1. Mary and John are making an offer on a house that real estate agent Andrew showed them. The sales contract will only go thru based upon the approval of Mary’s father who is providing the down payment for them. This condition in the contract is called a (an):
A. Addendum
B. Warranty
C. Guarantee
D. Contingency
2. The period of time after John and Mary has accepted an offer from buyer Alice and Fred on their house but before title actually passes, the status of the contract is
A. Implied
B. Voidable
C. Executory
D. Executed
3. A buyer and seller are under contract. The seller breaches the sales contract. The buyer is suing for the transfer of property. This best describes which of the following?
A. Liquidated damages
B. Actual damages
C. Addendum for performance
D. Specific performance
4. A legally enforceable agreement is written up between the buyer and seller. The two parties promise to cooperate and do everything they can to perform on their promise. The buyer promises to do everything to acquire the loan and the seller promises to do everything to make the house qualify to sell. This is known as
A. A bilateral contract
B. A unilateral contract
C. Escrow Agreement
D. An option contract