Perry Real Estate Final Exam Testbank 300 includes accurate and verified questions
covering key topics required for licensure, such as property ownership, contracts, real
estate law, financing, agency relationships, fair housing, and state-specific re
If I am makes an offer on a house and the seller excepts in writing. What is the current status of this
relationship? - (answer)Because the seller has promised to sell and the buyer has promised to buy, it is
clearly a bilateral contract. It is express because they announced their intentions in writing. This contract
is executory because the sale has not closed yet
Additional conditions that must be satisfied before a sales contract is fully enforceable are called -
(answer)contingencies
If I'm in allows a woman to back out of the contract, returned the earnest money to her, and both are
back to the positions they held before the contract, the contract has been - (answer)Rescission allows
both parties to return to their original possessions before the contract, so any monies exchange must be
returned
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is obligated to perform
only if the buyer is first able to sell her condo. This is an example of - (answer)A property sale
contingency protects a buyer who has to sell a property in order to buy the sellers property
On March 7 a buyer and a seller execute a contract for the purchase of the sellers property. Closing is
set for June 10. On April 15 the property is struck by lightning and destroyed by the resulting fire. If the
uniform vendor and purchase or risk act has been adopted by the state in which the property is located,
which party bears liability for the loss? - (answer)In states that have adopted the uniform vendor and
purchaser act, the seller remains responsible for the property until the day of closing
The term statue of limitation is best described as the limitation on the - (answer)Every state limits the
right during which parties to a contract may bring a legal action to enforce their rights. Rights not
enforced within the Applicable time period Are lost
,Perry Real Estate Final Exam Testbank 300 includes accurate and verified questions
covering key topics required for licensure, such as property ownership, contracts, real
estate law, financing, agency relationships, fair housing, and state-specific re
In case the buyer decides not to buy for no legal reason, the contract may provide at the earnest money
is there as - (answer)Liquidated damages limit the compensation available to the injured party should a
breach of contract occur
What is minimum consideration in a valid contract - (answer)Anything the parties agree is good and
valuable
What is an example of a unilateral contract - (answer)In a unilateral contract only one party is obligated
to perform. The optionor-owner of the property must sell at the agreed-upon price only if the optionee
he decides to buy
A woman is buying a man's house and wants to take over the mortgage. The lender releases the man
from the obligation substituting the woman as the party liable for the debt. This new agreement is called
- (answer)Novation
A real estate broker in ounces to the sales people in her office that she will pay $1000 bonus to the top
selling sales person each quarter. This contract is an - (answer)The offer of a bonus to the top selling
sales person each quarter is an express contract because the broker clearly stated her intentions and
words to the sales people. It is unilateral contract because she's obligated to keep her promise but the
sales people are not obligated to perform
A testamentary trust is created by - (answer)A will
In any Township what is the number of the section designated as the school section - (answer)16
Lonnie conveys the ownership of his house to his mother and stipulates that upon her death he will
recapture ownership. The interest Lonnie has in the property is a - (answer)reversionary interest
, Perry Real Estate Final Exam Testbank 300 includes accurate and verified questions
covering key topics required for licensure, such as property ownership, contracts, real
estate law, financing, agency relationships, fair housing, and state-specific re
If a creator of a life estate chooses not to name my remainderman the creator has - (answer)The
property will revert back to the creator
A descendent left a will giving his neighbor the right to use a well on the descendents land as long as the
neighbor lived. The neighbors interest in the property is properly called - (answer)An easement in gross
is an individual interest in someone else's land
A lawsuit to terminate an easement is called an action to - (answer)Action to quiet title
If an adjacent public land use diminishes the value of your property you may claim compensation under
which theory - (answer)Inverse condemnation
The process by which government can acquire ownership of private land for public use is -
(answer)Condemnation
A partnership which is for a long-term arrangement is called - (answer)Syndicate
This is a special type of zoning used to control density by imposing restriction such as setbacks -
(answer)Bulk zoning
A manufactured home can be turned into real estate by what process - (answer)AFFIXATION
A developer grants a local power company the right to install necessary transmission lines. This right is
an example of a - (answer)Easement in gross
The beneficiary of a land trust is also commonly - (answer)The trustor
covering key topics required for licensure, such as property ownership, contracts, real
estate law, financing, agency relationships, fair housing, and state-specific re
If I am makes an offer on a house and the seller excepts in writing. What is the current status of this
relationship? - (answer)Because the seller has promised to sell and the buyer has promised to buy, it is
clearly a bilateral contract. It is express because they announced their intentions in writing. This contract
is executory because the sale has not closed yet
Additional conditions that must be satisfied before a sales contract is fully enforceable are called -
(answer)contingencies
If I'm in allows a woman to back out of the contract, returned the earnest money to her, and both are
back to the positions they held before the contract, the contract has been - (answer)Rescission allows
both parties to return to their original possessions before the contract, so any monies exchange must be
returned
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is obligated to perform
only if the buyer is first able to sell her condo. This is an example of - (answer)A property sale
contingency protects a buyer who has to sell a property in order to buy the sellers property
On March 7 a buyer and a seller execute a contract for the purchase of the sellers property. Closing is
set for June 10. On April 15 the property is struck by lightning and destroyed by the resulting fire. If the
uniform vendor and purchase or risk act has been adopted by the state in which the property is located,
which party bears liability for the loss? - (answer)In states that have adopted the uniform vendor and
purchaser act, the seller remains responsible for the property until the day of closing
The term statue of limitation is best described as the limitation on the - (answer)Every state limits the
right during which parties to a contract may bring a legal action to enforce their rights. Rights not
enforced within the Applicable time period Are lost
,Perry Real Estate Final Exam Testbank 300 includes accurate and verified questions
covering key topics required for licensure, such as property ownership, contracts, real
estate law, financing, agency relationships, fair housing, and state-specific re
In case the buyer decides not to buy for no legal reason, the contract may provide at the earnest money
is there as - (answer)Liquidated damages limit the compensation available to the injured party should a
breach of contract occur
What is minimum consideration in a valid contract - (answer)Anything the parties agree is good and
valuable
What is an example of a unilateral contract - (answer)In a unilateral contract only one party is obligated
to perform. The optionor-owner of the property must sell at the agreed-upon price only if the optionee
he decides to buy
A woman is buying a man's house and wants to take over the mortgage. The lender releases the man
from the obligation substituting the woman as the party liable for the debt. This new agreement is called
- (answer)Novation
A real estate broker in ounces to the sales people in her office that she will pay $1000 bonus to the top
selling sales person each quarter. This contract is an - (answer)The offer of a bonus to the top selling
sales person each quarter is an express contract because the broker clearly stated her intentions and
words to the sales people. It is unilateral contract because she's obligated to keep her promise but the
sales people are not obligated to perform
A testamentary trust is created by - (answer)A will
In any Township what is the number of the section designated as the school section - (answer)16
Lonnie conveys the ownership of his house to his mother and stipulates that upon her death he will
recapture ownership. The interest Lonnie has in the property is a - (answer)reversionary interest
, Perry Real Estate Final Exam Testbank 300 includes accurate and verified questions
covering key topics required for licensure, such as property ownership, contracts, real
estate law, financing, agency relationships, fair housing, and state-specific re
If a creator of a life estate chooses not to name my remainderman the creator has - (answer)The
property will revert back to the creator
A descendent left a will giving his neighbor the right to use a well on the descendents land as long as the
neighbor lived. The neighbors interest in the property is properly called - (answer)An easement in gross
is an individual interest in someone else's land
A lawsuit to terminate an easement is called an action to - (answer)Action to quiet title
If an adjacent public land use diminishes the value of your property you may claim compensation under
which theory - (answer)Inverse condemnation
The process by which government can acquire ownership of private land for public use is -
(answer)Condemnation
A partnership which is for a long-term arrangement is called - (answer)Syndicate
This is a special type of zoning used to control density by imposing restriction such as setbacks -
(answer)Bulk zoning
A manufactured home can be turned into real estate by what process - (answer)AFFIXATION
A developer grants a local power company the right to install necessary transmission lines. This right is
an example of a - (answer)Easement in gross
The beneficiary of a land trust is also commonly - (answer)The trustor
