Real Estate Questions and Answers. Law of contracts real estate is a legally binding agreement between a buyer and a seller in regard to the title of a property. File Format. Real Estate pre-licensing exam prep, using terms & acronyms from PrepAgent.com (80 cards) 2020-07-28 3 Terms and Questions from Ch 2 of Michigan RE Test book (40 cards) 2020-02-20 3 Common Questions on Contract Breaches. Our site is about the "real" world of real estate, so some of the answers may not be the "pat" answers you find elsewhere. Real Estate FAQs. Real Estate Agent Interview Questions Practice your response to these questions. Today we are going over contract questions that appear on the real estate exam for all 50 states. Contracts for purchase/sale of property often contain several âcontingentâ terms, particular obligations or conditions precedent to the obligation of a party to perform under the terms of the contract. Most real estate agents charge a 3% commission; however, some are negotiable or charge higher fees. In many cases, it can help if your response uses the STAR technique , which frames your answer in terms of situation, task, action, and result. 13 Important Questions to Ask Before Buying Land Real Estate December 12, 2017 / 3 Comments / in RLI Post , The Voices of Land Even if a piece of property seems perfect, there are a lot of questions you should ask before you take out that checkbook. Real estate contracts are contracts used between parties involved in buying or exchanging real estate. This brochure examines issues arising during contract negotiations in residential real estate â¦ Of the 100-150 questions, 60-80 will be state-specific questions, while the other 80-100 will be general real estate concepts. Donât let any Realtor tell you otherwise. Before you start digging around for a real estate agent's number, we did the work for you. Buying and selling parties interested in the sale and purchase of a real estate property are usually the target audience for Offer to Purchase Real Estate Forms. In the process an aquatance established . liveinnewengland.com. You might also imagine that some questions about real estate come up more often than others. 1 Answer | Asked in Civil Rights, Contracts, Real Estate Law and Landlord - Tenant for New Hampshire on Nov 1, 2018 Q: My son who is disabled had a verbal lease month to month with his girlfriend. Real Estate Contracts â (11 Items) What this means is that if I am a test-taker, I will get exactly 6 questions about real estate finance and 11 questions on contracts. We asked real estate agents to spill the beans on most common real estate questions â¦ Itâs a written agreement between buyer and seller to transact real estate. 7. With all the essential clauses and segments in place, the user can quickly draft a unique agreement for the purpose and then get it signed and attested. If the option is exercised according to its terms and conditions, a binding purchase contract is created. As its name suggests, real estate contract assignment strategies will witness the owner of a subject property sign a contract with an investor that gives them the rights to buy the home. A real estate agent or a property owner who wishes to sell off a property can use this form to draft a sales agreement contract. It must reflect the entire agreement between the buyer and seller. My parents are getting a new house soon. Depending on the information that your real estate agent gives you, it can bring your search time for a home way down. The variety of issues that fall under the broad category of real estate law may be complex, and you may therefore have a number of questions to be addressed. Real Estate Law: Questions and Answers Frequently Asked Questions about Real Estate. Target Audience for Offer to Purchase Real Estate Form. Ask what their fee is as well as what the bottom line â¦ Not completing all of the contacts on the contract. The language in the contract describes the sale, lease or rental of the property in question. Ask a Real Estate Lawyer Get Legal Help Today Q: I have rented the same house for 7 years. We have 387 Colorado Real Estate Law Questions & Answers - Ask Lawyers for Free - Justia Ask a Lawyer. DOC; Size: 53 KB. The best way, of course, is for the property to be sold, for title to transfer from seller to buyer, and for the real estate agents to get their commission. In addition, Petersonâs Master the Real Estate License Exams reviews those aspects of real estate laws, rules, and regulations that People are naturally curious, and itâs an agentâs job to guide folks through the often-complex world of home buying and selling. Use our free Real Estate practice exams (updated for 2020) to pass the Real Estate License Exam - an assessment taken by candidates who wish to become a Real Estate Agent or Broker.Real Estate Agents work to advise home buyers and sellers on market conditions, real estate prices, mortgages, and how to best present their homes in order to sell at the best price. Details. This happens so often, and does not reflect well on you as a real estate agent. Helping clients with real estate transactions since 1994. An offer and acceptance is really not binding until a written contract is signed by both the buyer and the seller. Commission is negotiable, period. 9 Common Real Estate Contract Conditions. Updated November 2, 2020: There are several types of real estate contracts, and it is important to know that contracts are necessary for real estate deals.A contract is a legally enforceable document between two or more people. Many real estate contracts contain a time for performance. Before we signed the contract and all other supplemental documents, we didn't ask for Washer, Dryer & Microwave (Approx. The following 12 questions frequently arise in the context of a breach of contract issue. Make sure to look at a Real Estate practice exam to know what you should expect. For a real estate contract to be enforceable, it must be in writing and contain all the necessary and essential elements to be considered valid. Learn vocabulary, terms, and more with flashcards, games, and other study tools. As you might imagine, real estate agents field quite a few questions every day. This means that the two or more parties must be of legal age (21 in PA) and not intoxicated through alcohol or drugs or insane to the point of mental incapacity and having the ability to enter into a contract. View Real Estate legal questions answered by attorneys or legal professionals on Ask A Lawyer. You will be given 2-4 hours to complete the exam. Real estate agency and license law exam - examples only, cannot be graded: Real estate appraisal and valuation exam - examples only, cannot be graded: Real estate contracts exam - examples only, cannot be graded: Real estate finance exam - examples only, cannot be graded: Real estate math exam - examples only, cannot be graded: Real estate titles and deeds exam - examples only, cannot be graded The seller must sell, and the buyer must buy, for the price or consideration and on the terms stated in the contract. Contrary to popular beliefs, in present times, one can easily enter the housing market with small investments. A purchase and sale agreement is a real estate contract. The real estate contract applies usual contract law and specified requirements and often named land contracts or a contract for deed. Contracts, of course! This being said, the saying âyou get what you pay for,â often is true when it comes to real estate. Real estate plays a crucial role in balancing the economy. Skip to content (855) 466-5776. A real estate assignment contract is a wholesale strategy used by real estate investors to facilitate the sale of a property between an owner and an end buyer. In general, you should expect around 100-150 multiple choice questions. Contents. Real estate transactions revolve around written agreements that are called contracts.The listing agreement with a real estate agent, the sales agreement between a buyer and seller, and a builder who agrees to build a certain type of house for a certain amount of money are all contracts. Real estate listing contracts can be terminatedâor endedâmany different ways. Asked in Contracts and Real Estate Law for Colorado on Oct 16, 2020. Download. $1000 value). The contract consists of an offer, acceptance, consideration, legal capacity, and legality of purpose. Real Estate Offer Contract to Purchase Form. Questions and Answers on: O F F E R A N D A C C E P T A N C E. The purchase contract is the most important document in any real estate sale. Start studying Chapter 10: Real Estate Contract Law. In either case, Petersonâs Master the Real Estate License Exams will provide you with a thorough review of the exam with chapters on law of agency, types of ownership, contracts and deeds, and much more. Specific performance is not allowed regarding a contract for the sale of personal property unless the property is unique in some way like an antique, coin collection, or art objects. If this fact got you interested and you wish to become a real estate buff or just fleetingly entertain yourself, take our online real estate quizzes, with a variety of questions. A contract involving the sale of particular real estate; and A contract for sale of a particular business. Top Frequently Asked Questions â Real Estate Contracts & Listing Agreements. In 2019, 89% of buyers purchased their homes through an agent, so choosing the right agent is a critical step to ensuring your homebuying success. To be legal and enforceable, real estate contracts must be completed by competent parties. Option contracts can be beneficial to both the property buyer and seller. Will I Always Be Liable If I Breach a Contract? Agents - general queries; Agents who work with buyers; Canceling a Listing; Careers in real estate; Choosing Property; Closing Problems; Contract Issues; Disclosures real estate Contract questions?? So which one should I study harder? Home â Real Estate. Although negotiations are often conducted verbally or by e-mail, real estate agents want to get the contract signed as soon as possible to lock the deal in place when negotiations are complete. Who Gets What Under a Real Estate Option Contract. Most real estate contracts Iâve seen have a spot for the buyer and seller, as well as the buyerâs agent, sellerâs agent, buyerâs attorney, sellerâs attorney, mortgage lender and condo association. For example, a listing contract contains an expiration date, an offer contains a time period, and a sales contract contains a date at which time the buyers must inspect the property and secure a mortgage commitment and a closing date. The buyer agrees to pay an agreed-upon amount for the property.