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Fil 260 Trefzger Exam 2 Questions And Answers Graded (A+)
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Fil 260 Trefzger Exam 2 Questions And Answers Graded (A+)
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Fil 260 Trefzger Exam 2 Questions And AnswersGraded (A+)
Quiz :Contracts: Offer and Acceptance - Answer :Offer: a promise to act in
specified way if the other party will act in some other specified way
Acceptance: offeree agrees to abide by terms of contract, as stated in the offer
Quiz :Contracts: Specific Performance - Answer :the performance of a
contractual duty, as ordered in cases where damages would not be adequate
remedy.
Quiz :Contracts: Time is of essence clause - Answer :if contract does not state
that "time is of the essence," either party can take additional time (a
reasonable period) to complete his/her obligations.
Quiz :Contracts: Common conditions for voiding a contract to purchase RE -
Answer :Fraud, Duress, Undue Influence, Innocent Misrepresentation
Quiz :Contracts: Difference between "Earnest Money" and "Down payment" -
Answer :Earnest Money: a good faith deposit
Down payment: typically must be returned
Quiz :Contracts: Handling accrued property taxes at closing in Illinois - Answer
:In Illinois, however, property tax is paid in a later year, so property tax
typically is an accrued item that must be prorated at closing.
Quiz :Lessor - Answer :- Landlord
- Holds leased fee estate
Quiz :Lessee - Answer :- Tenant
- Holds leasehold estate
- Has value if rents negotiated at below-market level.
Quiz :Leased fee - Answer :interest is the owner or landlord's interest
Quiz :Leasehold - Answer :(has value if rents are negotiated at a below-
market level,
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