Question: A real estate sale contract is an executory contract until:

Answer: all the obligations and promises are performed and the transaction is closed.

Question: If a married couple own a property that is for sale and only one of them signs a sale contract, what is the legal status of the contract?

Answer: The contract may be valid.

Question: In assisting a buyer or seller to complete an offer to purchase, what should an agent do to reduce the risk of committing an unauthorized practice of law?

Answer: Use a standard contract promulgated by a state agency or a real estate board.

Question: To be enforceable, a contract for the sale of real estate must:

Answer: be written.

Question: A buyer makes an offer to purchase a house and the seller accepts the offer. Both parties sign the sale contract, but the buyer fails to provide an earnest money deposit. What are the seller’s obligation to the buyer?

Answer: None. There is no valid contract.

Question: What is one essential element of a valid contract for the sale or real estate?

Answer: Offer and acceptance

Question: What kind of interest does the buyer own after a real estate sale contract is signed by the principal parties?

Answer: Equitable interest

Question: A contingency in a sale contract is:

Answer: a condition that if unmet, renders the contract unenforceable.

Question:

Answer: The seller is in default and is liable for damages.

Question: A buyer signs an earnest money agreement and gives it to the broker who showed her the property she is buying. After leaving the broker’s office, she reconsiders and decides she prefers a different property. How long does she have to take back her offer?

Answer: Until the seller communicates acceptance of the offer