Question

18. A detailed plan of a plece of property is called a? 2 pts 19. With the Parole Evidence Rule what is important to remember about all the negotiations and agreements parties make before the contract? 2 pts 20. What statement(s) below is (are) correct regarding a Breach in a contract? When a party requests a change to the contract When each (both) party to a contract fails in non-performance of their part of the contract 0 Failure of one party proper research before signing the contract One party interferes with the other party in its perfomance of the contract. When the buyer fails to pay its obligations per the contract 2 pts 21. [true or false] To be capable of entering into a contract to buy a property, one must be a licensed broker. 1 pts 22. [true or false] Bilateral Contract is a promise of one party to complete an act. 1 pts 23. What contract(s) are illegal in most states? [Pick all that apply] Contract that is formed for the purpose of purpose of purchasing a risky property Contract between a developer and a private citizen A Contract that has questionable legal aspects. A contract includes a "pay up front clause 2 pts 24. What does a set-back mean regarding property? 2 pts 25. What two requirements must be part of any contract for sale of real estate? and 2 pts
  real estate, please no hand written. thanks

Answer 1

18. A deed is a written claim to a piece of property. Thus, a detailed plan of a piece of property is called a deed plan.

19. With the Parole Evidence rule, it is important to remember and check that all the clauses of the contract or agreement are stated explicitly on the paper before signing the contract.

20. When the buyer fails to pay its obligations as per the contract, it is considered as the breach of contract as the party is not able to meet the clauses of the contract.

21. False, It is not mandatory to be licensed broker to enter into a contract to buy a property.

22. False, in bilateral contract both the parties perform their decided transaction and it is wrong that only one party completes the act.

23. Following will be considered under the category of illegal contracts:

A contract that has questionable legal aspects

A contract that is formed for the purpose of purchasing a risky property

24. In relation with property, the term setback refers to the minimum open area or space that is required around a building or property.

25. The two requirements that must be a part of any contract of sale of real estate are as follows:

The acceptance of who is accepting the offer, and the information of both the parties

the intention of both the parties in a legal manner.