Test

Question 1

DTPA considers brokerage to a be a

Answer 1

Service

Question 2

_______is a body of law developed in England and based upon”common sense” and local custom.

Answer 2

Common Law

Question 3

If personal property is being transferred along with real property a _____ is generally used to accomplish the transfer, which normally accompany the deed

Answer 3

Bill of Sale

Question 4

The fact that value is affected by man-made changes to the land. These changes can be on the land itself or off-site

Answer 4

Modification

Question 5

Can modification include improved transportation?

Answer 5

True, such as railroads or airports

Question 6

Ownership of real estate by one individual or entiry

Answer 6

Estate in severalty

Question 7

Doug, a single person, purchased a vacation condo, dough is interest in an estate

Answer 7

Estate in severalty

Question 8

What is sole proprietorship?

Answer 8

Is a venture that is owned by one individual.

Question 9

What is the advantage and disadvantage of sole proprietorship?

Answer 9

Advantage- owner has total control of the business
Disadvantage- the owner also has full liability for the financial and personal obligations of the business

Question 10

Owners within a _____ do not own a specific unit

Answer 10

Cooperative

Question 11

The owner has total control of the business, but the downside of this form is the owner also has full liability for the financial and personal obligation of the business. This is known as?

Answer 11

Sole proprietorship

Question 12

owners within a _____do not on a specific unit. A corporation owns the entire complex

Answer 12

Cooperatives

Question 13

Can the landlord refuse to use the unit to a pregnant woman if the neighborhood is 90% occupied by 55+ ages?

Answer 13

yes, because it’s a senior housing which means there’s a familial status exemption

Question 14

what is a contract?

Answer 14

it is an agreement between two or more parties to do something or to refrain from doing something

Question 15

only one party is obligated to perform. This contract is said to lack mutuality, this is known as?

Answer 15

Unilateral contract

Question 16

what are the five essential elements must exist for a contract

Answer 16

Competent parties
Offer and acceptance (mutual agreement)
legal purpose
In writing
consideration

Question 17

To be considered a competent party you must

Answer 17

Be sane
be 18 and older
be sober

Question 18

Is defined as something given in exchange for promise

Answer 18

consideration

Question 19

When the cell finally closes, the contract is

Answer 19

Fully executed

Question 20

which of the following governmental rights is the right to regulate and control the way the line is used?

Answer 20

Police power

Question 21

An area of land separating one land use from another, such as residential from commercial is known as?

Answer 21

Buffer zone

Question 22

The court may award an easement to a property owner, who has no legal access to his or her land. Usually in the case of landlocked property.

Answer 22

Necessity

Question 23

The government, under its power of eminent domain, takes an easement

Answer 23

Condemnation

Question 24

if a buyer has concerns about possible, contamination of a potential property, the buyer, or the lender may opt to have an

Answer 24

Environmental Site Assessment (ESA)

Question 25

Is perform on the property to determine if it is environmentally challenge

Answer 25

ESA

Question 26

A contract may be discharged due to

Answer 26

The destruction of the property (fires, earthquakes, acts of war, and hurricanes)

Not-if the seller intentionally destroys the property, he or she is not discharged and is liable for damages if the sellers intentionally destroys the property, he or she is not discharge and is liable for damages

Question 27

A lease that renews itself automatically for like periods. (month-to-month or week-to-week)

Answer 27

periodic Tenancy or periodic estate

Question 28

obligate the tenant to pay a base rent and a percentage of the gross sales

Answer 28

Percentage lease

Question 29

A tenant’s rights and liabilities are transferred to another

Answer 29

Assignment

Question 30

I loves a tenant to buy the property at a preset price and terms for a given. It is also known as lease with an option to buy.

Answer 30

Lease option

Question 31

An offer can be communicated by

Answer 31

phone, letter, fax, hand delivery, email

Question 32

All offers must be presented?

Answer 32

Yes

Question 33

The person who an offer is made has several options when responding to the offer, including

Answer 33

Do nothing, reject, accept, counteroffer

Question 34

When an offer is accept, the contract must include full acceptance of the entire offer without change

Answer 34

True

Question 35

when an offer is accepted, any change no matter how minor, becomes a counteroffer

Answer 35

True