Real Estate License Exam Prep — Module 6 Quiz
Contracts & Transactions

Q1. The seller counters the buyer's offer at a higher price. The original offer is:
A) Still open for acceptance.
B) Rejected by the counteroffer.
C) Automatically accepted.
D) Rescinded.
ANSWER: B

Q2. Which element makes an oral agreement to sell land unenforceable?
A) Consideration
B) Genuine assent
C) Statute of Frauds
D) Legality of purpose
ANSWER: C

Q3. A contract term that must be met for the deal to proceed — like obtaining a mortgage — is a:
A) Counteroffer.
B) Contingency.
C) Debit.
D) Proration.
ANSWER: B

Q4. At closing, the buyer is charged for the purchase price. On the closing statement this is a:
A) Credit to the buyer.
B) Debit to the buyer.
C) Credit to the seller.
D) Proration.
ANSWER: B

Q5. Which remedy is unique to real estate because land is considered unique?
A) Damages
B) Rescission
C) Specific performance
D) Forfeiture
ANSWER: C