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CHAPTER 1 – SHORT-ANSWER QUESTION ANSWERS 1. a. offer, acceptance b. consideration c. defenses 2. meeting, minds, mutual assent 3. offeror, offeree, accepted, reasonable 4. canceled, essence 5. accepted, notified 6. consideration, revoke 7. mail, mailed 8. voids, estate, personal, officer 9. counteroffer, offeree, rejected 10. option, optionor, option 11. first refusal 12. consideration, fair, worth 13. defense 14. void, voidable 15. illegal 16. capacity, incompetent 17. minor, voidable, minor 18. Frauds, writing, enforceable, year, debt, marriage, personal 19. estoppel 20. Parol, written, verbal, written 21. Limitations, time, enforced 22. unilateral, bilateral 23. duress 24. fraud, concealing 25. Misrepresentation, intent, knew, opinion 26. influence, relationship 27. unconscionable 28. breach 29. compensatory 30. mitigation 31. punitive, exemplary 32. nominal 33. liquidated, specific performance 34. injunction 35. declaratory 36. Reformation 37. Rescission, restitution 38. waive 39. satisfaction 40. assignment, person, personal, assigned, assignee, liable, liable, assignee 41. Novation 42. bilateral, unilateral
MacIntosh Real Estate School Uniform Course - Chapter 1
Copyright 2018 - All rights reserved 31 Real Estate Law & Practice (48hrs)
43. executory, executed 44. express, implied 45. ambiguous, intent, unenforceable, agreement 46. handwritten, typed, typed, numerals, latest, Typographical, ambiguities 47. a. Names and signatures of the parties; b. Sale price; c. Description of the property. 48. a. Courts will decide what type of deed generally used in that locality for that kind of transaction will be used; b. Merchantable title will be required; c. Specific performance will be the remedy; d. Date of delivery of the deed; e. Most courts put the risk of loss on the buyer after signing the contract. In Colorado, the risk of loss remains with the seller until the transfer of title. 49. specified a. liquidated damages; b. specific performance. 50. box 51. Assumes, Pay, subject, Equity, Felony 52. Dual 53. Contract, should not 54. Buyer (Vendee) has equitable title; Seller (Vendor) has legal title. 55. tight 56. Yes. 57. personal, real 58. assignment 59. escrow, purchaser 60. is not 61. No. 62. If the sale is before the home is affixed to the land, a bill of sale is used. 63. manufactured, Certificate, Title 64. affixed
MacIntosh Real Estate School Uniform Course - Chapter 1
Copyright 2018 - All rights reserved 32 Real Estate Law & Practice (48hrs)
CHAPTER 1 – QUIZ ANSWERS 1. b 2. c 3. a 4. c 5. c Really? Yes… Click the link while connected to the internet, or directly access
www.macrealestate.com/UNIFORMQ&A.htm. 6. a 7. d 8. d 9. c 10. d
MacIntosh Real Estate School Uniform Course - Chapter 1
Copyright 2018 - All rights reserved 33 Real Estate Law & Practice (48hrs)
MacIntosh Real Estate School Uniform Course - Chapter 1
Copyright 2018 - All rights reserved 34 Real Estate Law & Practice (48hrs)
