Leasing agent exam with complete solutions

Real Property includes: air space Air rights are defined as: extending into infinity Land ownership includes: subsurface rights Anything affixed to the land with the intent of being permanent is: real property Which of the following is a test of whether an item is a fixture: Method of attachment Chapter #2 A contract is void if it: has an illegal purpose The law that requires certain contracts be in writing in order to be enforceable is the: Statute of Frauds Every real estate contract must have an offer and acceptance The landlord is offering his apartments for rent, month-month. He plans to cancel all leases in three months to begin a major renovation. The landlord tells tenants he foresees no change and that they can expect to remain in the building as long as they choose. The landlords statement: Constitutes fraud If the tenant signs the contract under duress, menace or undue influence, the contract is usually: voidable by the tenant (leesse) The statute of frauds requires that real estate contracts be: in writing in order to be enforeceable After the tenant and the landlord have signed a rental contract, the landlord changes her mind and defaults. The tenant sues the landlord to force her to go through with the lease contract. This is known as a suit for: Specific performance Which of the following best describes a contract that is voidable? A contract that lets one of the parties withdraw from it A tenant makes an oral offer to lease a house from an owner for two years. The owner orally accepts the offer. Which of the following statements is true? The contract is an illegal contract Which one of the following is essential to the creation of a contract? Acceptance An owner rents a farm to a tenant for one year. To be valid, the contract must include: Consideration When two or more persons enter into a contract,either orally or in writing ,it is called: an express contract A contract that results when a promise is exchanged for a promise is called a: bilateral contract If a contract is made under duress, it is : Voidable A person less than 18 years of age has just signed a contract. The legal status of this contract is: Voidable Mutual consent requires:? no fraud or mirepresentation? A contract that binds one party but contains a defect that gives the other party the right to withdraw is called a: Voidable contract An offer must be accepted in order to: from a valid contract To "assign" a contract for the sale of real estate means to: Transfer ones rights under the contract