Ree3433 Real estate law- ucf- Exam 2
A "letter of intent" is an instrument that generally is meant to convey an offer. t or f -
ANS-f
A and B are joint tenants. A conveys his interest to C. B and C are now tenants in
common. T or F - ANS-True
A contract required to be in writing under the Statute of Frauds must have the
signatures of both parties to the contract before it can be enforceable against any one of
the parties. t or f - ANS-f
A fee simple absolute:
A)can be inherited.
B)is subject to governmental regulations.
C)Provides ownership of the earth below and sky above the boundaries of the
owner's land.
D) all of the above. - ANS-all of the above.
A listing agreement providing a real estate agent with an exclusive right to sell property
also contains a "no deal, no commission clause." If a potential purchaser is unable to
obtain financing to complete the purchase after signing a contract: - ANS-the agent is
not entitled to a commission from the seller.
A real estate broker's commission can only be based on the gross sales price. T or F -
ANS-False
A real estate contract should provide for proration of:
a)prepaid taxes.
b purchase price.
c prepaid insurance.
d all of the above.
e two of the above. (a and c) - ANS-e two of the above. (a and c)
A seller of real estate may cancel at any time a listing agreement that is to be in effect
for a specified time, if the broker has given consideration. T or F - ANS-F
A "letter of intent" is an instrument that generally is meant to convey an offer. t or f -
ANS-f
A and B are joint tenants. A conveys his interest to C. B and C are now tenants in
common. T or F - ANS-True
A contract required to be in writing under the Statute of Frauds must have the
signatures of both parties to the contract before it can be enforceable against any one of
the parties. t or f - ANS-f
A fee simple absolute:
A)can be inherited.
B)is subject to governmental regulations.
C)Provides ownership of the earth below and sky above the boundaries of the
owner's land.
D) all of the above. - ANS-all of the above.
A listing agreement providing a real estate agent with an exclusive right to sell property
also contains a "no deal, no commission clause." If a potential purchaser is unable to
obtain financing to complete the purchase after signing a contract: - ANS-the agent is
not entitled to a commission from the seller.
A real estate broker's commission can only be based on the gross sales price. T or F -
ANS-False
A real estate contract should provide for proration of:
a)prepaid taxes.
b purchase price.
c prepaid insurance.
d all of the above.
e two of the above. (a and c) - ANS-e two of the above. (a and c)
A seller of real estate may cancel at any time a listing agreement that is to be in effect
for a specified time, if the broker has given consideration. T or F - ANS-F
