What action returns a contract’s parties to their position before…

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What action returns a contract’s parties to their position before…

What action returns a contract’s parties to their position before the contract, including return of any deposit?

Question 1 options:

 

a) 

Cancellation

 

b) 

Rescission

 

c) 

Substitution

 

d) 

Subordination

 

Question 2 (1 point)

 

 

 

 

 

 

 

 

 

The essential elements of a contract include all of the following EXCEPT ___.

Question 2 options:

 

a) 

offer and acceptance

 

b) 

signatures of the parties

 

c) 

competent parties

 

d) 

consideration

 

Question 3 (1 point)

 

 

 

 

 

 

 

 

 

Which step in the sales process determines whether prospects are ready, willing, and able to buy a particular property?

Question 3 options:

 

a) 

Listing

 

b) 

Qualifying

 

c) 

Negotiating

 

d) 

Closing

 

Question 4 (1 point)

 

 

 

 

 

 

 

 

 

All of the following are essential to the formation of a contract EXCEPT ___.

Question 4 options:

 

a) 

Offer

 

b) 

Acceptance

 

c) 

Consideration

 

d) 

Performance

 

Question 5 (1 point)

 

 

 

 

 

 

 

 

 

What type of zoning relates the permitted uses of land to certain standards, typically related to the capacity of the land with regard to impacts such as traffic generated, capability to handle runoff, or health standards?

Question 5 options:

 

a) 

Nonconforming

 

b) 

Planned unit

 

c) 

Variable

 

d) 

Performance

 

Question 6 (1 point)

 

 

 

 

 

 

 

 

 

A lease agreement is signed by a lessee who is 16 years of age. Which of the following is TRUE?

Question 6 options:

 

a) 

A 16-year-old person cannot sign a lease.

 

b) 

The lease agreement is voidable.

 

c) 

The lease agreement is valid provided the security deposit is increased.

 

d) 

The lease agreement is void.

 

Question 7 (1 point)

 

 

 

 

 

 

 

 

 

Private restrictions that limit ownership interests in real property include all of the following EXCEPT ___.

Question 7 options:

 

a) 

zoning

 

b) 

easements

 

c) 

adverse possession

 

d) 

licenses

 

Question 8 (1 point)

 

 

 

 

 

 

 

 

 

Governmental powers over private property rights include ___.

Question 8 options:

 

a) 

power of taxation

 

b) 

power of escheat

 

c) 

police power

 

d) 

All of the above

 

Question 9 (1 point)

 

 

 

 

 

 

 

 

 

In an agency relationship between a seller and a broker, the broker is a(n)________ of the seller and must protect the seller’s best interests at all times.

Question 9 options:

 

a) 

Subagent

 

b) 

Principal

 

c) 

Agency

 

d) 

Fiduciary

 

Question 10 (1 point)

 

 

 

 

 

 

 

 

 

On Monday, the seller offers to sell a vacant lot to the buyer for $12,000. On       Tuesday, the buyer counteroffers to buy for $10,500. On Friday, the buyer withdraws the counteroffer and accepts the original offer of $12,000. Under these conditions _________.

Question 10 options:

 

a) 

there is a valid agreement because the buyer accepted the seller’s offer exactly as it was    made

 

b) 

there is not a valid agreement because the buyer’s counteroffer was a rejection of the
seller’s offer and, once it was rejected, it cannot be accepted later

 

c) 

there is a valid agreement because the buyer accepted before the seller advised the                                                                                                                                                                                         buyer that the offer is withdrawn

 

d) 

there is not a valid agreement because the seller’s offer was not accepted within 72 hours

 

Question 11 (1 point)

 

 

 

 

 

 

 

 

 

When the grantor does not wish to convey certain property rights, the grantor ___.

Question 11 options:

 

a) 

must note the exceptions in a separate document

 

b) 

may not do so, as the deed conveys the entire premises

 

c) 

may note the exceptions in the deed of conveyance

 

d) 

must convey the entire premises and have the grantee reconvey the
rights to be retained by the grantor

 

Question 12 (1 point)

 

 

 

 

 

 

 

 

 

Jones has an easement for an access road across Smith’s property.             has the servient estate;           has the dominant estate.

Question 12 options:

 

a) 

Smith, Jones

 

b) 

Jones, Smith

 

c) 

Smith, Smith

 

d) 

Jones, Jones

 

Question 13 (1 point)

 

 

 

 

 

 

 

 

 

Which of the following types of listing agreements allows the seller to avoid paying a commission if he sells the property without the assistance of a broker?

Question 13 options:

 

a) 

Exclusive agency

 

b) 

Exclusive right to sell

 

c) 

Foreclosure due

 

d) 

All of the above

 

Question 14 (1 point)

 

 

 

 

 

 

 

 

 

If the buyer defaulted some time ago on a written contract to purchase a
seller’s real estate, the seller can still sue for damages if not prohibited from
doing so by the ___.

Question 14 options:

 

a) 

statute of frauds

 

b) 

law of agency

 

c) 

statute of limitations

 

d) 

broker-attorney accord

 

Question 15 (1 point)

 

 

 

 

 

 

 

 

 

If, upon the receipt of an offer to purchase property subject to certain
conditions, the seller makes a counteroffer, the prospective buyer is ___.

Question 15 options:

 

a) 

bound by the original offer

 

b) 

bound to accept the counteroffer

 

c) 

bound by whichever offer is lower

 

d) 

relieved from the original offer

 

Question 16 (1 point)

 

 

 

 

 

 

 

 

 

In order for a contract to be valid, the offeree must accept the offer before ___.

Question 16 options:

 

a) 

the payment of any money

 

b) 

the offer expires

 

c) 

the close of the tenth business day following the offer

 

d) 

the offeror makes a similar offer to a third party

 

Question 17 (1 point)

 

 

 

 

 

 

 

 

 

Which is not an appropriate means to seek a zoning change?

Question 17 options:

 

a) 

Judicial relief

 

b) 

Seeking a variance

 

c) 

Seeking a special use permit

 

d) 

Performance zoning

 

Question 18 (1 point)

 

 

 

 

 

 

 

 

 

A legal right to use the property owned by someone else in a specified manner is known as an _______.

Question 18 options:

 

a) 

easement

 

b) 

eminent domain

 

c) 

encroachment

 

d) 

estoppel

 

Question 19 (1 point)

 

 

 

 

 

 

 

 

 

A lien is best described as a claim that ____.

Question 19 options:

 

a) 

permits a creditor to take possession of the debtor’s real estate.

 

b) 

amounts to a financial security interest in the real estate.

 

c) 

represents the creditor’s right of ownership in the real estate.

 

d) 

allows a third party to use one’s real estate in a prescribed manner.

 

Question 20 (1 point)

 

 

 

 

 

 

 

 

 

Which of the following gives the BEST evidence of the buyer’s intention to
carry out the terms of the real estate purchase contract?

Question 20 options:

 

a) 

The “subject to” clause

 

b) 

The agreement to seek mortgage financing

 

c) 

The earnest money deposit

 

d) 

The provision that “time is of the essence”