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Real Estate > Section 3 Test Questions > Flashcards

Section 3 Test Questions Flashcards

1
Q

A bilateral contract is one in which

A

both parties promise to do something in exchange for the other party’s performance

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2
Q

The approval process for development of multiple properties in an area includes submission of

A

a plat of subdivision

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3
Q

In the Rectangular Survey System, a section contains how many acres?

A

640

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4
Q

Zoning, building codes, and environmental restrictions are forms of local land use control known as

A

police power

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5
Q

Two parties enter into a contract. The agreement fulfills all the requirements for a valid contract, with no disqualifying circumstances. Given this situation, it is still possible that the contract may be

A

unenforceable

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6
Q

In the Rectangular Survey System, what are the dimensions of a township?

A

Six miles by six miles.

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7
Q

The essential elements of the metes and bounds system are

A

reference points, angles and distances

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8
Q

If a municipality exerts its power of eminent domain against a certain property owner, what happens?

A

The owner must sell the property or grant an easement to the municipality for just compensation

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9
Q

The statute of limitations requires that parties to a contract who have been damaged or who question the contract’s provisions

A

must act within a statutory period

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10
Q

Which of the following is true of an eminent domain proceeding?

A

It conveys legal title to the acquiring entity

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11
Q

A prospective homebuyer submits a signed offer with the condition that the seller pay for the inspection at closing. The seller disagrees, crosses out the provision, then signs and returns the document to the buyer. At this point, assuming all other contract validity items are in order, the original offer is now

A

a counteroffer

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12
Q

A seller immediately accepts a buyer’s offer but waits ten days before returning the accepted document to the buyer. Meanwhile, the offer has expired. Which of the following is true?

A

The buyer has no obligations to the seller whatsoever

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13
Q

A document certifying that a structure complies with building codes and is ready for use is referred to as a(n)

A

certificate of occupancy

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14
Q

Which of the following is an executory contract?

A

sale contract before closing

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15
Q

A construction contractor executes a contract with a buyer. In the agreement, the contractor promises to complete construction by November 20. This promise can be construed as

A

valuable consideration

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16
Q

Which of the following is true regarding master planning and zoning?

A

Zoning ordinances are a primary means of keeping land use in harmony with the master plan

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17
Q

What is the difference between a variance and a nonconforming use?

A

A variance is granted by the zoning board if the owner has a justifiable reason

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18
Q

What is rescission?

A

declaring contract is no longer in effect

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19
Q

Public land use planning strives to balance which of the following potentially conflicting interests?

A

Individual property rights and the public’s interest

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20
Q

A certain legal description contains the phrase, “…northwesterly along Erie Road to the POB…”. What kind of description is this?

A

Metes and bounds

21
Q

The valuable consideration necessary to make a contract valid must be

A

something of equal value with whatever is received in exchange.

22
Q

The lot and block system of legally describing property is used for

A

properties of a subdivision

23
Q

What portion of a section is ten acres?

A

1/64

24
Q

A buyer submits an offer to a seller and then dies in a car accident. Before learning of the buyer’s death, the seller accepts the offer. Which of the following is true?

A

The buyers death terminated the offer

25
Q

A non-profit organization wants to erect an urgent care facility in a residential zone. Given other favorable circumstances, the local authorities may grant permission by allowing

A

a special exception

26
Q

To be valid, a valid contract must

A

reflect a mutual understanding or agreement.

27
Q

An implied agency relationship may be deemed to exist if

A

the parties act is if there is a contract

28
Q

How much time does a seller have to accept a buyer’s offer?

A

A “reasonable” time, or until the expiration date on the offer

29
Q

The purpose of the statute of frauds is to

A

nullify oral leases and listing agreements.

30
Q

The basic intent of zoning ordinances is to

A

specify usage for every parcel within the zoning authority’s jurisdiction

31
Q

How many sections are there in a township?

A

Thirty-six.

32
Q

What is the purpose of residential zoning?

A

To regulate the density of dwellings in the residential zone.

33
Q

What is a buffer zone?

A

A transitional zone between a residential zone and a commercial zone

34
Q

To be valid, a local zoning ordinance must

A

reasonably promote community health, safety and welfare.

35
Q

Among other provisions, the Superfund Act (CERCLA) and Superfund Amendment and Reauthorization Act of 1986 provided that

A

parties responsible for improper disposal of hazardous waste could be charged for the cleanup costs.

36
Q

A legal description of a property is one which

A

accurately locates and identifies the boundaries of the property and distinguishes it from all other properties.

37
Q

Why do zoning authorities create different types of zones?

A

To separate different types of uses so that they do not interfere with each other

38
Q

Which of the following situations is most likely to represent an illegal nonconforming use?

A

A homeowner in a residential zone converts her residence to a private school

39
Q

A real estate sales contract, to be enforceable, must

A

contain a legal description of the property

40
Q

The intensity of land usage generally refers to what?

A

The area of a commercial or industrial facility in relation to the size of the site.

41
Q

Which of the following contracts can be assigned to another party?

A

A contract for the sale of undeveloped land

42
Q

How does Planned Unit Development zoning vary from ordinary zoning?

A

It requires that multiple tracts of land be developed according to a single design for efficient use of space.

43
Q

A seller contracts to sell a property that she does not own. The sale contract for this transaction

A

is void

44
Q

Why do communities require building permits?

A

To ensure that improvements comply with codes

45
Q

A breach of contract is

A

the failure of a party to perform according to the terms of the contract

46
Q

A homeseller signs a listing agreement with a broker then subsequently revokes the listing. Which of the following is true?

A

The broker may have a claim for marketing expenses expended during the listing term

47
Q

A property that conformed with zoning ordinances when it was developed but does not conform to new ordinances is said to be

A

a legal nonconforming use

48
Q

The guardian for a mentally incompetent party enters into an oral contract with another party to buy a trade fixture on behalf of the incompetent party. This contract

A

is possibly valid and enforceable

Real Estate (16 decks)

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