Exam (elaborations)
REE 3433 Test 2.
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Exam of 2 pages for the course TAX 4001 at TAX 4001 (REE 3433 Test 2.)
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REE 3433 Test 23rd party - ANS-If principle is undisclosed or partially disclosed, ____ gets to decide
who is liable
3rd party, grantor - ANS-remainder is a ______ interest, while reversion is a ______
interest
add - ANS-it is a counter offer if you ____ or change 1 thing, mirror image rule
both - ANS-agreements need to have _____ offer and acceptance
can - ANS-legally emancipated 17 year old ____ enter into a contract
consent - ANS-what you have to have to create agency relationship:
consideration - ANS-you can swap houses as ________
except - ANS-to create a valid offer you need everything _____ clear language denoting
"I offer"
false - ANS-agent employs principal is T/F
false (has to be 2 years) - ANS-To become a broker you need to be a sales person for 1
or more years: T/F
Freehold Estate - ANS-fee simple is a ________
indemnity - ANS-______ agreements protect agent from liability
no - ANS-if you have a contract and 1 party provides consideration, do you have a
contract?
not - ANS-brokers are ____ responsible for agent punching someone in the face
not (they are responsible for negligence) - ANS-brokers are ____ responsible for
intentional torts by their salesperson
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