7.4

Question 0

True or False:
Liability for contamination under CERCLA can include the current owners, past owners, real estate, and companies handling waste disposal.

Answer 0

True

Question 1

Another name for CERCLA is _______.

Answer 1

Superfund

Question 2

When an environmental auditing company ensures that a property is not contaminated, it is called an environmental site _______.

Answer 2

Assessment

Question 3

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.

Answer 3

Environmental Protection Agency (EPA)

Question 4

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.

Answer 4

True

Question 5

A Certificate of Compliance on a new septic system is valid for ______ years.

Answer 5

5

Question 6

True or False:

Underground storage tanks must be disclosed on a location map.

Answer 6

False

Question 7

A contractor issues a _______ to local authorities after methamphetamine remediation.

Answer 7

Verification

Question 8

A contractor is liable to the property owner for proper methamphetamine remediation of the property for ______ years.

Answer 8

6 years.

Question 9

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 _______.

Answer 9

Before 1978

Question 10

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.

Answer 10

False

Question 11

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.

Answer 11

Accepted

Question 12

________ laws prohibit competing real estate brokers from agreeing on certain commission rates.

Answer 12

Antitrust

Question 13

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is considered a ________.

Answer 13

Contract

Question 14

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.

Answer 14

Lawyer

Question 15

Failure to display the equal housing opportunity poster at the broker’s place of business could be considered _________ evidence of discrimination.

Answer 15

Prima Facie

Question 16

True or False:

The deed contains the names of the previous owners as well as the new ones.

Answer 16

True

Question 17

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 _______.

Answer 17

Held title

Question 18

Another name for the Bargain and Sale Deed is _______.

Answer 18

Sheriff’s Sale Deed

Question 19

When a home is in foreclosure, there is a public auction that is called a _______.

Answer 19

Sheriff’s Sale

Question 20

True or False:

Quitclaim deeds are commonly used to transfer property between friends or family members.

Answer 20

True

Question 21

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.

Answer 21

Quitclaim deed

Question 22

_______ is when the grantor has the right to convey title to a property.

Answer 22

Warranty of Seisin (or covenant of seisin)

Question 23

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 _______.

Answer 23

Habendum clause

Question 24

________ is a term for “what belongs to and goes with something else.”

Answer 24

Appurtenance

Question 25

A Minnesota broker must keep records of all documents pertaining to the business for a minimum of _______ years.

Answer 25

6

Question 26

A broker CANNOT ______ funds by mixing personal or business operating funds with trust funds.

Answer 26

Commingle

Question 27

The statute of _____ is a period of time after certain events happen that legal proceedings based on those events may be initiated.

Answer 27

Limitations

Question 28

Specific ________ is an order of the court that requires a party to perform a specific act.

Answer 28

Performance

Question 29

________ is a contractual term that means damages are to be paid to one party if the other party should breach the contract.

Answer 29

Liquidated damages

Question 30

_______ damages means excessive liquidated damages, and are invalid under the common law.

Answer 30

Penal

Question 31

True or False:

Each party must have the intent to be bound for a contract to be valid.

Answer 31

True

Question 32

True or False:

There must be a communicated acceptance of a contract for it to be valid.

Answer 32

True

Question 33

A debit to the seller on the closing settlement statement ______ the amount of money the seller receives at the closing.

Answer 33

Decreases

Question 34

A debit to the buyer on the closing settlement statement _________ the amount of money the buyer is responsible for bringing to the closing.

Answer 34

Increases

Question 35

True or False:

Closing statement credits are receipts.

Answer 35

True