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REE 3433 Exam 2 prep
REE 3433 Exam 2 prep
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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
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