A bilateral contract is one in which:

A. only one of the parties is obligated to act.

B. the promise of one party is given in exchange for the promise of the other party.

C. something is to be done by one party only.

D. a restriction is placed in the contract by one party to limit the performance by the other. 

An executed contract is one in which:

A. the title has been recorded.

B. all obligations have been performed.

C. the deed has been acknowledged.

D. approval has been given by the courts.

A real estate sales contract is:

A. unilateral and executed.

B. unilateral and executory.

C. bilateral and executed.

D. bilateral and executory

During the period of time after a real estate sales contract is signed, but before title actually passes, the status of the contract is:

A. voidable.

B. executory.

C. unilateral.

D. implied.

Which of the following is an example of a unilateral agreement?

A. A lease for over six months.

B. An exclusive listing for six months.

C. A sales contract closing in six weeks.

D. An option agreement which expires in six months.

Which of the following statements BEST describes the difference between a bilateral and unilateral contract?

A. The number of promises involved.

B. The number of parties promising to perform.

C. The number of parties involved.

D. The dollar amount of the transaction.

A buyer signed a contract with a builder to complete a house within one year. Until the house is completed the buyer’s contract with the builder is:

A. executed.

B. executory.

C. unilateral.

D. implied. 

A void contract is one that is:

A. not in writing.

B. not legally enforceable.

C. rescindable by agreement.

D. voidable by only one of the parties

A buyer enters into a real estate contract to purchase a parcel of residential property. Several days later, the broker is informed that the buyer had been adjudged mentally incompetent four years ago. Is the contract valid?

A. Yes, mental incompetency will not discharge the buyer's obligation.

B. Yes, the statute of limitations has expired.

C. No, because the buyer is mentally incompetent the contract is void.

D. No, a mentally incompetent buyer cannot sign a real estate contract

A minor signed a written sales contract to purchase a parcel of property from an adult seller. After the contract was signed, the minor declared the contract void. Is the buyer's action permissible?

A. No, both the buyer and seller would have to agree to void the contract.

B. No, in this situation only the seller could void the contract.

C. Yes, the contract is voidable by the minor while under age and for a certain period of time after reaching legal age.

D. Yes, the buyer violated the Statute of Frauds by not disclosing their age.

A broker took a listing and later discovered that the client was previously declared legally incompetent. The listing is now:

A. binding because the broker was acting as the owner's agent in good faith.

B. of no value to the broker because it is now void.

C. the basis for the recovery of a commission if the broker produces a buyer.

D. renegotiable.

A buyer signed a real estate sales contract while under the influence of alcohol. The contract would be:

A. Valid.

B. Voidable by either party.

C. Void.

D. Voidable by the intoxicated buyer.

At the time a buyer was negotiating the purchase of a lot on which to build a new home, the seller represented that the soil was firm enough to support the construction of a building when, in fact, the seller knew it was not. This contract is:

A. void.

B. voidable by the buyer because of fraud.

C. voidable by the seller because of the mistake.

D. voidable by neither party because no harm was done yet

A lease agreement is signed by a lessee who is 16 years of age. Which of the following is true?

A. A 16-year-old person cannot sign a lease.

B. The lease agreement is voidable. C. The lease agreement is valid provided the security deposit is increased. D. The lease agreement is void

A contract that has all the essential elements and is legally enforceable is considered:

A. unenforceable.

B. valid.

C. void.

D. voidable

A contract for the sale of real estate that does not state the consideration to be paid for the property and is not signed by the parties is considered to be:

A. voidable.

B. executory.

C. void.

D. enforceable. 

Which of these situations would render a contract void?

A. A landlord and tenant entered into a verbal lease for six months.

B. A buyer purchased a property and the seller committed fraud on the property disclosure statement.

C. A listing contract for commercial property was signed by the company CEO who was not authorized under the article of incorporation.

D. A sales contract is contingent upon a property inspection.

From June 5 through October 15, Madeline suffered from a mental illness that caused loss of memory. On July 1, Madeline signed a contract to purchase Brown’s Farm, with the closing set for October 31. On September 24, Madeline began treatment and was declared cured by October 15. Which of the following statements is true regarding Madeline’s contract to purchase Brown’s Farm?

A. The contract is voidable.

B. The contract is void.

C. The contract lacks reality of consent.

D. The contract is fully valid and enforceable

The essential elements of a contract include all of the following EXCEPT:

A. offer and acceptance.

B. notarized signatures.

C. competent parties.

D. consideration. 

Which of the following is NOT an essential element of a valid real estate sales contract?

A. Consideration.

B. Competent parties.

C. Offer and acceptance.

D. Earnest money.

Baird submits an offer to buy a house, giving the seller 24 hours in which to make a decision. Under which of the following circumstances would a contract be created?

A. The seller waits more than 24 hours before deciding to accept the offer.

B. The seller resubmits the offer to Baird with the seller's initials next to a new proposed closing date.

C. The seller accepts the offer only to discover that Baird has just died.

D. The seller accepts Baird's offer as presented and notifies him of the acceptance within the time specified.

A buyer made an offer to a seller for $125,000 provided the seller would have the house painted. The seller agreed to the $125,000 but would not have the house painted. This would constitute:

A. a contract with a contingency.

B. a rejected offer and a counter offer by the seller.

C. an executed agreement.

D. an option.

An owner listed their property for sale with a real estate agent. The agent advertises the property as a “great value” and receives two offers from different buyers at the same time. What is the best advice the agent could give the owner regarding the two offers?

A. Accept both offers.

B. Reject both offers.

C. Counteroffer to both buyers.

D. Accept or counteroffer one offer or reject both offers

On Monday, the seller offers to sell his vacant lot to the buyer for $12,000. On Tuesday, the buyer counteroffers to buy for $10,500. On Friday, the buyer withdraws the counteroffer and accepts the original offer of $12,000. Under these conditions:

A. there is a valid agreement because the buyer accepted the seller's offer exactly as it was made.

B. there is not a valid agreement because the buyer's counteroffer was a rejection of the seller's offer and once it was rejected, it cannot be accepted later.

C. there is a valid agreement because the buyer accepted before the seller advised the buyer that the offer is withdrawn.

D. there is not a valid agreement because the seller's offer was not accepted within 72 hours.

A seller's house is listed by a broker for $135,000. The broker found a buyer who made an offer for $130,000, which the seller did not accept. This would be an example of a(n):

A. option agreement.

B. counter offer.

C. rejected offer.

D. sales contract.

All of the following will terminate an offer EXCEPT:

A. withdrawal of the offer before acceptance.

B. death of the offeror before acceptance.

C. a counteroffer by the offeree.

D. an additional offer from a third party.

A broker listed a seller's property for $150,000. The buyer signed an offer for the full listed price and gave the seller three days to accept. Two days later the seller had not yet accepted. Regarding this situation, which of the following is TRUE?

A. The buyer can withdraw the offer anytime before acceptance.

B. The buyer must wait three days before the offer can be withdrawn.

C. The seller must accept the offer because it is for the full listed price.

D. The seller can accept the offer after three days

Two salespeople working for the same broker obtained offers on a property listed with their firm. The first offer was obtained early in the day. A second offer for a higher purchase price was obtained later in the afternoon. The broker presented the first offer to the seller that evening. The broker did not inform the seller about the second offer so that the seller could make a decision about the first offer. Which of the following is TRUE?

A. The broker's action are permissible provided the commission is split between the two salespeople.

B. After the first offer was received, the broker should have told the salespeople that no additional offers would be accepted until the seller decided on the offer.

C. The broker has no authority to withhold any offers from the seller.

D. The broker was smart to protect the seller from getting into a negotiating battle over two offers.

When an offer to purchase has been signed by all parties, a licensee is required to deliver a signed copy of the purchase agreement to:

A. the seller.

B. the purchaser.

C. the lender.

D. the purchaser and seller.

The law that requires real estate contracts to be in writing to be enforceable is the:

A. law of descent and distribution.

B. statute of frauds.

C. patrol evidence rule.

D. statute of limitations.

Which of the following statements about the statute of frauds is TRUE?

A. It requires leases for one year or less to be in writing to be enforceable.

B. It requires that monetary consideration accompany offers to purchase to ensure serious intent.

C. It requires that a sales contract for real property be in writing to be enforceable.

D. It is used to prevent people from selling property that they do not own.

The broker receives an earnest money deposit with a written offer to purchase that includes a ten-day acceptance clause. On the fifth day, before the offer is accepted, the buyer notifies the broker that she is withdrawing the offer and demands the return of her earnest money deposit. In this situation:

A. the buyer cannot withdraw the offer because it must be held open for the full ten days.

B. the buyer has the right to revoke the offer at any time until it is accepted and recover the earnest money.

C. the seller and the broker have the right to each retain one-half of the deposit.

D. the broker declares the deposit forfeited and retains it for his services.

In order for a contract to be valid, the offeree must accept before:

A. the payment of any money.

B. the offer expires.

C. the close of the 10th business day following the offer.

D. the offeror makes a similar offer to a third party.

If, upon the receipt of an offer to purchase his property subject to certain conditions, the seller makes a counteroffer, the prospective buyer is:

A. bound by his original offer.

B. bound to accept the counteroffer.

C. bound by whichever offer is lower.

D. relieved of his original offer.

A seller accepted an offer on her home at a price much lower than she had been asking. If she was under duress when she accepted the offer, the contract is:

A. voidable.

B. void.

C. valid.

D. unenforceable.

A verbal agreement for the sale of a parcel of real estate would be considered:

A. an unenforceable contract.

B. an enforceable contract.

C. a void contract.

D. a voidable contract.

In a counteroffer the:

A. offeror receives the offer.

B. offeror makes the offer.

C. original offer is accepted.

D. offer must be in writing.

An offer to purchase becomes a sales agreement when there is an acceptance:

A. by the offeree and communicated to the offeror.

B. by the offeror and communicated to the offeree.

C. by the offeree.

D. by the offeror

 An offer to purchase with earnest money is rejected by the offeree. The earnest money will most likely be:

A. kept by the seller.

B. kept by the broker.

C. returned to the buyer.

D. deposited in the broker’s trust account

The transfer of rights and/or duties under a contract is called:

A. novation.

B. assignment.

C. specific performance.

D. offer and acceptance. 

To assign a contract for the sale of real estate means to:

A. record the contract with the county recorder’s office.

B. permit another broker to act as agent for the principal. C. transfer one’s rights under the contract.

D. allow the seller and the buyer to exchange positions

The substitution of a new contract in place of the original contract is considered:

A. assignment.

B. novation.

C. rescission.

D. consideration.

Mr. Smith signed a contract to sell a parcel of real estate. Mr. Smith dies before the closing is to be held. Which of the following statements is most true?

A. The contract is terminated.

B. The contract is not terminated and will be binding on the heirs.

C.The contract is voidable.

D. The contract is unenforceable. 

The legal remedy of terminating a contract and restoring the parties to their original position prior to contract is called:

A. default.

B. rescission.

C. forfeiture.

D. assignment.

Under what conditions would a buyer be MOST LIKELY to sue for specific performance?

A. If the seller had neglected to inform the buyer that the property to be purchased was a dominant tenement.

B. If the seller defaulted on the signed sales contract before closing.

C. If the broker had misrepresented the size of the lot to be purchased.

D. If the broker has misrepresented the nearness of fire protection to the property to be purchased

A seller accepts an offer from a buyer on a listed parcel of residential property. Before the closing, the property is rezoned commercial and due to the increase in value, the seller refuses to sell. The buyer's BEST course of action would be to:

A. renegotiate the contract at a higher price.

B. enter a suit for specific performance against the seller.

C. rescind the contract.

D. enter a suit for damages against the seller's broker. 

A seller agreed in writing to sell a portion of his land to his neighbor. Both signed the contract and agreed the closing would take place in three months. Later, the seller decided he didn't want to sell the land and refused to transfer the property. Would the buyer have any recourse against the seller?

A. Yes, the buyer could enforce the contract in the courts. B. Yes, the seller violated the statute of frauds.

C. No, the seller has a 90-day right of rescission in a sales contract

D. No, the contract was implied and unenforceable. 

The "liquidated damages" in a sales contract if the buyer defaults is MOST LIKELY the:

A. earnest money.

B. real estate commission.

C. sales price.

D. loan amount.

A clause in a contract that permits the seller to keep the earnest money deposit if the buyer defaults is called the:

A. liquidated damages clause.

B. "time is of the essence" clause.

C. contingency clause.

D. escape clause. 

The concept that requires a party to bring an action within a specific period of time to enforce their rights is:

A. a variance.

B. the statute of limitations.

C. the statute of frauds.

D. a waiver. 

Predetermined damages agreed to by the parties in a sales contract should either party breach the agreement is referred to as:

A. earnest money.

B. liquidated damages.

C. down payment.

D. security deposit.

The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of the contract is known as:

A. an injunction.

B. a lis pendens.

C. an attachment.

D. specific performance.

D. specific performance.

note: specific performance occurs when the innocent party may seek a court order requiring the defaulting party to carry out the terms and provisions of the contract

If the buyer defaulted some time ago on a written contract to purchase a seller’s real estate, the seller can still sue for damages if he is not prohibited from doing so by the:

A. statute of frauds.

B. law of agency.

C. statute of limitations.

D. broker-attorney accord.

What action returns a contract’s parties to their position before the contract, including return of any deposit?

A. Cancellation.

B. Rescission.

C. Substitution.

D. Subordination

Breach of contract is refusal or failure to comply with the terms of a contract. If the seller breaches the purchase contract, the buyer may do all of the following EXCEPT:

A. sue the seller for specific performance.

B. rescind the contract and recover the earnest money.

C. sue the seller for damages.

D. sue the broker for non-performance.

In a breach of contract, the seller in a sales agreement decides not to complete the sale. The buyer may force the seller to carry out the terms of the contract by which of the following?

A. Recession of contract.

B. Action for money damages.

C. Specific performance action.

D. Action for quiet enjoyment.

A written agreement giving the agent the right to collect a commission no matter who buys the property within the term of the agreement is known as an:

A. exclusive listing.

B. exclusive agency listing.

C. exclusive right to sell listing.

D. open listing.

The Georgia Real Estate Commission prohibits a broker from accepting which of the following types of listings?

A. Open.

B. Net.

C. Exclusive agency.

D. Exclusive-right-to-sell.

A contract in which a broker is employed by an owner to find a buyer for a twenty-year-old apartment building is MOST LIKELY a(n):

A. option contract.

B. listing contract.

C. property management contract.

D. sales contract.

All of the following are typical provisions in a listing agreement EXCEPT:

A. the closing date of the sale.

B. the names of the seller and broker. C. the legal description of the property.

D. the commission rate to be paid to the broker.

A broker obtaining an exclusive listing from a seller would NOT need to include:

A. a legal description.

B. an expiration date.

C. a listed price.

D. a home warranty program. 

The safety (protection) clause in an exclusive right to sell listing protects the broker's commission rights for what time period after expiration of the listing?

A. Thirty (30) days, as stated by law.

B. Ninety (90) days, which is standard in all listings.

C. The same amount of time as the listing contract.

D. The period of time negotiated between broker and principal.

All of the following are typically found in a listing agreement EXCEPT:

A. The price the seller is asking for the property.

B. The date the broker will schedule an open house.

C. The commission rate to be paid to the listing broker.

D. The responsibility of the broker.

A broker has done a proper CMA and discusses the probable market value of the property with the seller. The seller insists on listing the property for an unrealistic price. In this situation all of the following statements are true EXCEPT?

A. The broker can suggest the seller have a formal appraisal done.

B. The broker may take the listing with the understanding that price reductions may be needed.

C. The broker must take the listing at the proposed seller’s price.

D. The broker may decline to take the listing at the high price. 

An owner signs an exclusive right to sell listing agreement with ABC Realty. This contract is BEST described as a(n):

A. bilateral personal service contract that hires a brokerage to find a ready, willing and able buyer.

B. bilateral employment contract that creates a customer status with the owner.

C. unilateral employment contract that can be breached by either party without liability.

D. bilateral personal service contract that allows the owner to sell the property and not pay ABC Realty a commission. 

A seller entered into a written exclusive right to sell listing contract with ABC Realty. Which of the following would BEST describe the listing agreement?

A. It is an implied, unilateral, executed contract.

B. It is an implied, bilateral, executory contract.

C. It is an expressed, bilateral, executory contract.

D. It is an expressed, bilateral, executed contract.

C. It is an expressed, bilateral, executory contract.

note: key word "written"=expressed and right to sell listing contracts are bilateral 

A salesperson of broker Baird obtained a signed offer to purchase a seller’s property along with a certified check for 5% of the purchase price as earnest money. What should the salesperson do with the earnest money check?

A. Give it to the seller.

B. Hold it until closing.

C. Deposit the check in the salesperson’s personal account. D. Give it to broker Baird for deposit in the brokerage trust account.

The amount of earnest money deposit is determined by:

A. the real estate licensing statutes.

B. an agreement between the parties.

C. the broker's office policy on such matters.

D. the acceptable minimum of 5 percent of the purchase price.

When the phrase "time is of the essence" is used in a contract, generally it refers to:

A. the acceptance of an offer by the offeree within a reasonable time.

B. punctual performance is an essential requirement of the contract.

C. the duration of time in which a party may sue under the statute of limitations.

D. payment of earnest money.

A provision placed in a contract that requires the completion of a certain act before the contract is binding is called:

A. a contingency clause.

B. a novation clause.

C. an addendum clause.

D. a proration clause.

A purchaser made an offer contingent on the sale of her current home. Would this result in a contract?

A. Yes, if it is agreed to by both parties.

B. Yes, if the purchasers house sells within 30 days.

C. No, a contingency cannot be made part of a contract.

D. No, property sale contingencies are not legal and will void a contract.

A buyer made an offer on a property and included $500 earnest money with a clause that the earnest money would be returned if the buyer could not obtain a loan. This clause is called a(n):

A. option.

B. mortgage contingency.

C. property sale contingency.

D. binder. 

A husband and wife list a property owned jointly by both of them. While the husband is out of town, the wife receives an offer on the property. If the wife wants to accept the offer, she could sign for her husband if:

A. they hold the ownership as community property.

B. she had been granted power of attorney by her husband. C. the signature is notarized.

D. she holds more than a 50% interest in the property.

Money that serves to compensate a seller in the event of a buyer default is known as:

A. actual damages.

B. liquidated damages.

C. escrow funds.

D. earnest money.

When a prospective buyer makes a written purchase offer that the seller accepts, then the:

A. buyer may take possession of the real estate.

B. seller grants the buyer possessory rights.

C. buyer receives legal title to the property.

D. buyer receives equitable title to the property

Which of the following gives the best evidence of the buyer’s intention to carry out the terms of the real estate purchase contract?

A. The “subject to” clause.

B. The agreement to seek mortgage financing.

C. The earnest money deposit.

D. The provision that “time is of the essence.”

. A broker has an exclusive-right-to-sell listing on a building. The owner is out of town when the broker gets an offer from a buyer to purchase the building providing the seller agrees to take a purchase money mortgage. The buyer must have a commitment from the seller before the seller is scheduled to return to the city. Under these circumstances the:

A. broker may enter into a binding agreement on behalf of the seller.

B. broker may collect a commission even if the transaction falls through because of the seller’s absence from the city.

C. the buyer is obligated to keep the offer open until the seller returns.

D. the broker must obtain the signature of the seller to effect a contract

The seller and buyer have agreed upon the terms of a sales agreement. Before closing, the house is slightly damaged by a storm. Who is responsible for the damage?

A. The buyer because (s)he has equitable title.

B. The seller because of the risk of loss clause in the sales agreement.

C. The cost of repair is shared by both.

D. The broker. 

Which of the following is TRUE concerning conflicting wording in a contract?

A. Preprinted controls typewritten which controls handwritten.

B. Typewritten controls preprinted which controls handwritten.

C. Handwritten controls preprinted which controls typewritten.

D. Handwritten controls typewritten which controls preprinted

Under the provisions of an option to purchase real property, the optionee has:

A. the right to buy the property at a later date if the property is put up for sale by the owner.

B. legal title to the optioned property.

C. the right of possession in the optioned property.

D. the irrevocable right to purchase the property at a fixed price for a specified period of time

A contract by which the owner gives a prospective purchaser the right to buy the owner's property at a fixed price within a certain period of time would BEST be described as a(n):

A. land contract.

B. option contract.

C. installment contract.

D. binder agreement.

A valid option would NOT need to state:

A. the date the option expires.

B. the consideration to be paid by the optionee.

C. a down payment on the purchase price.

D. the purchase price. 

The sales price for a property in an option agreement is determined:

A. when the option is exercised.

B. when the option is signed.

C. at closing.

D. when the sales contract is signed.

Which of the following would be an obligation of an optionee?

A. To pay valuable consideration for the option right.

B. To perform the option right at the time the option is signed.

C. To purchase the property at the stated option price.

D. To take possession of the property.

A. To pay valuable consideration for the option right.

In an option to purchase real estate, the optionee:

A. must purchase the property, but may do so at any time within the option period.

B. has no obligation to purchase the property.

C. is limited to a refund of the option consideration if the option is exercised.

D. is the prospective seller of the property

An option:

A. requires the optionee to complete the purchase.

B. gives the optionee an easement on the property.

C. binds the optionor for a specified time.

D. makes the seller liable for a commission.

If an owner takes his property off the market for a definite period of time in exchange for some valuable consideration, but he grants an individual the irrevocable right to purchase the property within that period for a stated price, this is called a(n):

A. option.

B. contract of sale.

C. right of first refusal.

D. installment agreement.

A broker finds a buyer who is willing to enter into an option on a property for 90 days. The potential buyer pays $1,000 for the option right which is acceptable to the property owner. Which of the following is TRUE?

A. The sales commission is earned when the sale is closed. B. The sales commission is earned when the option is exercised.

C. The $1,000 must be credited to the sales price.

D. The commission is earned upon mutual signing of the option agreement.

The seller in an installment land sales contract (contract for deed):

A. is called the vendee.

B. is called the optionor.

C. retains possession of the property.

D. retains legal title to the property.

. The interest held by a vendee under a contract for deed (land contract) or sales contract is:

A. legal title.

B. equitable title.

C. recorded title.

D. leasehold interest.

A land contract provides for the:

A. sale of unimproved land only.

B. sale of real property under an option agreement.

C. conveyance of legal title at future date.

D. immediate transfer of reversionary rights

Under an installment contract, the legal title to the property is held by the:

A. vendor.

B. vendee.

C. trustor.

D. trustee

The seller agrees to sell the house to the buyer for $100,000.

The buyer was unable to qualify for a mortgage loan for this amount so the seller and buyer enter into a contract for deed. The interest the buyer has in the property under a contract for deed is:

A. legal title.

B. equitable title.

C. joint title.

D. mortgagee in possession

When real estate is sold under an installment land contract and the buyer takes possession of the property, the legal title:

A. is subject to a purchase money mortgage.

B. must be transferred to a land trust.

C. is kept by the seller until the purchase price is paid according to the contract.

D. is transferred to the buyer.

Which of the following is NOT a feature of a contract for deed?

A. A contract wherein the seller holds the deed to the property until all installments payments are paid to the seller.

B. A financing device.

C. Terminated by death of either party.

D. Required to be in writing and signed by the parties to be enforceable

When an offer to purchase has been accepted and signed by all parties, the licensee is obligated to deliver a signed copy of the purchase agreement to:

A. purchaser, seller and lender.

B. purchaser, seller and broker(s).

C. purchaser, lender and broker(s).

D. seller, lender and broker(s).

A licensee is asked by a buyer to prepare a sales contract that will have no earnest money. According to the law and the rules of the Commission, can a licensee help negotiate a contract without earnest money?

A. Yes, because neither the law nor the Real Estate Commission require the purchaser to pay earnest money. B. Yes, because the seller cannot reject an offer solely based on the amount of the earnest money.

C. No, because it is illegal for a licensee to present an offer for which there is no earnest money.

D. No, because Georgia law establishes earnest money as one of the essential elements of an enforceable real estate sales contract

The Georgia Real Estate commission prohibits a broker from accepting which of the following types of listings?

A. Open.

B. Net.

C. Exclusive agency.

D. Exclusive right to sell.

B. Net.

In completing an offer to buy or sell real property in Georgia, a licensee is required to include all of the following EXCEPT:

A. a description of the property involved.

B. date of closing.

C. any special stipulations the offer requires.

D. an earnest money deposit by the offeror.

When a licensee offers to purchase a property as a condition to obtaining a listing to sell, the licensee must:

A. make a disclosure in the sales contract that they are acting as a dual agent.

B. enter into a written sales contract prior to or at the same time the seller signs the listing agreement.

C. offer the “asking price” of the property being purchased. D. enter into a written sales contract after the listing contract has been signed.

When writing sales contracts, a salesperson should consult with an attorney when:

A. the preprinted form contract does not clearly set forth the agreement terms.

B. the seller requests a legal opinion of a buyer’s offer. C. the legal description is not available.

D. his or her broker has specifically instructed him or her to do so.

Licensees must keep true and correct copies of all sales contracts, closing statements and other documents related to real estate transactions in a broker’s file for a period of: A. three years.

B. three years and up to five years at the request of the Commission.

C. five years.

D. five years and up to 10 years at the request of the Commission