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Real Estate

Chapter 1-2 Quiz (1)

admin 2024.07.09 14:00 Views : 118

  • Damages awarded to place an injured party in the same position they would have been in had the contract been fully performed is called

    • promissory damages.

    • actual damages.

    • nominal damages.

    • punitive damages.

  • 2.
     

    Specific performance is the opposite of

    • the duty to perform.

    • an injunction.

    • novation.

    • rescission.

  • 3.
     

    If a party in breach of contract is ordered by the court to fulfill their contractual obligations, an action for _____ has been filed.

    • negligent representation

    • reformation and reconstitution

    • specific performance

    • restitution and rescission

  • 4.
     

    Including a "time is of the essence" clause in a contract means that:

    • Failure to meet deadlines will result in total breach of contract.

    • The contract must be carried out in 30 days.

    • The deadlines have already passed and damages may be imposed regardless of further action on the part of the other party.

    • The contract remains enforceable as long as fulfillment occurs within a reasonable time of the date specified.

  • 5.
     

    When a purchaser returns possession and title of the land to the seller in exchange for the seller returning the purchase price paid, minus reasonable rent for the period the purchaser was in possession of the property, a remedy known as ________ has been imposed.

    • general damages

    • specific performance

    • liquidated damages

    • rescission and restitution

  • 6.
     

    The real estate market is rapidly increasing in value. James agrees to sell his property to Andrew for the price of $250,000. By the date of closing, James concludes that his property is worth $290,000 and refuses to close the transaction. If Andrew really wants this house, his best remedy is to bring a court action for

    • rescission.

    • specific performance.

    • foreclosure.

    • damages.

  • 7.
     

    Which one of the following statements about a total or partial breach of contract is NOT correct?

    • A partial breach of contract results in all further contract performance duties being discharged

    • The more material the breach, the more likely it will be deemed a total breach

    • The difference between a total breach and a partial breach is based on the severity of the breach

    • If the breach is total, a contract can be terminated, and damages may result

  • 8.
     

    Which of the following is not an example of a breach of contract by a real estate agent?

    • Failing to get the best price for a house

    • Disclosing personal information about their client

    • Failing to market a house correctly

    • Failing to obey a request from their client that may be illegal

  • 9.
     

    When a contract is interpreted and clarified by a court when the contract incorrectly expresses what the parties intended, this is known as

    • Restitution of contract

    • Ratification of contract

    • Reformation of contract

    • Rescission of contract

  • 10.
     

    What happens when a court orders rescission and restitution as a breach of contract remedy?

    • All parties are restored to their pre-contract state

    • The breaching party is fined

    • The original contract is replaced with a new contract

    • Damages are awarded to both parties

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