AYPO Real Estate Law of Contracts
UPDATED Exam Questions and
CORRECT Answers
An advantage to buyers in a lease-purchase option is which of the following? - Correct
Answer- It can be easier for a difficult to qualify buyer to purchase a home with a lower
down payments.
Eminent domain in Texas MAY NOT be used for which of these purposes? - Correct Answer-
Private party uses.
Graduated and index leases are what types of leases? - Correct Answer- Variable.
A "mirror" will is a : - Correct Answer- Reciprocal will.
Under a land sales contract which of the following statements is accurate? (Best answer.) -
Correct Answer- All of these are accurate.
Which type of listing agreement is the only one to guarantee the broker a commission in the
event of a successful sale? - Correct Answer- Exclusive-right-to-sell
A Deed of Trust allows for what type of foreclosure? - Correct Answer- Non- judicial
Once the offer to purchase and all details and contingencies are agreed upon, and all parties
are signed, which of these should happen next? - Correct Answer- All of these.
A title search includes a searching of public records to determine these issues, except for: -
Correct Answer- Credit history of the potential buyer.
Which of these might a certificate of title include? - Correct Answer- Any of these
, Contingencies are best described by which of the following? - Correct Answer- Specific
events of conditions that must occur or be removed for the offer/purchase agreement to be
valid.
Oral agreements in relation to business purchases or hiring of services can be enforceable
under which of these circumstances? - Correct Answer- If the words used can be proven and
the intent reasonably discerned from those words.
A non-exclusive/not for compensation buyer- broker agreement: - Correct Answer- all of
these
For leases lasting less than ____, oral agreements can be enforceable. - Correct Answer- One
year
Which of these provides the broadest definition of land, property, and ownership rights? -
Correct Answer- Real Property.
For a valid contractual offer, the offer must do all except which of the following? - Correct
Answer- Provide terms for an acceptable counter offer.
Which of these would NOT be a requirement to create a valid lease agreement? - Correct
Answer- Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are the two forms
of: - Correct Answer- Fee simple defeasible estates
_________________ is a form of ownership held by one party. - Correct Answer- Severalty
Which of these IS NOT listed among the special inspections? - Correct Answer- Home
appliances
Earnest money is a prospective buyer's demonstration of which of the following? - Correct
Answer- Both of these.
An encumbrance is a(n) ________ real property. - Correct Answer- All of these
UPDATED Exam Questions and
CORRECT Answers
An advantage to buyers in a lease-purchase option is which of the following? - Correct
Answer- It can be easier for a difficult to qualify buyer to purchase a home with a lower
down payments.
Eminent domain in Texas MAY NOT be used for which of these purposes? - Correct Answer-
Private party uses.
Graduated and index leases are what types of leases? - Correct Answer- Variable.
A "mirror" will is a : - Correct Answer- Reciprocal will.
Under a land sales contract which of the following statements is accurate? (Best answer.) -
Correct Answer- All of these are accurate.
Which type of listing agreement is the only one to guarantee the broker a commission in the
event of a successful sale? - Correct Answer- Exclusive-right-to-sell
A Deed of Trust allows for what type of foreclosure? - Correct Answer- Non- judicial
Once the offer to purchase and all details and contingencies are agreed upon, and all parties
are signed, which of these should happen next? - Correct Answer- All of these.
A title search includes a searching of public records to determine these issues, except for: -
Correct Answer- Credit history of the potential buyer.
Which of these might a certificate of title include? - Correct Answer- Any of these
, Contingencies are best described by which of the following? - Correct Answer- Specific
events of conditions that must occur or be removed for the offer/purchase agreement to be
valid.
Oral agreements in relation to business purchases or hiring of services can be enforceable
under which of these circumstances? - Correct Answer- If the words used can be proven and
the intent reasonably discerned from those words.
A non-exclusive/not for compensation buyer- broker agreement: - Correct Answer- all of
these
For leases lasting less than ____, oral agreements can be enforceable. - Correct Answer- One
year
Which of these provides the broadest definition of land, property, and ownership rights? -
Correct Answer- Real Property.
For a valid contractual offer, the offer must do all except which of the following? - Correct
Answer- Provide terms for an acceptable counter offer.
Which of these would NOT be a requirement to create a valid lease agreement? - Correct
Answer- Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are the two forms
of: - Correct Answer- Fee simple defeasible estates
_________________ is a form of ownership held by one party. - Correct Answer- Severalty
Which of these IS NOT listed among the special inspections? - Correct Answer- Home
appliances
Earnest money is a prospective buyer's demonstration of which of the following? - Correct
Answer- Both of these.
An encumbrance is a(n) ________ real property. - Correct Answer- All of these
