Contracts
Which of the following is NOT an essential element of a valid real estate contract?
AOffer and acceptance
BLegal consideration
CNotarization✓ Correct
DLegal purpose
Explanation
Notarization is not required for a valid real estate contract, though it may be required for recording a deed. The essential elements are offer/acceptance, consideration, competent parties, and legal purpose.
Related New Mexico Contracts Questions
- In New Mexico, which of the following is an example of an 'executory' contract?
- In New Mexico, a listing agreement is a contract between the seller and:
- In New Mexico, when a buyer makes an offer on a property and the seller changes the price and returns it, this is legally called:
- A New Mexico seller gives a buyer 'first right of refusal' on a property they own. The buyer later finds out the seller sold to a third party without notifying the buyer. The buyer may:
- In New Mexico, an 'as-is' clause in a purchase contract means the buyer:
- In New Mexico, what is a 'hold harmless' clause in a real estate transaction?
- In New Mexico, 'equitable conversion' under contract law means that once the purchase contract is executed:
- In New Mexico, a 'rent-to-own' agreement is best characterized as:
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →