Contracts
An Arkansas real estate purchase contract must be in writing because of:
AAREC rules requiring written documentation
BThe Statute of Frauds, which requires real property contracts to be in writing✓ Correct
CFederal RESPA regulations
DThe Arkansas Consumer Protection Act
Explanation
The Statute of Frauds (A.C.A. § 4-59-101) requires real estate contracts to be in writing and signed by the party against whom enforcement is sought. Oral real estate contracts are generally unenforceable.
Related Arkansas Contracts Questions
- Which of the following best describes an escalation clause in a purchase offer?
- The purpose of an earnest money check made payable to the listing broker (rather than the seller) is to:
- When a buyer defaults on a real estate contract, the seller's most common contractual remedy is to:
- A contingency clause in a purchase contract:
- Which of the following contract provisions is considered unconscionable and likely unenforceable?
- A lease assignment differs from a sublease in that in an assignment:
- An open listing gives the seller the right to:
- What is the legal effect of 'rescission' of a real estate contract?
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