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Ceps exam 2 part 2 Questions and
Correct Answers the Latest Update
An option
✓ binds the optionor for a specified time.
The sales contract says thte buyer will purchase only if an attorney approves the
sale by the following Saturday. The attorney s approval is a
✓ contingency
Money that serves to compensate a seller in the event of a buyer default is
known as
✓ liquidated damages
At the time a buyer was negotiating the purchase of a lot on which to build a
new home, the seller represented that the soil is firm enough to support the
construction of a building when, in fact, the seller knew it is not. This contract is
✓ voidable by the buyer because of fraud.
A bilateral contract is one in which
✓ the promise of one party is given in exchange for the promise of the other party.
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General real estate taxes are also known as
✓ ad valorem taxes
What is the difference between a general lien and a specific lien?
✓ A general lien affects all of a debtor's property, while a specific lien affects only a
certain piece of property.
When a company furnishes materials for the construction of a house and is
subsequently not paid, it may file a(n)
✓ mechanic's lien.
The real cost of owning a home includes certain costs/expenses that many
people overlook. Which of the following is NOT such a cost/expense of home
ownership?
✓ Personal property taxes
Theft, smoke damage, and damage from fire are covered under which type of
homeowners policy?
✓ Basic form
Which of the following BEST expresses the concept of equity?
✓ Current Market Value minus Property Debt
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Ceps exam 2 part 2 Questions and
Correct Answers the Latest Update
An option
✓ binds the optionor for a specified time.
The sales contract says thte buyer will purchase only if an attorney approves the
sale by the following Saturday. The attorney s approval is a
✓ contingency
Money that serves to compensate a seller in the event of a buyer default is
known as
✓ liquidated damages
At the time a buyer was negotiating the purchase of a lot on which to build a
new home, the seller represented that the soil is firm enough to support the
construction of a building when, in fact, the seller knew it is not. This contract is
✓ voidable by the buyer because of fraud.
A bilateral contract is one in which
✓ the promise of one party is given in exchange for the promise of the other party.
Examify | Smart Grades | Latest update
, #Examify | #OnlineExams | #TestPrep | #StudyResources | #AcademicSuccess |
#ExamPreparation | #QuizTime | #LearningTools | #Education | #StudentSupport
General real estate taxes are also known as
✓ ad valorem taxes
What is the difference between a general lien and a specific lien?
✓ A general lien affects all of a debtor's property, while a specific lien affects only a
certain piece of property.
When a company furnishes materials for the construction of a house and is
subsequently not paid, it may file a(n)
✓ mechanic's lien.
The real cost of owning a home includes certain costs/expenses that many
people overlook. Which of the following is NOT such a cost/expense of home
ownership?
✓ Personal property taxes
Theft, smoke damage, and damage from fire are covered under which type of
homeowners policy?
✓ Basic form
Which of the following BEST expresses the concept of equity?
✓ Current Market Value minus Property Debt
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