Perry real estate final exam
All of the following are associated with a 1031 tax exchange except
1. Like kind
2. Boot
3. Qualified intermediary
4. The elimination capital gains taxes - ✔️✔️4
On March 7 a buyer and a seller execute a contract for the purchase of the sellers
property. Closing is set for June 10. On April 15 the property is struck by lightning and
destroyed by the resulting fire. If the uniform vendor and purchase or risk act has been
adopted by the state in which the property is located, which party bears liability for the
loss? - ✔️✔️In states that have adopted the uniform vendor and purchaser act, the
seller remains responsible for the property until the day of closing
Additional conditions that must be satisfied before a sales contract is fully enforceable
are called - ✔️✔️contingencies
If I'm in allows a woman to back out of the contract, returned the earnest money to her,
and both are back to the positions they held before the contract, the contract has been -
✔️✔️Rescission allows both parties to return to their original possessions before the
contract, so any monies exchange must be returned
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is
obligated to perform only if the buyer is first able to sell her condo. This is an example of
- ✔️✔️A property sale contingency protects a buyer who has to sell a property in order
to buy the sellers property
The term statue of limitation is best described as the limitation on the - ✔️✔️Every
state limits the right during which parties to a contract may bring a legal action to
enforce their rights. Rights not enforced within the Applicable time period Are lost
In case the buyer decides not to buy for no legal reason, the contract may provide at the
earnest money is there as - ✔️✔️Liquidated damages limit the compensation available
to the injured party should a breach of contract occur
What is minimum consideration in a valid contract - ✔️✔️Anything the parties agree is
good and valuable
A woman is buying a man's house and wants to take over the mortgage. The lender
releases the man from the obligation substituting the woman as the party liable for the
debt. This new agreement is called - ✔️✔️Novation
, A real estate broker in ounces to the sales people in her office that she will pay $1000
bonus to the top selling sales person each quarter. This contract is an - ✔️✔️The offer
of a bonus to the top selling sales person each quarter is an express contract because
the broker clearly stated her intentions and words to the sales people. It is unilateral
contract because she's obligated to keep her promise but the sales people are not
obligated to perform
A testamentary trust is created by - ✔️✔️A will
In any Township what is the number of the section designated as the school section -
✔️✔️16
Lonnie conveys the ownership of his house to his mother and stipulates that upon her
death he will recapture ownership. The interest Lonnie has in the property is a -
✔️✔️reversionary interest
If a creator of a life estate chooses not to name my remainderman the creator has -
✔️✔️The property will revert back to the creator
A descendent left a will giving his neighbor the right to use a well on the descendents
land as long as the neighbor lived. The neighbors interest in the property is properly
called - ✔️✔️An easement in gross is an individual interest in someone else's land
A lawsuit to terminate an easement is called an action to - ✔️✔️Action to quiet title
If an adjacent public land use diminishes the value of your property you may claim
compensation under which theory - ✔️✔️Inverse condemnation
The process by which government can acquire ownership of private land for public use
is - ✔️✔️Condemnation
A partnership which is for a long-term arrangement is called - ✔️✔️Syndicate
This is a special type of zoning used to control density by imposing restriction such as
setbacks - ✔️✔️Bulk zoning
A manufactured home can be turned into real estate by what process -
✔️✔️AFFIXATION
A developer grants a local power company the right to install necessary transmission
lines. This right is an example of a - ✔️✔️Easement in gross
The beneficiary of a land trust is also commonly - ✔️✔️The trustor
All of the following are associated with a 1031 tax exchange except
1. Like kind
2. Boot
3. Qualified intermediary
4. The elimination capital gains taxes - ✔️✔️4
On March 7 a buyer and a seller execute a contract for the purchase of the sellers
property. Closing is set for June 10. On April 15 the property is struck by lightning and
destroyed by the resulting fire. If the uniform vendor and purchase or risk act has been
adopted by the state in which the property is located, which party bears liability for the
loss? - ✔️✔️In states that have adopted the uniform vendor and purchaser act, the
seller remains responsible for the property until the day of closing
Additional conditions that must be satisfied before a sales contract is fully enforceable
are called - ✔️✔️contingencies
If I'm in allows a woman to back out of the contract, returned the earnest money to her,
and both are back to the positions they held before the contract, the contract has been -
✔️✔️Rescission allows both parties to return to their original possessions before the
contract, so any monies exchange must be returned
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is
obligated to perform only if the buyer is first able to sell her condo. This is an example of
- ✔️✔️A property sale contingency protects a buyer who has to sell a property in order
to buy the sellers property
The term statue of limitation is best described as the limitation on the - ✔️✔️Every
state limits the right during which parties to a contract may bring a legal action to
enforce their rights. Rights not enforced within the Applicable time period Are lost
In case the buyer decides not to buy for no legal reason, the contract may provide at the
earnest money is there as - ✔️✔️Liquidated damages limit the compensation available
to the injured party should a breach of contract occur
What is minimum consideration in a valid contract - ✔️✔️Anything the parties agree is
good and valuable
A woman is buying a man's house and wants to take over the mortgage. The lender
releases the man from the obligation substituting the woman as the party liable for the
debt. This new agreement is called - ✔️✔️Novation
, A real estate broker in ounces to the sales people in her office that she will pay $1000
bonus to the top selling sales person each quarter. This contract is an - ✔️✔️The offer
of a bonus to the top selling sales person each quarter is an express contract because
the broker clearly stated her intentions and words to the sales people. It is unilateral
contract because she's obligated to keep her promise but the sales people are not
obligated to perform
A testamentary trust is created by - ✔️✔️A will
In any Township what is the number of the section designated as the school section -
✔️✔️16
Lonnie conveys the ownership of his house to his mother and stipulates that upon her
death he will recapture ownership. The interest Lonnie has in the property is a -
✔️✔️reversionary interest
If a creator of a life estate chooses not to name my remainderman the creator has -
✔️✔️The property will revert back to the creator
A descendent left a will giving his neighbor the right to use a well on the descendents
land as long as the neighbor lived. The neighbors interest in the property is properly
called - ✔️✔️An easement in gross is an individual interest in someone else's land
A lawsuit to terminate an easement is called an action to - ✔️✔️Action to quiet title
If an adjacent public land use diminishes the value of your property you may claim
compensation under which theory - ✔️✔️Inverse condemnation
The process by which government can acquire ownership of private land for public use
is - ✔️✔️Condemnation
A partnership which is for a long-term arrangement is called - ✔️✔️Syndicate
This is a special type of zoning used to control density by imposing restriction such as
setbacks - ✔️✔️Bulk zoning
A manufactured home can be turned into real estate by what process -
✔️✔️AFFIXATION
A developer grants a local power company the right to install necessary transmission
lines. This right is an example of a - ✔️✔️Easement in gross
The beneficiary of a land trust is also commonly - ✔️✔️The trustor
