Question: A prospective buyer made an offer and gave the seller's broker a $500 check as a deposit for the sale of a residence. Before the offer was given to the seller, the buyer contacted the broker and withdrew the offer. What should the broker do with the $500 check?

Answer: Return it immediately Until an offer is accepted by the seller, the buyer owns the funds, and the broker must obey the buyer's instructions. If the seller refuses the offer, the check is returned to the buyer.

Question: Legally, when is rent due if there is no specific agreement?

Answer: 15 days after the rental agreement is signed

Question: When a buyer reserves the right to buy a property at an agreed upon price, within a stated period of time, without being obligated to do so, it is known as a(n):

Answer: option.

Question: option:

Answer: a contract to keep open, for a set period of time, an offer to purchase or lease real property. The price and all other terms should be stated clearly, as the option may become the sales agreement when the optionee exercises the right to purchase.

Question: What is a lawsuit that removes an unlawful holdover tenant?

Answer: An unlawful detainer action

Question: An unlawful detainer action:

Answer: a lawsuit to remove an unlawful holdover tenant (e.g. after the expiration of a 3-day or 30-day notice) and return the rental unit to its owner.

Question: offeror:

Answer: the person making the offer to enter into a contract.

Question: The offeror in a purchase agreement is usually the:

Answer: buyer. In California, most real estate agents use the Residential Purchase Agreement and Joint Escrow Instructions, to write up a buyer's offer to purchase a seller's property. In this instance, the buyer is the offeror.

Question: The statute of frauds requires that contracts for the sale of real estate must:

Answer: be in writing.

Question: Real estate contracts must:

Answer: be in writing,be signed by the parties, and have the elements of a valid contract.

Question: When purchasing property, the amount of the buyer's earnest money deposit is determined by:

Answer: agreement between buyer and seller.

Question: A(n) __________ commands a tenant to vacate the a property within five days.

Answer: writ of possession

Question: writ of possession

Answer: granted by the court to the landlord if the tenant does not move out or answer the lawsuit. A writ of possession is the legal document issued by the court commanding the tenant to leave the premises within five days.

Question: When agreed upon in advance, what is the compensation to the seller if the buyer does not keep his agreement to purchase?

Answer: liquidated damages

Question: Unlawful acts by a landlord (lessor) to evict a tenant include all of the following except:

Answer: using the eviction process to remove the tenant.

Question: Seller Chris listed a vacant lot with a broker at $111,400. Prospective buyer Jordan submitted an offer of $111,000 that was to expire in three days. The next day, Chris made a counteroffer of $111,200. When Jordan did not respond within the three-day period, Chris signed an acceptance of Jordan's $111,000 original offer and instructed the broker to deliver it to Jordan. Jordan told the broker that he had decided not to purchase the property, but Chris insisted they had a deal. Based on these circumstances, there is:

Answer: no contract.

Question: Which of the following statements is correct regarding an option contract to purchase real estate? a. The optionor is not obliged to sell the property.b. The option is a bilateral contract.c. The consideration must be money in excess of $100.d. The optionee is not obligated to purchase the property.

Answer: The optionee is not obligated to purchase the property.

Question: Mary's broker presented a full-price offer to purchase to Susan's home with a 45-day closing. Susan accepted the offer but changed the closing date from 45 days to 90 days because she needed more time. In this situation, buyer Mary is:

Answer: not bound by the original offer she sent to Susan. By changing the number of days for the closing, Susan created a counteroffer, therefore, the original offer automatically terminates.

Question: In a listing, the seller agrees to pay a commission if the broker:

Answer: uses due diligence to procure a buyer.

Question: If a buyer wants early possession of the property before escrow closes, which document should be used?

Answer: Interim Occupancy Agreement

Question: The primary document used to make an offer on real estate is called a(n):

Answer: purchase agreement

Question: Which of the following is true regarding a buyer representation agreement? a. It is a single agency agreement.b. It is not an employment contract.c. It is an employment contract between a buyer and seller.d. It is an employment contract between a salesperson and broker.

Answer: The optionee is not obligated to purchase the property.

Question: A tenant failed to pay rent, so the owner gave the tenant a 3-Day Notice to Pay Rent or Quit. This notice:

Answer: gives the lessor 3 days to pay the rent or cure the breach of the rental agreement.

Question: Which of the following is not necessary for a lease to be valid?a. Signature of the tenantb. Signature of the ownerc. Amount of rentd. Term of lease

Answer: Signature of the tenant