Real Estate law final Exam Questions With Answers
// // // // // // // //
abandonment //- //CORRECT //ANSWERS(S)✔✔The //relinquishment //of //property, //title //or //rights
//without //the //idea //of //returning //to //them
Agricultural //lands //- //CORRECT //ANSWERS(S)✔✔lands //that //are //being //actively //used //for
//grazing //and //or //crop //production
Annual //cap //- //CORRECT //ANSWERS(S)✔✔Limits //the //amount //of //increase //or //decrease //a //rate
//could //adjust //in //any //on //adjustment //period //(usually //2 //percent)
agency //- //CORRECT //ANSWERS(S)✔✔A //relationship //in //which //one //party //(the //principal)
//authorizes //another //(the //agent) //to //act //on //the //principals //behalf
acceptance //- //CORRECT //ANSWERS(S)✔✔assent //to //the //terms //of //an //offer
annual //percentage //rate //(APR) //- //CORRECT //ANSWERS(S)✔✔as //defined //in //the //truth //in
//lending //act, //the //percentage //that //the //total //finance //charge //calcuulated //on //an //annual
//basis //bears //to //the //amount //of //the //loan //or //credit
Balloon //payment //mortgage //- //CORRECT //ANSWERS(S)✔✔a //mortgage //in //which //the //final
//payment //under //a //contract //is //substantially //larger //than //the //previous //installment
//payments
Bylaws(condo) //- //CORRECT //ANSWERS(S)✔✔the //rules //governing //the //internal //operation //of
//a //condominium //unit //development
, chain //of //title //(recorded //history; //to //original //grant) //- //CORRECT //ANSWERS(S)✔✔the
//recorded //history //of //events //that //affect //the //title //to //a //specific //parcel //of //land //, //usually
//beginning //with //the //original //patent //or //grant.
Common //elements //- //CORRECT //ANSWERS(S)✔✔the //parts //of //the //development //property
//that //are //necessary //or //convenient //for //the //residents //of //a //condominium //and //are //owned
//in //common //by //all //condo //residents.
consideration //- //CORRECT //ANSWERS(S)✔✔a //promise, //act //or //forbearance //bargained //for
//and //given //in //exchange //for //a //promise //act //or //forbearance.
contract. //- //CORRECT //ANSWERS(S)✔✔a //promise //or //agreement //that //the //law //will //enforce.
Deed //- //CORRECT //ANSWERS(S)✔✔a //legal //instrument //that //conveys //title //to //real //property
//on //delivery //and //acceptance //by //the //grantee.
building //code //- //CORRECT //ANSWERS(S)✔✔protects //the //public //health, //safety, //and //welfare
//by //regulating //building //and //construction //standards.
broker //- //CORRECT //ANSWERS(S)✔✔an //agent //who //facilitates //transactions //between //parties
breach //of //contract //- //CORRECT //ANSWERS(S)✔✔the //unexcused //failure //to //perform //an
//obligation //under //contract
closing //- //CORRECT //ANSWERS(S)✔✔the //final //state //of //the //real //estate //purchase //transaction
//when //the //deed //and //the //purchase //money //are //exchanged
// // // // // // // //
abandonment //- //CORRECT //ANSWERS(S)✔✔The //relinquishment //of //property, //title //or //rights
//without //the //idea //of //returning //to //them
Agricultural //lands //- //CORRECT //ANSWERS(S)✔✔lands //that //are //being //actively //used //for
//grazing //and //or //crop //production
Annual //cap //- //CORRECT //ANSWERS(S)✔✔Limits //the //amount //of //increase //or //decrease //a //rate
//could //adjust //in //any //on //adjustment //period //(usually //2 //percent)
agency //- //CORRECT //ANSWERS(S)✔✔A //relationship //in //which //one //party //(the //principal)
//authorizes //another //(the //agent) //to //act //on //the //principals //behalf
acceptance //- //CORRECT //ANSWERS(S)✔✔assent //to //the //terms //of //an //offer
annual //percentage //rate //(APR) //- //CORRECT //ANSWERS(S)✔✔as //defined //in //the //truth //in
//lending //act, //the //percentage //that //the //total //finance //charge //calcuulated //on //an //annual
//basis //bears //to //the //amount //of //the //loan //or //credit
Balloon //payment //mortgage //- //CORRECT //ANSWERS(S)✔✔a //mortgage //in //which //the //final
//payment //under //a //contract //is //substantially //larger //than //the //previous //installment
//payments
Bylaws(condo) //- //CORRECT //ANSWERS(S)✔✔the //rules //governing //the //internal //operation //of
//a //condominium //unit //development
, chain //of //title //(recorded //history; //to //original //grant) //- //CORRECT //ANSWERS(S)✔✔the
//recorded //history //of //events //that //affect //the //title //to //a //specific //parcel //of //land //, //usually
//beginning //with //the //original //patent //or //grant.
Common //elements //- //CORRECT //ANSWERS(S)✔✔the //parts //of //the //development //property
//that //are //necessary //or //convenient //for //the //residents //of //a //condominium //and //are //owned
//in //common //by //all //condo //residents.
consideration //- //CORRECT //ANSWERS(S)✔✔a //promise, //act //or //forbearance //bargained //for
//and //given //in //exchange //for //a //promise //act //or //forbearance.
contract. //- //CORRECT //ANSWERS(S)✔✔a //promise //or //agreement //that //the //law //will //enforce.
Deed //- //CORRECT //ANSWERS(S)✔✔a //legal //instrument //that //conveys //title //to //real //property
//on //delivery //and //acceptance //by //the //grantee.
building //code //- //CORRECT //ANSWERS(S)✔✔protects //the //public //health, //safety, //and //welfare
//by //regulating //building //and //construction //standards.
broker //- //CORRECT //ANSWERS(S)✔✔an //agent //who //facilitates //transactions //between //parties
breach //of //contract //- //CORRECT //ANSWERS(S)✔✔the //unexcused //failure //to //perform //an
//obligation //under //contract
closing //- //CORRECT //ANSWERS(S)✔✔the //final //state //of //the //real //estate //purchase //transaction
//when //the //deed //and //the //purchase //money //are //exchanged
