Question

All of the following are elements for contracts. Which one is essential only for contracts on real estate?

Question 4 options:

1)	competent parties

2)	offer and acceptance

3)	written form

4)

consideration

The management agreement gives the manager authority to

Question 1 options:

1)	advertise the property for rent.

2)	hire, discharge and pay employees.

3)	collect rent.

4)	all of the above.

Answer 1

Question 1 : The correct answer is Option 2

All of the options are the essential elements of the contract, but offer and acceptance is an essential one, A offer means an advertisement or call that the property is on sale and the bids are being accepted for the property, and when the best bid is selected, it is called as an acceptance.

Question 2: The correct answer is Option 4

The management agreement act as a fiduciary relationship between the owner and the manager, This agreement gives the manager a legal authority to manage all the operations of the property whether it is advertising the property for sale or collecting rent.