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Law of Contracts Champion Real Estate Exam Questions and Complete Solutions Graded A+
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Law of Contracts Champion Real Estate Exam Questions and Complete Solutions Graded A+
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Law of Contracts: Champion Real EstateExam Questions and Complete
Solutions Graded A+
What typically happens with Notices? - Answer: Many agents fail or refuse to fill in the contact
information for their client when it is called for in paragraph 21 OR they put their own contact
information in that provision so they can stay in control of the information that is going to their clients.
Agents make themselves and their brokers legally responsible for the receipt of notices when they use
their address and email VS that of their client
What does a Subrogation Clause do? - Answer: Enables the title company to assume the rights of a
buyer with respect to any claim against a seller if the title company has made payments to that buyer to
satisfy that claim. In this manner, the property owner cannot collect from both the title company or the
seller
What is landlocked property? - Answer: The courts may award and easement to a property owner who
has no legal access to his or her land
What is Environmental Site Assessment used for? - Answer: If a buyer has concerns about the possible
contamination of a potential property, he or she or the lender may call the environmental site
assessment to be preformed on the property to determine if it is environmentally challenged
Can an oral lease be valid? - Answer: If the lease has been open for one year or less is valid and
enforceable
What is a Quitclaim Deed? - Answer: It is one with no guarantees, warranties or covenants
What is blanket mortgage? - Answer: Can cover more than one piece of property
What is a Devise? - Answer: If real property is conveyed by will
, What is the most common type of financing? - Answer: Is obtained from a third party, such as mortgage
company or bank
Owners within a cooperative- - Answer: do not actually own a specific unit
In the retail environment- - Answer: a percentage lease obligates the senate to pay a base rent and a
percentage of the gross sales
What is Sale of other Property Contingency? - Answer: The seller and buyer agree that the purchase of
the property is contingent on the sale and closing of the buyers existing property
Estate in severalty? - Answer: If only ONE signature is required on a deed converting full ownership of
the property to another, the seller owns a -
Encumbrance? - Answer: A claim, lien, charge or liability attached to and binding real property
What is a promissory note? - Answer: also known as a real estate lien note, is the borrows unconditional
promise to repay and includes amount borrowed, payment amount, due date and rate of interest, which
the not is not generally recorded
When is a contract executed? - Answer: When the sale is closed the contract will be fully executed
What does the borrower pay? - Answer: They pay two premiums, an up-front premium at closing and an
annual premium
What is probate? - Answer: The formal judicial proceeding to prove or confirm the validity of a will, to
collect the assets of the dependent's estate, to pay the debts and taxes, and to determine the persons
to whom the remainder of the estate is to pass
What happens at closing with prorations? - Answer: At closing, prorations for property taxes and
property owner association fees will be calculated.
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