Need to Study - Incorrect Q&As Flashcards
Rent adjusts payment amounts on a predetermined schedule
Graduated Lease
A fiduciary relationship exists in what type of agency?
Any Agency
Estate of Indeterminate duration
freehold
Joe Gomez died without known heirs, and his estate is turned over to the state, which is known as reversion by _____________
Escheat
The ________ in a legal property description is: The reference point, line or surface used in surveying air rights
Datum
A real estate broker has earned a commission when ______
When seller accepts the offer of the buyer
Who offers mortgages on the primary market?
A Portfolio Lender
MLS Requirement
Brokers split commission (split is negotiable)
What is a debit to the buyer at closing
Title Insurance
A person is given interest in a property for duration of someone elses life is called ___________
Pur Autre Vie
What is not true for highest and best use of property
conformity to surrounding
Type of zoning for a developer wishing to set aside open space in subdivision she is building
Cluster Zoning
Leach fields are used to dispose of ___________
Sanitary Wastes
Type of mortgage that doesn’t have a pre-payment penalty
Open Mortgage
What guarantees the right of private ownership of real estate in the United States?
Constitution
Surface rights, air rights and subsurface rights are
Separable
A doctrine that gives the state control of water use and the water supply
Doctrine of Prior Appropriation
The overriding test of whether an item is a fixture or personal property is
its definition as one or the other in a sale or lease contract.
A plant or crop that is considered personal property
Emblement
Trade Fixtures are Real or Personal Property?
Personal Property
A ________ interest cannot be conveyed by ones spouse
Homestead
A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence
Elective Share
- Joint tenants _____ will their property outside tenancy
2. Tenants in common _____ will their property outside tenancy
- Cannot
2. Can
Essential Parties in Estate in Trust
- Trustor
- Trustee
- Beneficiary
A unique feature of a land trust is
Identity of the beneficiary may not be identified
According to contract law, every valid contract is also
Enforceable or Unenforceable
The guardian for a mentally incompetent party enters into an oral contract with another party to buy a trade fixture. This contract
is possibly valid and enforceable.
As part of a construction contract between a contractor and a buyer, the contractor promises
to complete construction by November 20. This promise can be construed as
Valuable Consideration
Which of the following contracts must be in writing to be enforceable?
a. A parol contract.
b. A six-month lease.
c. A two-year lease.
d. An executory contract.
c. Two-year lease (Over 1 year)
- A good example of a unilateral contract is
a. an option to purchase.
b. a listing agreement.
c. a personal services agreement.
d. a sale contract.
a. option to purchase
- A contract is discharged whenever
a. there is a cooling period.
b. both parties have signed it.
c. it is performed.
d. the parties agree to their respective promises.
c. it is performed
Validity of a Conveyance Contract
- Writing
- Legal Description
- Signed by one or more parties
In obtaining offers from a buyer an agent must be careful to
AVOID disclosing what price the owner will accept
