2024 PERRY REAL ESTATE FINAL EXAM WITH 240+
QUESTIONS & CORRECTANSWERS
If I am makes an offer on a house and the seller excepts in writing. What is the
current status of this relationship? - ANSWER-Because the seller has promised to
sell and the buyer has promised to buy, it is clearly a bilateral contract. It is express
because they announced their intentions in writing. This contract is executory
because the sale has not closed yet
Additional conditions that must be satisfied before a sales contract is fully
enforceable are called - ANSWER-contingencies
If I'm in allows a woman to back out of the contract, returned the earnest money to
her, and both are back to the positions they held before the contract, the contract
has been - ANSWER-Rescission allows both parties to return to their original
possessions before the contract, so any monies exchange must be returned
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is
obligated to perform only if the buyer is first able to sell her condo. This is an
example of - ANSWER-A property sale contingency protects a buyer who has to
sell a property in order to buy the sellers property
On March 7 a buyer and a seller execute a contract for the purchase of the sellers
property. Closing is set for June 10. On April 15 the property is struck by lightning
and destroyed by the resulting fire. If the uniform vendor and purchase or risk act
has been adopted by the state in which the property is located, which party bears
liability for the loss? - ANSWER-In states that have adopted the uniform vendor
and purchaser act, the seller remains responsible for the property until the day of
closing
,The term statue of limitation is best described as the limitation on the - ANSWER-
Every state limits the right during which parties to a contract may bring a legal
action to enforce their rights. Rights not enforced within the Applicable time
period Are lost
In case the buyer decides not to buy for no legal reason, the contract may provide
at the earnest money is there as - ANSWER-Liquidated damages limit the
compensation available to the injured party should a breach of contract occur
What is minimum consideration in a valid contract - ANSWER-Anything the
parties agree is good and valuable
What is an example of a unilateral contract - ANSWER-In a unilateral contract
only one party is obligated to perform. The optionor-owner of the property must
sell at the agreed-upon price only if the optionee he decides to buy
A woman is buying a man's house and wants to take over the mortgage. The lender
releases the man from the obligation substituting the woman as the party liable for
the debt. This new agreement is called - ANSWER-Novation
A real estate broker in ounces to the sales people in her office that she will pay
$1000 bonus to the top selling sales person each quarter. This contract is an -
ANSWER-The offer of a bonus to the top selling sales person each quarter is an
express contract because the broker clearly stated her intentions and words to the
sales people. It is unilateral contract because she's obligated to keep her promise
but the sales people are not obligated to perform
A testamentary trust is created by - ANSWER-A will
,In any Township what is the number of the section designated as the school section
- ANSWER-16
Lonnie conveys the ownership of his house to his mother and stipulates that upon
her death he will recapture ownership. The interest Lonnie has in the property is a -
ANSWER-reversionary interest
If a creator of a life estate chooses not to name my remainderman the creator has -
ANSWER-The property will revert back to the creator
A descendent left a will giving his neighbor the right to use a well on the
descendents land as long as the neighbor lived. The neighbors interest in the
property is properly called - ANSWER-An easement in gross is an individual
interest in someone else's land
A lawsuit to terminate an easement is called an action to - ANSWER-Action to
quiet title
If an adjacent public land use diminishes the value of your property you may claim
compensation under which theory - ANSWER-Inverse condemnation
The process by which government can acquire ownership of private land for public
use is - ANSWER-Condemnation
A partnership which is for a long-term arrangement is called - ANSWER-
Syndicate
This is a special type of zoning used to control density by imposing restriction such
as setbacks - ANSWER-Bulk zoning
, A manufactured home can be turned into real estate by what process - ANSWER-
AFFIXATION
A developer grants a local power company the right to install necessary
transmission lines. This right is an example of a - ANSWER-Easement in gross
The beneficiary of a land trust is also commonly - ANSWER-The trustor
Homeowner Gurnee acquired ownership of land that was deposited by a river
running through his property by - ANSWER-Accretion
Many states determine the order of water rights according to which users of the
water hold recorded beneficial use permits. This allocation of water rights is
controlled by - ANSWER-If an owner has a beneficial use for scarce water, this
falls under the doctrine of prior appropriation
Jamal Morton an herb are joint tenants in a parcel of land. Herb conveys his
interest to his longtime friend Walid. After the conveyance Jamall and Morton -
ANSWER-Remain joint tenants owning a two thirds interest
One of the drawbacks of a corporation is - ANSWER-Double taxation
A syndicate may be set up as - ANSWER-A trust a partnership or a corporation
Rights granted to owners along a river or stream are known as - ANSWER-
Riparian rights
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