Aceable Exam 1 Questions with Correct Answers
For a listing agreement to be enforceable in court, it MUST be: Correct
Answer-in writing
Michael is a listing agent in an agency agreement where the seller has
agreed to give him any money he receives in the sale of the house that is
over $200,000. Which of the following BEST describes which agency
agreement this is an example of? Correct Answer-net listing
When should the listing agent give the seller a blank copy of the Seller's
Disclosure of Property Condition to fill out? Correct Answer-the day the
sales agent lists the property.
Who carries out the trustor's wishes concerning the property, and for the
benefit of whom? Correct Answer-the trustee carries out the wishes of
the trustor concerning the property for the benefit of the beneficiary
Which is one of the unities that distinguishes a joint tenancy from other
kinds of co-ownership? Correct Answer-Unity of title
In a general partnership, all partners are required to take responsibility
for: Correct Answer-the action of all partners
A homestead is defined as: Correct Answer-a property that a person or
family owns and occupies as their primary residence
, What are real estate license holders obligated to tell every buyer about
an abstract of title? Correct Answer-that the buyer should obtain one and
have it examined by an attorney.
What are real estate license holders obligated to tell every buyer about
an abstract of title? Correct Answer-riparian rights
Winston and Ally purchased a home together, but both remained on the
title after their divorce, even though Ally got the house to herself. While
trying to sell the house, it is discovered that Winston is still considered
an owner. This is an example of what type of encumbrance? Correct
Answer-cloud on title
What is an executed contract? Correct Answer-An existing contract in
which all terms have been fulfilled.
Which of the following is an essential element of a valid contract?
Correct Answer-consideration
What is the term used when one contract is substituted for another?
Correct Answer-novation
When a party performs a majority of a contract's requirements but does
not perform according to the contract's stipulations, it is considered:
Correct Answer-substantial performance
For a listing agreement to be enforceable in court, it MUST be: Correct
Answer-in writing
Michael is a listing agent in an agency agreement where the seller has
agreed to give him any money he receives in the sale of the house that is
over $200,000. Which of the following BEST describes which agency
agreement this is an example of? Correct Answer-net listing
When should the listing agent give the seller a blank copy of the Seller's
Disclosure of Property Condition to fill out? Correct Answer-the day the
sales agent lists the property.
Who carries out the trustor's wishes concerning the property, and for the
benefit of whom? Correct Answer-the trustee carries out the wishes of
the trustor concerning the property for the benefit of the beneficiary
Which is one of the unities that distinguishes a joint tenancy from other
kinds of co-ownership? Correct Answer-Unity of title
In a general partnership, all partners are required to take responsibility
for: Correct Answer-the action of all partners
A homestead is defined as: Correct Answer-a property that a person or
family owns and occupies as their primary residence
, What are real estate license holders obligated to tell every buyer about
an abstract of title? Correct Answer-that the buyer should obtain one and
have it examined by an attorney.
What are real estate license holders obligated to tell every buyer about
an abstract of title? Correct Answer-riparian rights
Winston and Ally purchased a home together, but both remained on the
title after their divorce, even though Ally got the house to herself. While
trying to sell the house, it is discovered that Winston is still considered
an owner. This is an example of what type of encumbrance? Correct
Answer-cloud on title
What is an executed contract? Correct Answer-An existing contract in
which all terms have been fulfilled.
Which of the following is an essential element of a valid contract?
Correct Answer-consideration
What is the term used when one contract is substituted for another?
Correct Answer-novation
When a party performs a majority of a contract's requirements but does
not perform according to the contract's stipulations, it is considered:
Correct Answer-substantial performance
