Virginia Real Estate Salesperson Exam — All Questions
AllProperty OwnershipLand Use Controls and RegulationsValuation and Market AnalysisFinancingContractsAgencyProperty DisclosuresTransfer of TitlePractice of Real EstateProperty ManagementReal Estate CalculationsVirginia License LawVirginia Agency RulesVirginia Practice & ClosingVirginia Licensing Requirements
52 questions
Contracts
A seller receives an offer and responds by changing the closing date and price, then signing. This response is a:
- a.Binding acceptance of the original offer
- b.Counteroffer that terminates the original offer✓
- c.Void contract
- d.Unilateral contract
Changing terms and returning the document is a counteroffer, which rejects and terminates the original offer and creates a new offer that the original offeror may accept or reject. Acceptance must match the offer exactly to form a contract.
Contracts
The legal requirement that contracts for the sale of real estate be in writing to be enforceable comes from the:
- a.Statute of frauds✓
- b.Rule against perpetuities
- c.Doctrine of laches
- d.Parol evidence rule
The statute of frauds requires certain contracts, including those for the sale of an interest in real estate, to be in writing and signed to be enforceable. The parol evidence rule limits use of outside evidence to change a written contract.