Virginia Real Estate Salesperson Exam — All Questions
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2 questions
Contracts
A seller receives an offer and responds by changing the closing date and price, then signing. This response is a:
- a.Counteroffer that terminates the original offer✓
- b.Binding acceptance of 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.Doctrine of laches
- b.Parol evidence rule
- c.Rule against perpetuities
- d.Statute of frauds✓
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.