Under Florida law, consideration in a real estate purchase contract can be all of the following EXCEPT:
Correct Answer
B) Love and affection between family members
Correct: B - 'Love and affection' is not valid consideration for real estate contracts in Florida. Consideration must have economic value or involve a legal detriment. Why not A: A promise to perform future services can be valid consideration. Why not C: Assuming a mortgage is valuable consideration. Why not D: A promissory note represents a promise to pay and is valid consideration.
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- → In Florida, the inspection period is typically:
- → A buyer signs a Florida purchase contract for a condo and learns during the inspection period about a special assessment of $10,000. The seller knew but didn't disclose this. What are the buyer's rights?
- → A buyer and seller in Florida agree to extend the closing date by 10 days. The original contract had a 'time is of the essence' clause. What must they do to make this extension valid?
- → In Florida real estate contracts, what legal principle requires that both parties exchange something of value?
- → A Florida real estate licensee prepares a purchase agreement that includes a financing contingency. The buyer fails to apply for financing within the specified timeframe. What is the legal consequence under Florida contract law?
- → Under Florida law, all of the following would typically survive the closing of a real estate purchase agreement EXCEPT:
- → A Florida purchase contract includes an appraisal contingency stating the property must appraise for at least the purchase price of $350,000. The appraisal comes in at $340,000. What options does the buyer have?
- → A Florida real estate purchase contract includes a financing contingency requiring loan approval within 30 days. On day 28, the buyer hasn't received approval but hasn't notified the seller. What is the buyer's status?
- → In a Florida real estate transaction, the purchase agreement includes a mortgage contingency clause. The buyer receives a loan commitment letter with an interest rate 0.5% higher than specified in the contract. What are the buyer's rights?
- → A Florida real estate broker prepares a purchase agreement that incorrectly states the lot size as 15,000 sq ft when it's actually 12,000 sq ft. The error is discovered after contract execution but before closing. What is the buyer's most likely remedy?
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Previous Question
During negotiations for a Florida oceanfront property, the seller's agent tells the buyer that the property has 'about 150 feet of ocean frontage.' The contract doesn't specify the frontage amount. After closing, the buyer discovers the property has only 120 feet of frontage. What is the buyer's most likely remedy under Florida law?
Next Question
Compliance case Cedar Brief frames the issue this way. In a Tallahassee transaction, a closing coordinator wants the Florida rule on core provisions in the current residential purchase agreement. Which statement is correct?