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.

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Go to www.indianarealestateinstitute.com for Indiana real estate classes.

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2023-12-07 77 min