Chapter 3 Vocabulary

Question 1

Excluded Properties:

A. Properties of married persons acquired prior to marriage, income designated as individual property, appreciation of value from individual property, or gifts and inheritance received during marriage.
B. A property that was listed for sale but did not sell during the term of the listing contract.
C. A recognized interest in the use possession, control and disposition a person has in land.
D. Properties that are excluded from a buyer agency agreement by the buyer.

Answer 1

D. Properties that are excluded from a buyer agency agreement by the buyer.

Question 2

Closing (settlement):

A. Expenses of a sale that a buyer must pay in addition to the property’s purchase price or that are deducted from a seller’s proceeds.
B. A contract that binds two parties.
C. Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property.
D. A place where people establish a community.

Answer 2

C. Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property.

Question 3

Protected buyers:

A. One who is placed in a position of trust and confidence, normally responsible for the money or property of another.
B. The purchaser under an option contract.
C. Buyers for which a listing firm has a one-year extension of the listing contract.
D. A listing that specifies a particular buyer.

Answer 3

C. Buyers for which a listing firm has a one-year extension of the listing contract.