AYPO REAL ESTATE LAW OF CONTRACTS TEST QUESTIONS AND
100% VERIFIED ANSWERS (NEWEST)
Which of the following describes a lease-purchase option's benefit to buyers?
ANSWER A buyer who has trouble qualifying may find it easier to buy a home
with a smaller down payment.
Which of these uses of eminent domain is NOT permitted in Texas? ANSWER:
Private parties use.
What kinds of leases are index and graduated leases? ANSWER Variable.
ANSWER Reciprocal wills are "mirror" wills.
Which of the following statements about a land sales contract is true? (Favorite
response.) - ANSWER All of these are true.
In the event of a successful sale, which kind of listing agreement is the only one
that ensures the broker will receive a commission? The exclusive right to sell is
the answer.
What kind of foreclosure is permitted by a Deed of Trust? - Non-judicial
response
Which of the following should occur once the acquisition offer, the terms and
conditions, and the signatures of all parties have been agreed upon? ANSWER:
Every one of these.
To ascertain these difficulties, a title search involves looking through public
data, with the exception of: ANSWER The prospective buyer's credit history.
Which of these might a certificate of title include? - ANSWER Any of these
Contingencies are best described by which of the following? - ANSWER
Specific events of conditions that must occur or be removed for the
offer/purchase agreement to be valid.
, Oral agreements in relation to business purchases or hiring of services can be
enforceable under which of these circumstances? ANSWER: If the words used
are demonstrable and the intent can be inferred from them.
A non-exclusive/not for compensation buyer- broker agreement: - ANSWER all
of these
For leases lasting less than ____, oral agreements can be enforceable. -
ANSWER One year
Which of these provides the broadest definition of land, property, and
ownership rights? - ANSWER Real Property.
For a valid contractual offer, the offer must do all except which of the
following? - ANSWER Provide terms for an acceptable counter offer.
Which of these would NOT be a requirement to create a valid lease agreement?
- ANSWER Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are
the two forms of: - ANSWER Fee simple defeasible estates
_________________ is a form of ownership held by one party. - ANSWER
Severalty
Which of these IS NOT listed among the special inspections? - ANSWER
Home appliances
Earnest money is a prospective buyer's demonstration of which of the
following? - ANSWER Both of these.
An encumbrance is a(n) ________ real property. - ANSWER All of these
Once signed by borrowers, the note is which of the following? - ANSWER A
fully enforceable and negotiable instrument of debt.
Providing basic information regarding various standard aspects of real estate
law is: - ANSWER An important piece of the fiduciary duty to protect the
client's best interests.
In real estate, a 72- hour clause granting a party a grace period to change their
minds is termed which of the following? - ANSWER Escape clause.
100% VERIFIED ANSWERS (NEWEST)
Which of the following describes a lease-purchase option's benefit to buyers?
ANSWER A buyer who has trouble qualifying may find it easier to buy a home
with a smaller down payment.
Which of these uses of eminent domain is NOT permitted in Texas? ANSWER:
Private parties use.
What kinds of leases are index and graduated leases? ANSWER Variable.
ANSWER Reciprocal wills are "mirror" wills.
Which of the following statements about a land sales contract is true? (Favorite
response.) - ANSWER All of these are true.
In the event of a successful sale, which kind of listing agreement is the only one
that ensures the broker will receive a commission? The exclusive right to sell is
the answer.
What kind of foreclosure is permitted by a Deed of Trust? - Non-judicial
response
Which of the following should occur once the acquisition offer, the terms and
conditions, and the signatures of all parties have been agreed upon? ANSWER:
Every one of these.
To ascertain these difficulties, a title search involves looking through public
data, with the exception of: ANSWER The prospective buyer's credit history.
Which of these might a certificate of title include? - ANSWER Any of these
Contingencies are best described by which of the following? - ANSWER
Specific events of conditions that must occur or be removed for the
offer/purchase agreement to be valid.
, Oral agreements in relation to business purchases or hiring of services can be
enforceable under which of these circumstances? ANSWER: If the words used
are demonstrable and the intent can be inferred from them.
A non-exclusive/not for compensation buyer- broker agreement: - ANSWER all
of these
For leases lasting less than ____, oral agreements can be enforceable. -
ANSWER One year
Which of these provides the broadest definition of land, property, and
ownership rights? - ANSWER Real Property.
For a valid contractual offer, the offer must do all except which of the
following? - ANSWER Provide terms for an acceptable counter offer.
Which of these would NOT be a requirement to create a valid lease agreement?
- ANSWER Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are
the two forms of: - ANSWER Fee simple defeasible estates
_________________ is a form of ownership held by one party. - ANSWER
Severalty
Which of these IS NOT listed among the special inspections? - ANSWER
Home appliances
Earnest money is a prospective buyer's demonstration of which of the
following? - ANSWER Both of these.
An encumbrance is a(n) ________ real property. - ANSWER All of these
Once signed by borrowers, the note is which of the following? - ANSWER A
fully enforceable and negotiable instrument of debt.
Providing basic information regarding various standard aspects of real estate
law is: - ANSWER An important piece of the fiduciary duty to protect the
client's best interests.
In real estate, a 72- hour clause granting a party a grace period to change their
minds is termed which of the following? - ANSWER Escape clause.
