Champions-Law of Contracts Course Exam NEWEST ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
In a residential lease with a "right of first refusal" provision: -
CORRECT ANSWER The tenant has the right to match or
better any offer the landlord receives to prevent the property from
being sold to someone else
The four ECONOMIC characteristics of land are: - CORRECT
ANSWER 1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary Residential Lease forms may be used
for a lease period not to exceed: - CORRECT ANSWER 90 days
,A contract that is said to lack mutuality because only one party is
obligated to perform is a________ contract. - CORRECT ANSWER
Unilateral Contract
At closing, the contract is: - CORRECT ANSWER fully
executed
According to the Deceptive Trade Practices Act (DTPA), brokerage
falls under the category of ________. - CORRECT ANSWER
Services
The five essential elements of a valid and enforceable contract are: -
CORRECT ANSWER COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local
custom. - CORRECT ANSWER Common Law
Which kind of rights extend above the surface of property without
limitation? - CORRECT ANSWER Air rights
A(n) ________ occurs when a new contract is substituted for an existing
one. - CORRECT ANSWER Novation
A(n) ________ is a business venture that is owned by one individual. -
CORRECT ANSWER Sole proprietorship
A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something. - CORRECT
ANSWER Contract
,3 physical characteristics of land - CORRECT ANSWER 1. non-
homogeneity
2. immobility
3. indestructibility
Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of
Jake's personal residence. In the contract, Jake promised to deliver a
seller's disclosure of property condition within 5 days of the effective
date of the contract. Jake never delivered the disclosure as promised.
Which of the following statements is true? - CORRECT ANSWER
Sarah has the right to terminate the contract and receive a refund of
earnest money prior to closing (Page 24)
Owners within a __________________ do not actually own a specific unit.
The entire cooperative complex is
owned by a corporation. Those who wish to live in the cooperative buy
shares in the corporation, and
receive a proprietary lease on the unit. When listing and selling
cooperatives, a real estate license is often
not required because the sale of a cooperative is the sale of stock
rather than real property. - CORRECT ANSWER Cooperative
4 rights government has in all real property: PETE - CORRECT
ANSWER 1. police power
2. eminent domain
3. taxation
4. escheat
________ is the right of the government to regulate and control the way
land is used. - CORRECT ANSWER Police Power
If property violates zoning, the owners must request a __________, which
is permission to violate the rules. - CORRECT ANSWER
Variance
, A claim, lien, charge, or liability attached to and binding real property
is a(n) ________. - CORRECT ANSWER Encumbrance
A seller of coastal property abutting tidally influenced water must
provide the ________. - CORRECT ANSWER Notice Regarding
Coastal Area Property
The Lead-Based Paint Disclosure is: - CORRECT ANSWER A
federal requirement for residential property built prior to 1978
An example(s) of an appurtenance would be: - CORRECT
ANSWER Easement
When an individual owns real property, he or she is said to have a (n)
__________ in that property. - CORRECT ANSWER Freehold
estate
The four major types of listing agreements are, exclusive agency, net
listing, exclusive right to sell and __________. - CORRECT
ANSWER Open listing
*Know that with a NET LISTING, the real estate broker's commission
is the difference between the minimum net established by the seller
and the price that the buyer is willing to pay.
The four categories of leasehold estates are: estate for years, tenancy
at sufferance, tenancy at will and ________. - CORRECT ANSWER
Periodic tenancy or periodic estate
If a broker receives more than one offer on a property: - CORRECT
ANSWER All must be presented to the seller unless the seller has
instructed the broker otherwise; no offer has priority of presentation
over another
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
In a residential lease with a "right of first refusal" provision: -
CORRECT ANSWER The tenant has the right to match or
better any offer the landlord receives to prevent the property from
being sold to someone else
The four ECONOMIC characteristics of land are: - CORRECT
ANSWER 1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary Residential Lease forms may be used
for a lease period not to exceed: - CORRECT ANSWER 90 days
,A contract that is said to lack mutuality because only one party is
obligated to perform is a________ contract. - CORRECT ANSWER
Unilateral Contract
At closing, the contract is: - CORRECT ANSWER fully
executed
According to the Deceptive Trade Practices Act (DTPA), brokerage
falls under the category of ________. - CORRECT ANSWER
Services
The five essential elements of a valid and enforceable contract are: -
CORRECT ANSWER COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local
custom. - CORRECT ANSWER Common Law
Which kind of rights extend above the surface of property without
limitation? - CORRECT ANSWER Air rights
A(n) ________ occurs when a new contract is substituted for an existing
one. - CORRECT ANSWER Novation
A(n) ________ is a business venture that is owned by one individual. -
CORRECT ANSWER Sole proprietorship
A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something. - CORRECT
ANSWER Contract
,3 physical characteristics of land - CORRECT ANSWER 1. non-
homogeneity
2. immobility
3. indestructibility
Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of
Jake's personal residence. In the contract, Jake promised to deliver a
seller's disclosure of property condition within 5 days of the effective
date of the contract. Jake never delivered the disclosure as promised.
Which of the following statements is true? - CORRECT ANSWER
Sarah has the right to terminate the contract and receive a refund of
earnest money prior to closing (Page 24)
Owners within a __________________ do not actually own a specific unit.
The entire cooperative complex is
owned by a corporation. Those who wish to live in the cooperative buy
shares in the corporation, and
receive a proprietary lease on the unit. When listing and selling
cooperatives, a real estate license is often
not required because the sale of a cooperative is the sale of stock
rather than real property. - CORRECT ANSWER Cooperative
4 rights government has in all real property: PETE - CORRECT
ANSWER 1. police power
2. eminent domain
3. taxation
4. escheat
________ is the right of the government to regulate and control the way
land is used. - CORRECT ANSWER Police Power
If property violates zoning, the owners must request a __________, which
is permission to violate the rules. - CORRECT ANSWER
Variance
, A claim, lien, charge, or liability attached to and binding real property
is a(n) ________. - CORRECT ANSWER Encumbrance
A seller of coastal property abutting tidally influenced water must
provide the ________. - CORRECT ANSWER Notice Regarding
Coastal Area Property
The Lead-Based Paint Disclosure is: - CORRECT ANSWER A
federal requirement for residential property built prior to 1978
An example(s) of an appurtenance would be: - CORRECT
ANSWER Easement
When an individual owns real property, he or she is said to have a (n)
__________ in that property. - CORRECT ANSWER Freehold
estate
The four major types of listing agreements are, exclusive agency, net
listing, exclusive right to sell and __________. - CORRECT
ANSWER Open listing
*Know that with a NET LISTING, the real estate broker's commission
is the difference between the minimum net established by the seller
and the price that the buyer is willing to pay.
The four categories of leasehold estates are: estate for years, tenancy
at sufferance, tenancy at will and ________. - CORRECT ANSWER
Periodic tenancy or periodic estate
If a broker receives more than one offer on a property: - CORRECT
ANSWER All must be presented to the seller unless the seller has
instructed the broker otherwise; no offer has priority of presentation
over another
