Real Estate Test – Accurate Solutions For Every
Question
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Terms in this set (226)
Which of the following is NOT a 3. The law created by the Federal Government in
possible meaning of the term accordance with its power under the Constitution.
"common law"
1. The law created by the courts as
opposed to statute law.
2. The principles derived from the
common law courts in England as
opposed to the principles derived
from the courts of Chancery.
3. The law created by the Federal
Government in accordance with its
power under the Constitution.
4. The system of law relies upon the
principles of stare decisions for its
development.
477. Which one of the following was (1) A deed executed by a limited company
NOT considered a void deed at
common law?
(1) A deed executed by a limited
company
(2) A forged deed
(3) A deed given for illegal
consideration
(4) A dred signed in circumstances
where the party could plead non est
factum
,Alan Peters agent with the express 1. Peter has ratified Alans actions, therefore the
authority to rent peters cottage for buyers cannot sue Alan for breach of warranty of
the summer months. However, in his authority.
capacity as Peters agent, Alan accepts
an offer to purchase the cottage
instead. When peter discovers the
incident, he is so impressed by the
price, he calls and tells the buyers that
he adopts Alan's act. Which of the
following is the result of the actions at
law?
1. Peter has ratified Alans actions,
therefore the buyers cannot sue Alan
for breach of warranty of authority.
2. When Peter adopted Alans act, he
created legal authority be means of
revocation.
3. Peter did not need to adopt Alans
act because Alan had apparent
authority.
4. None of the above.
On May 3, Mary offered to buy 2. Mary's offer represents an options agreement
Harvey's house and the offer was
stated to be open for acceptance until
2:00 pm May 4. Which of the following
statements is FALSE?
1. Mary can revoke her offer prior to 2
on May 4.
2. Mary's offer represents an options
agreement
3. If Harvey makes any changes to the
offer, Marys original offer is
terminated.
4. If Harvy mails a notice of revocation
to Harvey, the offer is only revoked if
the notice is received by Harvey
before he accepts
,The book value of an asset can be 1. The purchase price of that asset less any
BEST defined as: depreciation taken to date.
1. The purchase price of that asset less
any depreciation taken to date.
2. The price for which a similar asset
could currently be purchased in the
market.
3. The price at which the asset could
be sold.
4. a value that is subjectively arrived at
by an appraiser.
In the context of appraisal, which one (2) A single-family residence that is the only house on
of the following properties is most the block not yet converted to the commercial
likely to possess latent value?
(1) A three-storey condominium
development that has recently been
completed, all units having been sold
before completion of construction
(2) A single-family residence that is the
only house on the block not yet
converted to the commercial use that
is permitted by the zoning
(3) A large shopping mall/office tower
complex that occupies a location at
the intersection of two main streets in
a British Columbia municipality
(4) A sports store that is built on land
zoned for commercial use
, Which of the following statements (3)The term fee simple indicates an estate that can
about fee simple estate is TRUE? be inherited without qualification.
(1) Fee simple is a type of leasehold
estate.
(2) If a fee simple owner dies without a
will, the property will escheat to the
crown.
(3) The term fee simple indicates an
estate that can be inherited without
qualification.
(4) The fee simple estate was created
by the Torrens system of registration.
Which of the following is TRUE? The (2) the date on which the buyer takes vacant
"possession date" in a standard form possession of the property, subject to any existing
contract of purchase and sale is: tenancy
(1) the date on which adjustments are
made between the parties for
property taxes, etc.
(2) the date on which the buyer takes
vacant possession of the property,
subject to any existing tenancy
(3) always the same day as the
completion date.
(4) the date on which the buyer must
assume responsibility for risk of loss or
damage to the property.
Question
Save Groups
Terms in this set (226)
Which of the following is NOT a 3. The law created by the Federal Government in
possible meaning of the term accordance with its power under the Constitution.
"common law"
1. The law created by the courts as
opposed to statute law.
2. The principles derived from the
common law courts in England as
opposed to the principles derived
from the courts of Chancery.
3. The law created by the Federal
Government in accordance with its
power under the Constitution.
4. The system of law relies upon the
principles of stare decisions for its
development.
477. Which one of the following was (1) A deed executed by a limited company
NOT considered a void deed at
common law?
(1) A deed executed by a limited
company
(2) A forged deed
(3) A deed given for illegal
consideration
(4) A dred signed in circumstances
where the party could plead non est
factum
,Alan Peters agent with the express 1. Peter has ratified Alans actions, therefore the
authority to rent peters cottage for buyers cannot sue Alan for breach of warranty of
the summer months. However, in his authority.
capacity as Peters agent, Alan accepts
an offer to purchase the cottage
instead. When peter discovers the
incident, he is so impressed by the
price, he calls and tells the buyers that
he adopts Alan's act. Which of the
following is the result of the actions at
law?
1. Peter has ratified Alans actions,
therefore the buyers cannot sue Alan
for breach of warranty of authority.
2. When Peter adopted Alans act, he
created legal authority be means of
revocation.
3. Peter did not need to adopt Alans
act because Alan had apparent
authority.
4. None of the above.
On May 3, Mary offered to buy 2. Mary's offer represents an options agreement
Harvey's house and the offer was
stated to be open for acceptance until
2:00 pm May 4. Which of the following
statements is FALSE?
1. Mary can revoke her offer prior to 2
on May 4.
2. Mary's offer represents an options
agreement
3. If Harvey makes any changes to the
offer, Marys original offer is
terminated.
4. If Harvy mails a notice of revocation
to Harvey, the offer is only revoked if
the notice is received by Harvey
before he accepts
,The book value of an asset can be 1. The purchase price of that asset less any
BEST defined as: depreciation taken to date.
1. The purchase price of that asset less
any depreciation taken to date.
2. The price for which a similar asset
could currently be purchased in the
market.
3. The price at which the asset could
be sold.
4. a value that is subjectively arrived at
by an appraiser.
In the context of appraisal, which one (2) A single-family residence that is the only house on
of the following properties is most the block not yet converted to the commercial
likely to possess latent value?
(1) A three-storey condominium
development that has recently been
completed, all units having been sold
before completion of construction
(2) A single-family residence that is the
only house on the block not yet
converted to the commercial use that
is permitted by the zoning
(3) A large shopping mall/office tower
complex that occupies a location at
the intersection of two main streets in
a British Columbia municipality
(4) A sports store that is built on land
zoned for commercial use
, Which of the following statements (3)The term fee simple indicates an estate that can
about fee simple estate is TRUE? be inherited without qualification.
(1) Fee simple is a type of leasehold
estate.
(2) If a fee simple owner dies without a
will, the property will escheat to the
crown.
(3) The term fee simple indicates an
estate that can be inherited without
qualification.
(4) The fee simple estate was created
by the Torrens system of registration.
Which of the following is TRUE? The (2) the date on which the buyer takes vacant
"possession date" in a standard form possession of the property, subject to any existing
contract of purchase and sale is: tenancy
(1) the date on which adjustments are
made between the parties for
property taxes, etc.
(2) the date on which the buyer takes
vacant possession of the property,
subject to any existing tenancy
(3) always the same day as the
completion date.
(4) the date on which the buyer must
assume responsibility for risk of loss or
damage to the property.
