Law of Contracts | Actual Questions
and Answers | 100% Correct - Verified
• Joint tenancy: -✓✓If one owner dies his share of his interest passes to surviving
owners
• Manufactured housing -✓✓Can be considered real property when proper
paperwork is filed
• A conveyance deed -✓✓Will transfer permanent fixed objects attached to a home
• An abstract of title is -✓✓A summary of title search
• A person who prepares an abstract of title -✓✓Searches the public records that
may affect title summation
• When a joint tenant passes away the deceased property transfers to -✓✓Surviving
joint tenant
• Indestructibility is -✓✓A physical characteristic of land
• Fee sample ownership, shared walls, and common areas are similar to -✓✓Town-
house ownership
• A business organization may NOT -✓✓Own property as a tenancy by the entirety
• Police power is an example of a governmental power -✓✓Example: zoning
ordinances
• Mortgage liens are -✓✓Voluntary liens
• Estates in real property are -✓✓Created by a deed and or a bill of sale
• When real estate taxes are not paid on time a -✓✓Lien will be filed by the taxing
authority
, • Easements by necessity will be -✓✓Granted based on a landowner cannot be
landlocked
• Accretion is land being acquired by -✓✓Deposits from a river and or stream
• RESPA is -✓✓To ensure that buyers have knowledge of all costs in purchasing a
home
• An application should be filed by a Landowner to use state water to water his
corps. -✓✓This is called doctrine of prior appropriation
• Easnerst money being deposited with in escrow account with titile company is the
1st step in the -✓✓Transaction process
• When an executory contract is in place and a zoning change takes place the -
✓✓Contract becomes void
• A seller promised to sell and a buyer agrees to buy for a certain amount and out
in writing; this is called a -✓✓Bilateral contract
• A breach of contract is NOT -✓✓When an agent who has a listing cannot
produce a ready, willing and able buyer
• The broker - -✓✓Lawyer committee drafts but does not publish forms
• A listing agreement is -✓✓An employment contract
• Size type and age are -✓✓Some items of information needed for a listing
agreemtn
• Leasehold estates: -✓✓Estate for years, period to period, and or estates at will
• Leasehold -✓✓A tenants right to occupy real estate during the term of a lease,
generally considered a personal property interest, although a long-term lease may
be eligible for treatment as real property for financing purposes.
• Estate for years -✓✓An interest for a certain, exact period of time in property that
continues fro period to period- week to week, month to month, or year to year
and Answers | 100% Correct - Verified
• Joint tenancy: -✓✓If one owner dies his share of his interest passes to surviving
owners
• Manufactured housing -✓✓Can be considered real property when proper
paperwork is filed
• A conveyance deed -✓✓Will transfer permanent fixed objects attached to a home
• An abstract of title is -✓✓A summary of title search
• A person who prepares an abstract of title -✓✓Searches the public records that
may affect title summation
• When a joint tenant passes away the deceased property transfers to -✓✓Surviving
joint tenant
• Indestructibility is -✓✓A physical characteristic of land
• Fee sample ownership, shared walls, and common areas are similar to -✓✓Town-
house ownership
• A business organization may NOT -✓✓Own property as a tenancy by the entirety
• Police power is an example of a governmental power -✓✓Example: zoning
ordinances
• Mortgage liens are -✓✓Voluntary liens
• Estates in real property are -✓✓Created by a deed and or a bill of sale
• When real estate taxes are not paid on time a -✓✓Lien will be filed by the taxing
authority
, • Easements by necessity will be -✓✓Granted based on a landowner cannot be
landlocked
• Accretion is land being acquired by -✓✓Deposits from a river and or stream
• RESPA is -✓✓To ensure that buyers have knowledge of all costs in purchasing a
home
• An application should be filed by a Landowner to use state water to water his
corps. -✓✓This is called doctrine of prior appropriation
• Easnerst money being deposited with in escrow account with titile company is the
1st step in the -✓✓Transaction process
• When an executory contract is in place and a zoning change takes place the -
✓✓Contract becomes void
• A seller promised to sell and a buyer agrees to buy for a certain amount and out
in writing; this is called a -✓✓Bilateral contract
• A breach of contract is NOT -✓✓When an agent who has a listing cannot
produce a ready, willing and able buyer
• The broker - -✓✓Lawyer committee drafts but does not publish forms
• A listing agreement is -✓✓An employment contract
• Size type and age are -✓✓Some items of information needed for a listing
agreemtn
• Leasehold estates: -✓✓Estate for years, period to period, and or estates at will
• Leasehold -✓✓A tenants right to occupy real estate during the term of a lease,
generally considered a personal property interest, although a long-term lease may
be eligible for treatment as real property for financing purposes.
• Estate for years -✓✓An interest for a certain, exact period of time in property that
continues fro period to period- week to week, month to month, or year to year
