Principal Of real Estate 1 Final Exam

Principal Of real Estate 1 Final Exam One who is given a power-of-attorney that allows them to sign the name of a principal to a contract of sale is a(n): A) attorney-in-fact B) broker with a listing C) special agent D) attorney-at-law - ANS attorney-in-fact No two parcels of land are exactly alike because no two parcels can occupy the same position on the globe. This is known as: A) township B) section C) scarcity D) non homogeneity - ANS inhomogeneity The five essential elements that make a contract valid are: competent parties, legal objective, consideration, offer and acceptance and contract in writing and signed. A) True B) False - ANS True The most widely recognized aspect of joint tenancy is the: A) right of equal interest B) right of equal use C) right of survivorship D) simultaneous creation of ownership - ANS c) right of survivorship When a contract appears to be good and binding but, in fact, one of the parties may legally reject it, the contract is said to be: A) valid B) voidable C) void D) unenforceable - ANS Wrong- void The act of refusing home loans to areas or neighborhoods deemed poor financial risk is: A) steering B) redlining C) legal D) blockbusting - ANS B) redlining "Protect Your Family From Lead In Your Home" is a booklet that must be given to the buyer if the buyer is making an offer on a property that was built prior to A) 1908 B) 1978 C) 1979 D) 1966 - ANS B) 1978 A square-mile section contains _________ acres and each acre contains _________ square feet. A) 640-----43,560 B) Are not used in Texas C) 43,560-----640 D) - ANS A) 640-----43,560 Legal action to force the breaching party to carry out the remainder of a contract is called a suit: A) for liquidated damages B) for specific performance C) equal to the agent's commission D) for the minimum required to make the contract valid - ANS for specific performance