateral

Ilegal

Question 10 of 15

11. A sale and purchase contract has been signed by both parties, the buyer is working with a mortgage broker in obtaining FHA financing. If everything goes according to the schedule they expect to close in 20 days. Which type of contract classification applies here?

Pending

Executed

Executory

Implied

Question 11 of 15

12. The buyer made an earnest money deposit with his offer, the seller accepted his offer and both parties entered into a sale and purchase contract. Then the buyer breached the contract. Which solution is a legal remedy available to the seller for the breach of the contract?

Specific performance

Rescission

Compensatory damages

Liquidated damages

Question 12 of 15

13. A buyer has signed a sale and purchase agreement to buy a townhouse within a subdivision with a mandatory homeowners association. He did NOT receive a Homeowner Association Disclosure at the time of executing the agreement with the seller. The sale and purchase agreement is which type of contract?

Reversible

Voidable

Invalid

Void

Question 13 of 15

14. In addition to the four essential elements of a contract, what makes real estate sales and purchase contracts enforceable in court?

A legal objective or purpose

Competent parties

An earnest money deposit

In writing and signed

Question 14 of 15

15. An investor gave an exclusive-right-of-sale listing to a broker to find a buyer for his condo unit. The investor lives abroad. A buyer signed an offer to purchase the investor's condo at the full price and terms of the listing agreement. Which statement is TRUE?

The broker may accept the offer because it is a full-price offer.

Because this is an exclusive-right-of-sale listing, the broker is authorized to accept the offer on the investor's behalf.

The broker may accept the offer on the investor's behalf, as long as he gets the investor's signature on the contract immediately upon the investor return.

The exclusive-right-of-sale listing does not give the broker the authority to accept the offer on the investor's behalf.

Question 15 of 15