PRES Pennsylvania Real Estate Salesperson Examination - Set 3 - Part 1
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 1: A seller and buyer exchange a promise to convey for a promise to pay in the agreement of sale. Which kind of contract is this?
Question 2: An owner promises to keep an offer to sell open, but the other party is free to buy or not. Which kind of contract is an option?
Question 3: A seller may list with several brokers and owes a commission only to whichever broker actually procures the buyer. Which listing type is this?
Question 4: When you sit down in a restaurant and order a meal, you agree to pay though no terms are spoken. What kind of contract is formed?
Question 5: An exclusive-right-to-sell listing entitles the broker to a commission if the property sells during the term no matter who finds the buyer. How is it classified?
Question 6: A person who has been adjudicated legally incompetent by a court signs a contract to sell land. What is the legal effect of that contract?
Question 7: Which element of a valid contract requires that something of legal value be bargained for and exchanged by each party?
Question 8: Two parties make an agreement whose object is itself unlawful and against public policy. What is the legal effect of that agreement?
Question 9: A purported acceptance changes the price stated in the offer. Under the mirror-image rule, what has the responding party actually made?
Question 10: An oral agreement to sell a parcel of land is genuine, but the seller backs out and the buyer sues. Why will a court not enforce it?
Question 11: A buyer offers a price, the seller responds with a higher one, and the buyer then tries to accept the original lower price. Can the buyer still do so?
Question 12: Before the other party accepts, an offeror who has not granted an option decides to withdraw the offer. May the offeror revoke it?
Question 13: An offer states that it must be accepted by a certain date, and that date passes with no response. What has happened to the offer?
Question 14: Several counteroffers pass back and forth between a buyer and seller. When does a binding contract finally form?
Question 15: Assent to a contract was obtained through the seller's deliberate misrepresentation of a material fact. What is the effect on the contract?
Question 16: A valid agreement of sale has been signed, but closing has not yet occurred and obligations remain. How is the contract classified at this stage?
Question 17: Which single word describes a contract that is real and valid but that a court will not enforce, such as an oral land-sale agreement?
Question 18: Parties agree to substitute a new contract for an old one, releasing the original party from the prior obligation. What is this called?
Question 19: A buyer transfers all rights under a purchase contract to a third party, and the original buyer often remains secondarily liable. What has occurred?
Question 20: A contract states that time is of the essence and a party performs one day after the stated deadline. What is the consequence?
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