7.4 Flashcards
True or False:
Liability for contamination under CERCLA can include the current owners, past owners, real estate, and companies handling waste disposal.
True
Another name for CERCLA is _______.
Superfund
When an environmental auditing company ensures that a property is not contaminated, it is called an environmental site _______.
Assessment
Under CERCLA, the ______ is given authority to respond directly to the release, or threatened release, of hazardous substances onto sites which could endanger the public health or the environment.
Environmental Protection Agency (EPA)
True or False:
Under CERCLA, the two types of governmental responses to contamination that can take place are short-term removal and long-term remedial action.
True
A Certificate of Compliance on a new septic system is valid for ______ years.
5
True or False:
Underground storage tanks must be disclosed on a location map.
False
A contractor issues a _______ to local authorities after methamphetamine remediation.
Verification
A contractor is liable to the property owner for proper methamphetamine remediation of the property for ______ years.
6 years.
Title X requires the disclosure of known information on lead-based paint, and lead-based paint hazards, before the sale or lease of most houses built _______.
Before 1978
True or False:
If a property owner wants to give revocable permission to someone to use his driveway as a shortcut to that person’s property, the owner should give an easement.
False
If a seller counters an offer to purchase then decides to withdraw it, he can do so before the counter-offer is ________ by the purchaser.
Accepted
________ laws prohibit competing real estate brokers from agreeing on certain commission rates.
Antitrust
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is considered a ________.
Contract
If an investor wants to buy a property with a complex mortgage loan arrangement, the agent should counsel him to have a/an _______ furnish the proper legal language for the contract.
Lawyer
Failure to display the equal housing opportunity poster at the broker’s place of business could be considered _________ evidence of discrimination.
Prima Facie
True or False:
The deed contains the names of the previous owners as well as the new ones.
True
A Special Limited Warranty Deed agrees to protect the grantee against title defects or claims that may arise from the period of time that the grantor _______.
Held title
Another name for the Bargain and Sale Deed is _______.
Sheriff’s Sale Deed
When a home is in foreclosure, there is a public auction that is called a _______.
Sheriff’s Sale
True or False:
Quitclaim deeds are commonly used to transfer property between friends or family members.
True
A _____ transfers any ownership interest the grantor/seller has in the property, but makes no promises or guarantees about what the interest is, or whether that title is good.
Quitclaim deed
_______ is when the grantor has the right to convey title to a property.
Warranty of Seisin (or covenant of seisin)
The portion of a deed with phrase “To have and to hold,” with a description of the ownership rights of the transferee of the property, is called the _______.
Habendum clause
________ is a term for “what belongs to and goes with something else.”
Appurtenance
A Minnesota broker must keep records of all documents pertaining to the business for a minimum of _______ years.
6
A broker CANNOT ______ funds by mixing personal or business operating funds with trust funds.
Commingle
The statute of _____ is a period of time after certain events happen that legal proceedings based on those events may be initiated.
Limitations
Specific ________ is an order of the court that requires a party to perform a specific act.
Performance
________ is a contractual term that means damages are to be paid to one party if the other party should breach the contract.
Liquidated damages
_______ damages means excessive liquidated damages, and are invalid under the common law.
Penal
True or False:
Each party must have the intent to be bound for a contract to be valid.
True
True or False:
There must be a communicated acceptance of a contract for it to be valid.
True
A debit to the seller on the closing settlement statement ______ the amount of money the seller receives at the closing.
Decreases
A debit to the buyer on the closing settlement statement _________ the amount of money the buyer is responsible for bringing to the closing.
Increases
True or False:
Closing statement credits are receipts.
True
