Law of contracts Exam Questions With Accurate Answers.
A sewer system is NOT - accurate answers-Included in the description of land
Joint tenancy: - accurate answers-If one owner dies his share of his interest
passes to surviving owners
Manufactured housing - accurate answers-Can be considered real property
when proper paperwork is filed
A conveyance deed - accurate answers-Will transfer permanent fixed objects
attached to a home
An abstract of title is - accurate answers-A summary of title search
A person who prepares an abstract of title - accurate answers-Searches the
public records that may affect title summation
When a joint tenant passes away the deceased property transfers to - accurate
answers-Surviving joint tenant
Indestructibility is - accurate answers-A physical characteristic of land
Fee sample ownership, shared walls, and common areas are similar to -
accurate answers-Town-house ownership
A business organization may NOT - accurate answers-Own property as a
tenancy by the entirety
Police power is an example of a governmental power - accurate answers-
Example: zoning ordinances
Mortgage liens are - accurate answers-Voluntary liens
Estates in real property are - accurate answers-Created by a deed and or a bill
of sale
When real estate taxes are not paid on time a - accurate answers-Lien will be
filed by the taxing authority
, Easements by necessity will be - accurate answers-Granted based on a
landowner cannot be landlocked
Accretion is land being acquired by - accurate answers-Deposits from a river
and or stream
RESPA is - accurate answers-To ensure that buyers have knowledge of all
costs in purchasing a home
An application should be filed by a Landowner to use state water to water his
corps. - accurate answers-This is called doctrine of prior appropriation
Easnerst money being deposited with in escrow account with titile company is
the 1st step in the - accurate answers-Transaction process
When an executory contract is in place and a zoning change takes place the -
accurate answers-Contract becomes void
A seller promised to sell and a buyer agrees to buy for a certain amount and
out in writing; this is called a - accurate answers-Bilateral contract
A breach of contract is NOT - accurate answers-When an agent who has a
listing cannot produce a ready, willing and able buyer
The broker - - accurate answers-Lawyer committee drafts but does not
publish forms
A listing agreement is - accurate answers-An employment contract
Size type and age are - accurate answers-Some items of information needed
for a listing agreemtn
Leasehold estates: - accurate answers-Estate for years, period to period, and
or estates at will
Leasehold - accurate answers-A tenants right to occupy real estate during the
term of a lease, generally considered a personal property interest, although a
long-term lease may be eligible for treatment as real property for financing
purposes.
A sewer system is NOT - accurate answers-Included in the description of land
Joint tenancy: - accurate answers-If one owner dies his share of his interest
passes to surviving owners
Manufactured housing - accurate answers-Can be considered real property
when proper paperwork is filed
A conveyance deed - accurate answers-Will transfer permanent fixed objects
attached to a home
An abstract of title is - accurate answers-A summary of title search
A person who prepares an abstract of title - accurate answers-Searches the
public records that may affect title summation
When a joint tenant passes away the deceased property transfers to - accurate
answers-Surviving joint tenant
Indestructibility is - accurate answers-A physical characteristic of land
Fee sample ownership, shared walls, and common areas are similar to -
accurate answers-Town-house ownership
A business organization may NOT - accurate answers-Own property as a
tenancy by the entirety
Police power is an example of a governmental power - accurate answers-
Example: zoning ordinances
Mortgage liens are - accurate answers-Voluntary liens
Estates in real property are - accurate answers-Created by a deed and or a bill
of sale
When real estate taxes are not paid on time a - accurate answers-Lien will be
filed by the taxing authority
, Easements by necessity will be - accurate answers-Granted based on a
landowner cannot be landlocked
Accretion is land being acquired by - accurate answers-Deposits from a river
and or stream
RESPA is - accurate answers-To ensure that buyers have knowledge of all
costs in purchasing a home
An application should be filed by a Landowner to use state water to water his
corps. - accurate answers-This is called doctrine of prior appropriation
Easnerst money being deposited with in escrow account with titile company is
the 1st step in the - accurate answers-Transaction process
When an executory contract is in place and a zoning change takes place the -
accurate answers-Contract becomes void
A seller promised to sell and a buyer agrees to buy for a certain amount and
out in writing; this is called a - accurate answers-Bilateral contract
A breach of contract is NOT - accurate answers-When an agent who has a
listing cannot produce a ready, willing and able buyer
The broker - - accurate answers-Lawyer committee drafts but does not
publish forms
A listing agreement is - accurate answers-An employment contract
Size type and age are - accurate answers-Some items of information needed
for a listing agreemtn
Leasehold estates: - accurate answers-Estate for years, period to period, and
or estates at will
Leasehold - accurate answers-A tenants right to occupy real estate during the
term of a lease, generally considered a personal property interest, although a
long-term lease may be eligible for treatment as real property for financing
purposes.
