Author: Anonymous

John is buying a house from Terry and they just reached mutual acceptance. The closing of the transaction is in 30 days. During this time, Terry has agreed to replace the roof within 20 days of mutual acceptance and John has agreed to apply for a loan within 5 days of mutual acceptance. What kind of contract do they have?

If the buyer wants to be sure the fireplace screen stays with the property, the buyer’s agent should _____.

A contract is an exchange of promises between two or more parties to ______________.

Property approval, according to paragraph 4, includes ____________.

A void contract does not usually have ___________________________.

Property condition is discussed in paragraphs 7D, E, and F of the promulgated contract forms.

If the Third Party Addendum for Credit Approval says credit approval must be obtained within ten days after the effective date, and the appraisal comes in too low for the lender to make the loan on the 12th day, what is the status of the contract?

All agreements are contracts.

Which of the following is NOT an essential element of a valid contract?

Which of the following is TRUE regarding the presentation of offers to a seller?