Exam (elaborations)
REE 3433 Exam 2 prep
- Course
- Institution
REE 3433 Exam 2 prep
[Show more]
Seller
Follow
lydiaomutho
Content preview
REE 3433 Exam 2 prep"Piercing the corporate veil" means that there is personal liability to a corporate officer.
-True
-False - ANS-True
21. The following is (are) considered a freehold estate(s):
(a) fee simple absolute.
(b) fee simple defeasible.
(c) life estate.
(d) all the above. - ANS-(d) all the above.
A "letter of intent" is an instrument that generally is meant to convey an offer.
-True
-False - ANS-False
A and B are joint tenants. A conveys his interest to C. B and C are now tenants in
common.
-True
-False - ANS-True
A contract required to be in writing under the Statute of Frauds must have signatures of
both parties before it can be enforceable against any one of the parties
-True
-False - ANS-False
A grantor-grantee index is much more common and easier to use in tracing title than a
tract index
-True
-False - ANS-False
A joint tenancy requires all of the following "unities" except for the unity of: -
ANS-severance
, A life tenant who makes improvements on leased property which are considered fixtures
generally (under common law) has a right to remove them within a reasonable period of
time after terminating the life estate.
-True
-False - ANS-True
A listing agreement providing a real estate agent with an exclusive right to sell property
also contains a "no deal, no commission clause." If a potential purchaser is unable to
obtain financing to complete the purchase after signing a contract: - ANS-the agent is
not entitled to a commission from the seller.
A partnership is government by by-laws and certificates of incorporation
-True
-False - ANS-True
A person purchasing a home should, to protect his investment, purchase the following:
A. Title insurance.
B. Homeowner's insurance.
C. A bond for the notary public.
D. None of the above.
Two of the above. (a and b) - ANS-Two of the above. (a and b)
A real estate broker's commission can only be based on the gross sales price.
-True
-False - ANS-False
A real estate contract can successfully be avoided when:
-There is mutual mistake by seller and buyer
- The court rules that the seller was insane when he made the sale
- The buyer bought the property when he was under 18, but now seeks to avoid it two
months after turning 19
- All of the above - ANS-- All of the above
A real estate contract should provide for proration of - ANS-Prepaid Taxes AND Prepaid
Insurance
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now