Episode 097 - Real Estate Exam Questions: Contract Law
Description
Episode 097 - Real Estate Exam Questions: Contract Law
Going through state exam questions to help real estate students pass their state exam.
01:10 – December: Happy Holidays!
03:00 – List of recent grads: Christina, Lori, Delphine, Alisha, Patrick, Adelaide, Chefor, Grant, Heather, Anne, Carl, Arianna, Jessica, Shukeh, Amber, Autrey, Joana, Kongyu, Miles, Leticia, Larry, Maddy, Kim, Tony, Dawn, Mason, Miranda, Eleyna, Bill, Rose, Renee, Carol, Johnathon, Nathalie, Morgan, Alylynn, and Katrina.
04:10 – Message from Christina.
07:05 – Episode Focus: contract law
08:15 – Elements of a valid contract: Voluntary, Promise/s, Legal, Competency (Capacity), and Consideration.
14:00 – Express versus Implied contracts; statute of frauds.
20:00 – Bilateral and unilateral contracts.
23:35 – Creation of a contract; mutual assent (meeting of the minds); offer and acceptance; offeror and offeree; accept, reject, and counter; counteroffer is a rejection of prior offer terms; offeror can rescind (rescission) before their offer is accepted.
33:40 – Valid, void, and voidable contract; enforceable and unenforceable.
40:45 – Breach of contract; suit for specific performance.
42:30 – Termination of a contract – Performance and mutual release
45:50 – Contingencies: mortgage, inspection, title, sale of home, find another home, and more.
46:45 – No earnest money is required for a valid contract; equitable title; amendment and addendum.
53:10 – Contract law exam questions.
1:15:00 – January’s episode will be about agency: creating agency, fiduciary responsibilities, dual agency, and other obligations agents have with their clients.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legend15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
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