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Types of Contracts in Real Estate Transactions

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Tom has entered into a contract where he can buy a specific parcel of real estate for $100,000 within 120 days of the contract's date. What's the best description of Tom's contract?

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1. A contract between two parties giving reciprocal promises is what type of contract?

2. A fully performed contract is what type of contract?

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About This Quiz & Worksheet

In the real estate industry, agents regularly enter into legal agreements with clients using contracts. Gauge your comprehension of the types of contracts real estate agents use by taking this short quiz. A worksheet is also available to assess your problem-solving skills, definition recall, and overall comprehension of real estate contract types.

Quiz & Worksheet Goals

This quiz and worksheet test your ability to:

  • Choose the appropriate real estate contract type based on a specific scenario
  • Identify the type of contract between two parties giving reciprocal promises
  • Describe the fully performed contract
  • Understand specifics about express contracts
  • Recognize a type of contract that is implied by law

Skills Practiced

With help from this worksheet and quiz, you can easily practice the following skills:

  • Reading comprehension - draw the most important information from the types of contracts in real estate transactions lesson
  • Defining key concepts - ensure that you can accurately define main phrases, such as express contracts and fully performed contracts
  • Knowledge application - use your knowledge to answer questions asking you to identify the best contract types for specific scenarios

Additional Learning

In addition to testing your knowledge of real estate contract types with the quiz and worksheet, feel free to review the lesson called Types of Contracts in Real Estate Transactions, which provides details about the following:

  • The definition of a contract
  • Five requirements to make a contract enforceable
  • Executory vs. non-executory contracts
  • How a quasi contract compares to an express contract
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