PSI Oklahoma Real Estate Complete Practice Test

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Question: 1 / 400

For Amy and Bob's real estate contract to be enforceable, what must be true?

Must include earnest money

Must be notarized

Must be in writing and involve competent parties

For a real estate contract to be enforceable, it is essential that the contract be in writing and involve competent parties. This is grounded in the Statute of Frauds, which requires that contracts for the sale of real estate be in written form to be legally binding. Additionally, both parties must have the legal capacity to enter into the contract, meaning they must be of sound mind, of legal age, and not under duress or coercion.

Including earnest money, notarization, or having an appraisal attached are not requirements for the enforceability of the contract. While earnest money can demonstrate the seriousness of the buyer's intent and notarization may provide additional legitimacy, these elements are not essential for a contract to be valid. Similarly, an appraisal may inform the value of the property but is not necessary for the contract’s enforceability itself.

PSI Oklahoma Real Estate Complete Practice Test

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