PVL3702 LAW OF CONTRACT EXAM
SCRIPT 2026 OFFER ACCEPTANCE AND
CONSENSUS COMPLETE SOLUTION VIEW
◉ Joint tenancy:
Answer: If one owner dies his share of his interest passes to
surviving owners
◉ Manufactured housing
Answer: Can be considered real property when proper paperwork is
filed
◉ A conveyance deed
Answer: Will transfer permanent fixed objects attached to a home
◉ An abstract of title is
Answer: A summary of title search
◉ A person who prepares an abstract of title
Answer: Searches the public records that may affect title summation
,◉ When a joint tenant passes away the deceased property transfers
to
Answer: Surviving joint tenant
◉ Indestructibility is
Answer: A physical characteristic of land
◉ Fee sample ownership, shared walls, and common areas are
similar to
Answer: Town-house ownership
◉ A business organization may NOT
Answer: Own property as a tenancy by the entirety
◉ Police power is an example of a governmental power
Answer: Example: zoning ordinances
◉ Mortgage liens are
Answer: Voluntary liens
◉ Estates in real property are
Answer: Created by a deed and or a bill of sale
, ◉ When real estate taxes are not paid on time a
Answer: Lien will be filed by the taxing authority
◉ Easements by necessity will be
Answer: Granted based on a landowner cannot be landlocked
◉ Accretion is land being acquired by
Answer: Deposits from a river and or stream
◉ RESPA is
Answer: 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.
Answer: This is called doctrine of prior appropriation
◉ Easnerst money being deposited with in escrow account with
titile company is the 1st step in the
Answer: Transaction process
SCRIPT 2026 OFFER ACCEPTANCE AND
CONSENSUS COMPLETE SOLUTION VIEW
◉ Joint tenancy:
Answer: If one owner dies his share of his interest passes to
surviving owners
◉ Manufactured housing
Answer: Can be considered real property when proper paperwork is
filed
◉ A conveyance deed
Answer: Will transfer permanent fixed objects attached to a home
◉ An abstract of title is
Answer: A summary of title search
◉ A person who prepares an abstract of title
Answer: Searches the public records that may affect title summation
,◉ When a joint tenant passes away the deceased property transfers
to
Answer: Surviving joint tenant
◉ Indestructibility is
Answer: A physical characteristic of land
◉ Fee sample ownership, shared walls, and common areas are
similar to
Answer: Town-house ownership
◉ A business organization may NOT
Answer: Own property as a tenancy by the entirety
◉ Police power is an example of a governmental power
Answer: Example: zoning ordinances
◉ Mortgage liens are
Answer: Voluntary liens
◉ Estates in real property are
Answer: Created by a deed and or a bill of sale
, ◉ When real estate taxes are not paid on time a
Answer: Lien will be filed by the taxing authority
◉ Easements by necessity will be
Answer: Granted based on a landowner cannot be landlocked
◉ Accretion is land being acquired by
Answer: Deposits from a river and or stream
◉ RESPA is
Answer: 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.
Answer: This is called doctrine of prior appropriation
◉ Easnerst money being deposited with in escrow account with
titile company is the 1st step in the
Answer: Transaction process
