MacIntosh Real Estate School
17505 W. 61st Pl.
Arvada, CO 80403
ph: 303-465-1665
fx: 720-898-0234


 Sample Study Materials

 The following is a sample of the materials that can be found in the MacIntosh Real Estate workbooks.

The three MacIntosh workbook/study manuals cover the dozens of topics which are both required for the 168-hour licensee education and tested heavily on the State Exam.

Here, we have chosen the topic "Contracts" to serve as an example, because this topic is very important and heavily tested on the Uniform Exam.
Educating Real Estate Agents for 50 years
 You will notice that each topic has several elements:

1) the text material (either in the workbook, or from the Colorado Real Estate Manual);

2) fill-in-the-blank study questions;

3) the topic quiz.

4) Answers to the study questions and quizzes. These are given in the course materials so that the student can monitor their own progress.

Many more questions on each topic are also contained in the full chapters, as well as in the final and prep exams that are included with the program.
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SAMPLE EXAM






MACINTOSH REAL ESTATE SCHOOL

Sample Course Materials and Test

TEXT

CONTRACTS - CHAPTER 1

Real estate transactions are ruled by specific documents such as leases, listings and offers to purchase. Such documents spell out the contractual rights and obligations agreed to by parties to certain transactions. Therefore, much of this chapter addresses the general area of law known as contract law. An understanding of contracts is essential in dealing with real estate. In simple terms, a contract is an agreement enforceable by law.

Essential Elements for Valid Contracts
Contracts that meet all legal requirements are valid and enforceable, which means that either party can hold the other party responsible for his or her agreement. Three requirements must be met before a contract is valid:

1. Offer and Acceptance
To have a valid contract, there must be a meeting of the minds (mutual assent), nominally evidenced by an offer and acceptance.

If an offer states a time for acceptance but fails to indicate "time is of the essence," the courts could allow acceptance after the period for acceptance expires. If “time is of the essence” is stated in the offer, acceptance must generally occur within the period specified or the offer is canceled automatically.

If the offer fails to specify the form for acceptance (letter, telephone call, telegram or even performance), the offer may be accepted in any reasonable manner. Under the Statute of Frauds (below), offers and acceptances for real estate transactions must be in writing. Acceptance does not take place until the offeror is notified, which usually is by delivery of a signed accepted copy of the offer to the offeror.

a) Revocation of Offer
If the offeror did not receive any consideration for making the offer, the offeror can withdraw or revoke the offer any time prior to its acceptance. This applies even when the offeror promised to keep the offer open for a specified period of time. The act of placing an acceptance in the mail is acceptance; however, a mailed revocation of an offer does not take effect until it is received.


SHORT-ANSWER QUESTIONS

1. The three requirements for a valid contract are:
a) _______________ and _______________;
b) _______________;
c) Absence of _______________.

2. Offer and Acceptance is also known as the _______________ of the _____________, or _______________ _______________.

3. An Offer is made by the _______________. The _______________ is the person to whom the offer is made. When the offer is _______________, a contract is formed. An offer is considered to be held open for a _______________ time, unless it specifies a particular time.

4. An offer is _______________ automatically if it states "time is of the ____________" and the period specified expires.

5. An offer may be _______________ in any reasonable manner if it fails to specify the form. Acceptance does not take place until the offeror is _______________.

6. If the offeror did not receive any _______________ to keep the offer open, the offeror may withdraw, or _______________ the offer any time prior to acceptance.

7. The act of placing an acceptance in the _______________ is effective acceptance, even if the offeror tries to revoke after the acceptance is _______________, but before it is received.

8. The death of the offeror prior to acceptance _______________ the offer. However, after acceptance, the agreement is still binding on the _______________ of the deceased party. This may not be true if the contract was for the _______________ services of one of the parties. The death of a corporate _______________ does not terminate the offer.

9. An acceptance of the offer which changes one or more terms of the original offer is called a _______________. Since this now becomes a new offer, the parties switch positions and the original offeror becomes the new _______________. Once any offer is _______________, it is considered dead and cannot be accepted.

QUESTION ANSWERS

1. a. offer, acceptance
b. consideration
c. defenses
2. meeting, minds, mutual assent
3. offeror, offeree, accepted, reasonable
4. canceled, essence
5. accepted, notified
6. consideration, revoke
7. mail, mailed
8. voids, estate, personal, officer
9. counteroffer, offeree, rejected

QUIZ

1. All of the following elements are always necessary to make a contract, except:
a. consideration;
b. be in writing;
c. legal purpose;
d. competent party.

2. Mutual assent consists of all of the following, except:
a. offer;
b. reality of consent;
c. competent parties;
d. acceptance.

3. Which of the following contracts always falls under the Statute of Frauds?
a. Contract made in consideration of marriage;
b. Contract for the sale of personal property;
c. Contract for a legal purpose;
d. Contract for an illegal purpose.

4. The law that requires certain kinds of contracts to be in writing is called:
a. Statute of Limitations;
b. Parol Evidence rule;
c. Statute of Frauds;
d. Rule Involving Laches.


QUIZ ANSWERS 1. b
2. c
3. a
4. c


Want to see a sample of what this really looks like on the pages of our text? Click this link:

Sample Study Materials

This is a .pdf file. You will need Adobe Acrobat Reader to be able to access this.

Note: This is not the complete text - it is just a sample of about a page of each section. So, for example, you won't be able to answer the quiz questions or all the short-answer questions with the limited amount of text we've sampled here.



TAKE AN ONLINE EXAM
(from a retired Final Exam for the "Record Keeping" course)

See how our online testing section works.

When you click "SUBMIT" at the bottom, it will submit your answers directly to the Director of the School for grading.

1. Which of the following types of escrow accounts must a broker keep if appropriate to the type of business he does?

Sales trust account

Management trust account

Security deposit trust account

All of the above


2. In each of the trust accounts, the broker must do or is able to do which of the following?

Be able to withdraw money from the account

Many authorize others to withdraw funds

Both of the above

Neither of the above


3. Which of the following is true of trust accounts?

If trust funds are misused by someone other than the broker and that person is authorized to withdraw funds, the broker is not liable for the misuse

A separate account shall not be used as a depository for monies belonging to salespeople

Absolutely no funds belonging to the broker may be kept in any trust account

None of the above


4. Monies belonging to other that need to be placed in trust accounts includes which of the following?

Monies received for partnerships

Monies owed to salespeople for commissions earned

Collections for IRS employees withholding funds

All of the above


5. When a check is received as earnest money, the regulations require:

It must be deposited in the trust account within two business days after receipt

May be withheld from presentment only if so disclosed in the contract or by written instruction of the seller

If after presentment, payment is not made, the broker shall promptly notify the buyer

The check may both be withheld from presentment only if so disclosed in the contract or by written instruction of the seller, and if after presentment, payment is not made, the broker shall promptly notify the buyer


6. When a broker has an exclusive right to sell or an exclusive agency listing, which of the following are true?

The earnest money and the contract are to be held by the selling broker

Any notes or checks are to be endorsed to the selling broker and held by the selling broker until the closing

The earnest money received must be deposited within one business day into the escrow account

Any notes or checks are to be endorsed to the selling broker and held by the selling broker until the closing and the earnest money received must be deposited within one business day into the escrow account


7. Which of the following records must a broker maintain in connection with escrow accounts?

An account journal

A ledger

A bank reconciliation worksheet

All of the above


8. When the broker collects monies for advertising expenses in regard to the sale of real property:

the broker may use these funds for the broker's purposes after 30 days have passed

a broker may take a non-refundable retainer legally

an accounting must be rendered of all withdrawals within 30 days of the withdrawal of any of the above funds

None of the above


9. If the broker prepares instruments pertaining to the consummation of the sale, leasing or purchase of real estate, he or she must do which of the following?

The broker shall retain copies of these documents in his or her files

Deliver a copy of any deed, note, or deed of trust prepared for third party lenders to all parties

Both of the above

Neither of the above


10. Which of the following is true of closing statements?

The broker must retain a copy of all closing statements approved by the parties

The closing statement must be signed by the broker or his agent

Both of the above

A broker may not transfer funds pertinent to a closing, prior to a closing


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