Real Estate Exam Practice Sample Contracts Test

Below are sample real estate contract questions that you will find within our paid subscription area. You will not be able to grade this example test, nor will any rationales be displayed as is the case for subscribers.
Real Estate Contracts Exam
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1. What is the essence of the "statute of limitations"?
2. Which of the following is not a type of contract?
  A lease agreement
  A purchase agreement
  A listing
  All of these are types of contracts
3. A listing agreement is what kind of contract?
4. What is true regarding a two year lease?
  It is not enforceable in a court of law
  It must be in writing
  It can be negotiated by words or in writing
  Can be cancelled by either party before the end of the term
5. What is the minimum amount of money to be sufficient consideration
  There is no minimum as long as something of value is exchanged
  One dollar
  One hundred dollars
  One percent of the purchase price
6. A contract that is technically legal, yet is not defendable in a court of law, would be considered?
7. What is duress?
  Legally enforcing a contract
  Lying about a material fact in a contract
  A breach of contract
  Using force or threat of force to obtain a contract
8. What is the Statute of Frauds?
  A federal law requiring disclosure
  A law requiring real estate contracts to be in writing
  A law limiting the amount of time to pursue legal action
  A law prohibiting fraud
9. If a sales contract is signed, and the seller fraudulently misrepresented facts regarding the property being sold, the contract is?
  Still valid
  Voidable by the innocent party
  Enforceable by both parties
10. William has signed a contract and has paid Mike $1000 earnest money to buy Mike's home. Both agree to compensate the other if the agreement is broken. A week later, William has decided not to buy the home. If Mike keeps Bill's $1000, what would this be called?
  Compensation for liquidated damages
  Theft of an agent's commission

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