4.2

Question 0

True or False:

A listing agreement is a unilateral contract because only the broker promises performance.

Answer 0

False

Question 1

True or False:

A purchase agreement is a bi-lateral contract because all parties promise performance.

Answer 1

True

Question 2

In a purchase agreement, the vendor (seller) holds legal title, and the vendee (buyer) holds _____ title.

Answer 2

Equitable

Question 3

A listing agreement is a unilateral contract, but a purchase agreement is a ______ contract.

Answer 3

Bilateral

Question 4

In a purchase agreement, the _____ is the vendor.

Answer 4

Seller

Question 5

In a purchase agreement, the _____ is the vendee.

Answer 5

Buyer

Question 6

In a purchase agreement, the vendor (seller) holds ________ title.

Answer 6

Legal

Question 7

In a purchase agreement, the _______ (buyer) holds equitable title.

Answer 7

Vendee

Question 8

A contract that exchanges a promise for a promise is called a ______ contract.

Answer 8

Bilateral

Question 9

The statute of _______ requires contracts to be in writing.

Answer 9

Frauds

Question 10

_______ is the term for the person who gives a contract.

Answer 10

Offeror

Question 11

A _______ agreement is between a real estate broker and a seller.

Answer 11

Listing

Question 12

A listing agreement has a beginning date and a ______ date.

Answer 12

Termination

Question 13

A listing agreement has a ______ price, which is the seller’s asking price.

Answer 13

List

Question 14

In a lease, the owner is called the _____ or landlord.

Answer 14

Lessor

Question 15

The person leasing a property is called the _______, or tenant.

Answer 15

Lessee

Question 16

A _____ Lease is renewed automatically, usually on a monthly or weekly basis.

Answer 16

periodic

Question 17

A ________ lease continues until some specified event occurs, such as the death of a specified individual.

Answer 17

Conditional

Question 18

A _______ lease continues only as long as the parties wish it to, and can be terminated without penalty by either party.

Answer 18

At will

Question 19

A _______ lease provides for a single amount of rent set for a definite period of time.

Answer 19

Flat or Fixed

Question 20

A ______ lease provides that the tenant pays a flat monthly amount.

Answer 20

Gross

Question 21

With a _____ lease, the landlord pays for all the building’s operating costs.

Answer 21

Gross

Question 22

With a _____ lease, rent is increased a set amount every year during the life of the agreement.

Answer 22

Step

Question 23

With a _____ lease, the rent is tied to rises in the cost of living, and goes up with general inflation.

Answer 23

Cost-of-Living

Question 24

With a ______ lease, the tenant pays a base monthly rent plus some of the expenses.

Answer 24

Net

Question 25

With a _____ lease, the tenant pays the base rental amount, real estate taxes, and insurance premiums.

Answer 25

Net-Net

Question 26

With a _____ lease, (Also known as the “triple net lease”) the tenant pays a base rental amount plus the landlord’s operating costs.

Answer 26

Net-Net-Net

Question 27

With a ______, the tenant pays both a base amount and a percentage of gross income.

Answer 27

Percentage

Question 28

With a _____, the rent is adjusted periodically based on changes to an agreed-upon index.

Answer 28

Index

Question 29

With a _____ lease, a lessor has sub-leased the premises to someone else ( a sub-tenant).

Answer 29

Sandwich

Question 30

When a seller leases back the property in order to maintain uninterrupted occupancy, the transaction is called a ______.

Answer 30

Sale-leaseback

Question 31

Constructive ______ is when a landlord renders a property uninhabitable, and the tenant has the right to cancel the lease.

Answer 31

Eviction

Question 32

With a _____ a property title is transferred only after the buyer makes a certain number of periodic payments (sometimes called a “land contract”).

Answer 32

Contract for deed

Question 33

With a contract for deed, the seller is called the ______.

Answer 33

Vendor

Question 34

With a contract for deed, the buyer is called the ______.

Answer 34

Vendee

Question 35

With a contract for deed, when the full amount of the purchase price is paid, the vendor is obligated to deliver legal title to the vendee by a _______.

Answer 35

Deed