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Real Estate law of contracts practice exam Questions with Correct Answers
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Real Estate law of contracts practice exam Questions with Correct Answers
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Real Estate law of contracts practice exam Questionswith Correct Answers
Which of the following practices could be considered practicing law by
a real estate
broker for the sale or lease of real property? Correct Answer-Use of a
form prepared by the broker's company
When a seller and a buyer wish to convey personal property, this is done
with a Correct Answer-Bill of sale
When an offer becomes a contract, which step is not required? Correct
Answer-Both agents must meet to review the contract
An act or practice which, to a consumer's detriment, takes advantage of
the lack of
knowledge, ability, experience, or capacity to a grossly unfair degree is
called Correct Answer-Unconscionable action
Law handed down by the legislature Correct Answer-Statutory law
The land and all structures manmade Correct Answer-Real Estate
Location of the property Correct Answer-Situs
, Which business organizations can own property and transact business in
its name? Correct Answer-Associations
A form of ownership where the owner receives shares Correct Answer-
Cooperatives
An agreement created by the actions of the parties involved, but is not
written or
spoken Correct Answer-Implied contract
A formal agreement between two parties that may be rendered
unenforceable for a
number of legal reasons Correct Answer-Voidable contract
Examples of this include lack of appraisal, financing, or completed
repairs Correct Answer-Executory contract
Police power, taxation, eminent domain, and escheat are four examples
of Correct Answer-Governmental Powers
What is the degree, nature, quantity, and extent of interest that a person
has in real
estate called? Correct Answer-Estate in land
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