Real Estate Sales Contract: Definition & Characteristics

Instructions:

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

question 1 of 3

What elements are required to form a legally binding real estate purchase contract?

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1. A _____ is a condition that must be satisfied or the real estate purchase contract can be voided.

2. What neutral third party in dispute resolution helps to negotiate a settlement?

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About This Quiz & Worksheet

The quiz and worksheet will measure your understanding of sales contracts for real estate. Areas of the lesson that you will need to be familiar with include a neutral third party that helps reach settlements and the elements required for a legally binding real estate purchase contract.

Quiz & Worksheet Goals

You will be tested on terms such as:

  • Something that must be fulfilled to maintain the validity of the real estate purchase contract
  • Someone who has the authority to decide a dispute
  • Elements behind a legally binding real estate purchase contract
  • Provisions under the merger doctrine
  • Neutral third party that settles disputes

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the provisions under the merger doctrine
  • Reading comprehension - ensure that you draw the most important information from the related lesson on sales contracts for real estate
  • Knowledge application - use your knowledge to answer a question about something that must be fulfilled to maintain the validity of the real estate purchase contract

Additional Learning

If you would like to find out more about sales contracts, you can take a look at the accompanying lesson titled Real Estate Sales Contract: Definition & Characteristics. When you complete the chapter, you will:

  • Recall what a real estate purchase contract is
  • Identify the sections the real estate purchase contract is divided into
  • Discuss the alternative lease purchase option that is available and what it entails
  • Explore what contingencies are and how they impact the purchase contract
  • Explain why time is of the essence with contract disputes and revisions
  • Understand what the merger doctrine is and when it is introduced
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