Moseley Comprehensive Exam 1
Questions With Correct Answers
Charlie has an option to buy Jim's property, which expires on July 15th.
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Charlie does NOT exercise his option. After July 15th, if Jim wants to
| | | | | | | | | | | | |
extinguish his duty to perform under the option, he:
| | | | | | | |
- must record a release in the public record
| | | | | | | |
- does not have to do anything
| | | | | |
- must file a quitclaim deed in the public record
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- must obtain a formal release from Charlie - CORRECT ANSWER✔✔-
| | | | | | | | | |
does not have to do anything
| | | | |
Under an option contract, a buyer (or lessee) contracts with a seller (or
| | | | | | | | | | | | |
lessor) for the exclusive privilege (but not obligation) of accepting an
| | | | | | | | | | |
offer at a specified price for a specified period of time. In this scenario,
| | | | | | | | | | | | | |
because the option was never exercised within the specified timeframe,
| | | | | | | | | |
Jim has no further contractual obligation to Charlie. Therefore, Jim does
| | | | | | | | | | |
not need to take any action once the option expires.
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If a licensee purchases real estate in his own name:
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,- he must reveal the purpose for which the property is being purchased
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- he must disclose the fact that he is licensed
| | | | | | | | |
- his broker must forfeit the commission
| | | | | |
- he must assure the seller that the appraisal is valid - CORRECT
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ANSWER✔✔-he must disclose the fact he is licensed | | | | | | |
Any licensee may purchase or sell property that he personally owns.
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However, the licensee MUST disclose to the other party that he is
| | | | | | | | | | | |
licensed as a real estate professional.
| | | | |
A broker advertises property listed with her firm in the newspaper.
| | | | | | | | | | |
What must be included in this property advertisement?
| | | | | | |
- location of property
| | |
- name of the broker's firm
| | | | |
- price that is shown in the listing agreement
| | | | | | | |
- name of the listing salesperson - CORRECT ANSWER✔✔-name of the
| | | | | | | | | | |
broker's firm |
All ads must include the name of the brokerage firm, as it is known to
| | | | | | | | | | | | | | |
the public. Listing the salesperson's name is fine, but the firm's licensed
| | | | | | | | | | | |
name MUST also be listed.
| | | |
,Which of the following does NOT have to exist for a valid contract to be
| | | | | | | | | | | | | | |
enforceable in the sale of real estate? | | | | | |
- the contract must be in writing
| | | | | |
- a meeting of the minds
| | | | |
- performance
|
- consideration - CORRECT ANSWER✔✔-performance
| | | | |
All of the following must exist to create a contract: offer/acceptance,
| | | | | | | | | | |
consideration, and a lack of any defenses that would otherwise cancel a
| | | | | | | | | | | |
contract or prevent it from being formed. These elements are intended
| | | | | | | | | | |
to ensure that there is an understanding, or a "meeting of the minds,"
| | | | | | | | | | | | |
between two or more parties. Contracts for the sale of real estate and
| | | | | | | | | | | | |
leases for longer than one (1) year must be written (cannot be oral) due
| | | | | | | | | | | | | |
to the statute of frauds. Performance occurs after the valid contract is
| | | | | | | | | | | |
ratified.
Under the Fair Housing Act, enforcement of violations has to begin with:
| | | | | | | | | | |
- an aggrieved party files a complaint with the Department of Justice
| | | | | | | | | | |
- HUD motions to prosecute a violation
| | | | | |
- an aggrieved party files a complaint with HUD
| | | | | | | |
- all of the above - CORRECT ANSWER✔✔-all of the above
| | | | | | | | | |
, Both Private Enforcement and Public Enforcement apply. Private
| | | | | | | |
enforcement begins when an aggrieved party files a complaint within
| | | | | | | | | |
one year with HUD or within two years in federal district court. Public
| | | | | | | | | | | | |
enforcement begins when HUD or the Department of Justice make a
| | | | | | | | | | |
motion on their own to to prosecute a violation, without receiving any
| | | | | | | | | | | |
formal complaint. |
which of the following items is not an improvement of land?
| | | | | | | | | |
- corn crop
| |
- sidewalk
|
- building
|
- fences - CORRECT ANSWER✔✔-corn crop
| | | | |
Improvements refer to the development of land through the | | | | | | | | |
construction of valuable additions. Crops are not improvements since
| | | | | | | | |
they do not improve the value of land (as emblements or fructus
| | | | | | | | | | | |
industriales, they are owned by the farmer). | | | | | |
a real estate salesperson will receive her share of the brokerage fee
| | | | | | | | | | | |
from which person?
| |
- her employing broker
| | |
Questions With Correct Answers
Charlie has an option to buy Jim's property, which expires on July 15th.
| | | | | | | | | | | | |
Charlie does NOT exercise his option. After July 15th, if Jim wants to
| | | | | | | | | | | | |
extinguish his duty to perform under the option, he:
| | | | | | | |
- must record a release in the public record
| | | | | | | |
- does not have to do anything
| | | | | |
- must file a quitclaim deed in the public record
| | | | | | | | |
- must obtain a formal release from Charlie - CORRECT ANSWER✔✔-
| | | | | | | | | |
does not have to do anything
| | | | |
Under an option contract, a buyer (or lessee) contracts with a seller (or
| | | | | | | | | | | | |
lessor) for the exclusive privilege (but not obligation) of accepting an
| | | | | | | | | | |
offer at a specified price for a specified period of time. In this scenario,
| | | | | | | | | | | | | |
because the option was never exercised within the specified timeframe,
| | | | | | | | | |
Jim has no further contractual obligation to Charlie. Therefore, Jim does
| | | | | | | | | | |
not need to take any action once the option expires.
| | | | | | | | |
If a licensee purchases real estate in his own name:
| | | | | | | | |
,- he must reveal the purpose for which the property is being purchased
| | | | | | | | | | | |
- he must disclose the fact that he is licensed
| | | | | | | | |
- his broker must forfeit the commission
| | | | | |
- he must assure the seller that the appraisal is valid - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-he must disclose the fact he is licensed | | | | | | |
Any licensee may purchase or sell property that he personally owns.
| | | | | | | | | | |
However, the licensee MUST disclose to the other party that he is
| | | | | | | | | | | |
licensed as a real estate professional.
| | | | |
A broker advertises property listed with her firm in the newspaper.
| | | | | | | | | | |
What must be included in this property advertisement?
| | | | | | |
- location of property
| | |
- name of the broker's firm
| | | | |
- price that is shown in the listing agreement
| | | | | | | |
- name of the listing salesperson - CORRECT ANSWER✔✔-name of the
| | | | | | | | | | |
broker's firm |
All ads must include the name of the brokerage firm, as it is known to
| | | | | | | | | | | | | | |
the public. Listing the salesperson's name is fine, but the firm's licensed
| | | | | | | | | | | |
name MUST also be listed.
| | | |
,Which of the following does NOT have to exist for a valid contract to be
| | | | | | | | | | | | | | |
enforceable in the sale of real estate? | | | | | |
- the contract must be in writing
| | | | | |
- a meeting of the minds
| | | | |
- performance
|
- consideration - CORRECT ANSWER✔✔-performance
| | | | |
All of the following must exist to create a contract: offer/acceptance,
| | | | | | | | | | |
consideration, and a lack of any defenses that would otherwise cancel a
| | | | | | | | | | | |
contract or prevent it from being formed. These elements are intended
| | | | | | | | | | |
to ensure that there is an understanding, or a "meeting of the minds,"
| | | | | | | | | | | | |
between two or more parties. Contracts for the sale of real estate and
| | | | | | | | | | | | |
leases for longer than one (1) year must be written (cannot be oral) due
| | | | | | | | | | | | | |
to the statute of frauds. Performance occurs after the valid contract is
| | | | | | | | | | | |
ratified.
Under the Fair Housing Act, enforcement of violations has to begin with:
| | | | | | | | | | |
- an aggrieved party files a complaint with the Department of Justice
| | | | | | | | | | |
- HUD motions to prosecute a violation
| | | | | |
- an aggrieved party files a complaint with HUD
| | | | | | | |
- all of the above - CORRECT ANSWER✔✔-all of the above
| | | | | | | | | |
, Both Private Enforcement and Public Enforcement apply. Private
| | | | | | | |
enforcement begins when an aggrieved party files a complaint within
| | | | | | | | | |
one year with HUD or within two years in federal district court. Public
| | | | | | | | | | | | |
enforcement begins when HUD or the Department of Justice make a
| | | | | | | | | | |
motion on their own to to prosecute a violation, without receiving any
| | | | | | | | | | | |
formal complaint. |
which of the following items is not an improvement of land?
| | | | | | | | | |
- corn crop
| |
- sidewalk
|
- building
|
- fences - CORRECT ANSWER✔✔-corn crop
| | | | |
Improvements refer to the development of land through the | | | | | | | | |
construction of valuable additions. Crops are not improvements since
| | | | | | | | |
they do not improve the value of land (as emblements or fructus
| | | | | | | | | | | |
industriales, they are owned by the farmer). | | | | | |
a real estate salesperson will receive her share of the brokerage fee
| | | | | | | | | | | |
from which person?
| |
- her employing broker
| | |
