PERRY REAL ESTATE FINAL EXAM
QUESTIONS & VERIFIED CORRECT
ANSWERS PASSED 100%
If I am makes an offer on a house and the seller excepts in writing. What is the current
status of this relationship? - Correct 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 - Correct 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 -
Correct 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
- Correct 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? - Correct 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 - Correct 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 - Correct 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 - Correct Answer ✔✔ Anything the
parties agree is good and valuable
, What is an example of a unilateral contract - Correct 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 - Correct 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 - Correct 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 - Correct Answer ✔✔ A will
In any Township what is the number of the section designated as the school section -
Correct 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 - Correct
Answer ✔✔ reversionary interest
If a creator of a life estate chooses not to name my remainderman the creator has -
Correct 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 - Correct 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 - Correct Answer ✔✔ Action to
quiet title
If an adjacent public land use diminishes the value of your property you may claim
compensation under which theory - Correct Answer ✔✔ Inverse condemnation
The process by which government can acquire ownership of private land for public use
is - Correct Answer ✔✔ Condemnation
A partnership which is for a long-term arrangement is called - Correct Answer ✔✔
Syndicate
This is a special type of zoning used to control density by imposing restriction such as
setbacks - Correct Answer ✔✔ Bulk zoning
QUESTIONS & VERIFIED CORRECT
ANSWERS PASSED 100%
If I am makes an offer on a house and the seller excepts in writing. What is the current
status of this relationship? - Correct 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 - Correct 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 -
Correct 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
- Correct 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? - Correct 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 - Correct 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 - Correct 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 - Correct Answer ✔✔ Anything the
parties agree is good and valuable
, What is an example of a unilateral contract - Correct 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 - Correct 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 - Correct 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 - Correct Answer ✔✔ A will
In any Township what is the number of the section designated as the school section -
Correct 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 - Correct
Answer ✔✔ reversionary interest
If a creator of a life estate chooses not to name my remainderman the creator has -
Correct 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 - Correct 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 - Correct Answer ✔✔ Action to
quiet title
If an adjacent public land use diminishes the value of your property you may claim
compensation under which theory - Correct Answer ✔✔ Inverse condemnation
The process by which government can acquire ownership of private land for public use
is - Correct Answer ✔✔ Condemnation
A partnership which is for a long-term arrangement is called - Correct Answer ✔✔
Syndicate
This is a special type of zoning used to control density by imposing restriction such as
setbacks - Correct Answer ✔✔ Bulk zoning
