Exam (elaborations)
REE 3433 Exam3 Chapter 7-9 (1)
- Module
- REE 3433 CH 4 & 5
- Institution
- REE 3433 CH 4 & 5
REE 3433 Exam3 Chapter 7-9 (1)
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REE 3433 Exam3 Chapter 7-9Under the "mailbox rule," the offer is accepted once the acceptance is mailed even
though the offeror has no knowledge of it. - ANS-True
The 1968 Fair Housing Act and its 1988 amendments prohibit discrimination based on
all the following reasons except: - ANS-Family Income
As a general rule, an agent must execute a purchase contract along with the seller and
purchaser. - ANS-False
If the seller cannot perform a real estate contract because title is not marketable, the
purchaser is entitled to a return of the earnest money. - ANS-True
On June 5, Will mailed Sidney an offer to buy his (Sidney's) lot for $35,000. On June 7,
Sidney mailed a counteroffer in which he offered the lot to Will in exchange for $35,000
and Will's 1988 Sports Coupe. Later, on June 7, Will mailed Sidney a revocation of his
(Will's) offer. Which of the following correctly describes the situation? (Select one,
assuming that all letters arrived in the same order in which they were sent.) - ANS-All of
the Above.
1. Sidney's letter to Will terminated Will's offer.
2. Will and Sidney do not have a contract.
3. Will may now accept Sidney's offer.
Schedule B2 of a title commitment shows what? - ANS-A list of items that will not be
insured (exceptions)
With property insurance, an insurable interest need only exist at the time the coverage
is purchased. - ANS-False
All of the following are methods for sellers of real estate to prove they have good title,
except: - ANS-Basic Form homeowners insurance (HO-1)
The owner's title insurance policy developed by the American Land Title Association
insures the owner against all of the following losses except: - ANS-When the property
loses value due to zoning and building ordinances.
In order for a party who obtains title insurance to collect on a defect of title on the
property, the party must: - ANS-Make a claim under the title insurance policy.
, Under the federal Truth in Lending Act, Regulation Z, there are four major elements of
mandatory disclosure. Which of the following is not one of them? - ANS-Whether the
note is negotiable or not.
The Borrower's failure to pay property taxes and insurance on the property is
considered a default under most mortgages. - ANS-True
A nonrecourse note: - ANS-Is more advantageous to borrowers than to lenders.
The person who lends the money for a mortgage loan is both the payee and a
mortgagee. - ANS-True
Mortgages, easements, restrictions and similar documents are recorded with the
secretary of state. - ANS-False
... - ANS-...
Smith offered to sell his farm to Brown free and clear of all encumbrances. Brown
accepted the offer, although he stated in the acceptance that "oil lease has to be
cancelled". Assuming that the agreement complies with the Statute of Frauds, is this a
binding contract? Why? - ANS-This is a binding contract. This issue here is whether the
acceptance violates the "mirror image" rule discussed in the text on page 191. The court
in Karas v Brogan, held that the acceptance was not a counter offer because it did not
significantly modify the offer
Tom and Mary owned a seventy acre farm as tenants by the entirety. After negotiations
with a broker, they signed a contract which they agreed to sell their farm to Jane's name
on the contract and added Susan's name instead. Tom initialed the contract after the
name change. Later Tom and Mary refused to execute a deed to Susan. Is the contract
enforceable by Susan? Why? - ANS-The contract is not enforceable. Tom and Mary
originally offered to sell their farm to Jane and an offer made to one person (Jane)
cannot be accepted by another person without the offeror's permission. here only one
the the offerors, Tome, gave his permission for the change by initialing the document
Billy entered into an oral agreement to sell a parcel of real estate to Reggie for $20,00.
Reggie paid Billy $500 as earnest money and Billy signed and gave Reggie the
following receipt: "For $20,000. I agree to sell the property at 120 Oak Lane. Received
as earnest money $500 to Billy Jones". A month later, Reggie offered the remaining
$19,500 to Billy but refused to convey the property. What arguments, if any should Billy
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