Need to Study - Incorrect Q&As

Question 1

Rent adjusts payment amounts on a predetermined schedule

Answer 1

Graduated Lease

Question 2

A fiduciary relationship exists in what type of agency?

Answer 2

Any Agency

Question 3

Estate of Indeterminate duration

Answer 3

freehold

Question 4

Joe Gomez died without known heirs, and his estate is turned over to the state, which is known as reversion by _____________

Answer 4

Escheat

Question 5

The ________ in a legal property description is: The reference point, line or surface used in surveying air rights

Answer 5

Datum

Question 6

A real estate broker has earned a commission when ______

Answer 6

When seller accepts the offer of the buyer

Question 7

Who offers mortgages on the primary market?

Answer 7

A Portfolio Lender

Question 8

MLS Requirement

Answer 8

Brokers split commission (split is negotiable)

Question 9

What is a debit to the buyer at closing

Answer 9

Title Insurance

Question 10

A person is given interest in a property for duration of someone elses life is called ___________

Answer 10

Pur Autre Vie

Question 11

What is not true for highest and best use of property

Answer 11

conformity to surrounding

Question 12

Type of zoning for a developer wishing to set aside open space in subdivision she is building

Answer 12

Cluster Zoning

Question 13

Leach fields are used to dispose of ___________

Answer 13

Sanitary Wastes

Question 14

Type of mortgage that doesn’t have a pre-payment penalty

Answer 14

Open Mortgage

Question 15

What guarantees the right of private ownership of real estate in the United States?

Answer 15

Constitution

Question 16

Surface rights, air rights and subsurface rights are

Answer 16

Separable

Question 17

A doctrine that gives the state control of water use and the water supply

Answer 17

Doctrine of Prior Appropriation

Question 18

The overriding test of whether an item is a fixture or personal property is

Answer 18

its definition as one or the other in a sale or lease contract.

Question 19

A plant or crop that is considered personal property

Answer 19

Emblement

Question 20

Trade Fixtures are Real or Personal Property?

Answer 20

Personal Property

Question 21

A ________ interest cannot be conveyed by ones spouse

Answer 21

Homestead

Question 22

A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence

Answer 22

Elective Share

Question 23

1. Joint tenants _____ will their property outside tenancy

2. Tenants in common _____ will their property outside tenancy

Answer 23

1. Cannot

2. Can

Question 24

Essential Parties in Estate in Trust

Answer 24

1. Trustor
2. Trustee
3. Beneficiary

Question 25

A unique feature of a land trust is

Answer 25

Identity of the beneficiary may not be identified

Question 26

According to contract law, every valid contract is also

Answer 26

Enforceable or Unenforceable

Question 27

The guardian for a mentally incompetent party enters into an oral contract with another party to buy a trade fixture. This contract

Answer 27

is possibly valid and enforceable.

Question 28

As part of a construction contract between a contractor and a buyer, the contractor promises
to complete construction by November 20. This promise can be construed as

Answer 28

Valuable Consideration

Question 29

Which of the following contracts must be in writing to be enforceable?

a. A parol contract.
b. A six-month lease.
c. A two-year lease.
d. An executory contract.

Answer 29

c. Two-year lease (Over 1 year)

Question 30

15. A good example of a unilateral contract is
    a. an option to purchase.
    b. a listing agreement.
    c. a personal services agreement.
    d. a sale contract.

Answer 30

a. option to purchase

Question 31

16. A contract is discharged whenever
    a. there is a cooling period.
    b. both parties have signed it.
    c. it is performed.
    d. the parties agree to their respective promises.

Answer 31

c. it is performed

Question 32

Validity of a Conveyance Contract

Answer 32

1. Writing
2. Legal Description
3. Signed by one or more parties

Question 33

In obtaining offers from a buyer an agent must be careful to

Answer 33

AVOID disclosing what price the owner will accept