Law of Contracts Exam Questions With Appropriate
Solutions.
For use when the buyer occupies the property for no more than 90 days
PRIOR to closing. - accurate answers-Buyer's Temporary Residential Lease
For use when the seller occupies the property for no more than 90 days
AFTER closing. - accurate answers-Seller's Temporary Residential Lease
right of first refusal - accurate answers-the right to match or better an offer
before the property is sold to someone else
What is considered a service? - accurate answers-Brokerage
Common Law - accurate answers-a system of law based on local customs and
"common sense"
If personal property is being transferred along with real property, a ________ is
given by the seller to accomplish the transfer. - accurate answers-Bill of Sale
Modification - accurate answers-Value is affected by manmade changes to the
land, these changes can be in the land itself or offsite.
One of the 4 characteristics of land - accurate answers-Modification
If only one signature is required on a deed conveying full ownership of the
property to another, the seller owns an ___________ - accurate answers-Estate in
Severalty
Sole Proprietorship - accurate answers-A business venture owned by a single
individual or entity
Who owns the complex and units of a cooperative? - accurate answers-The
Corporation
What advertisement could be considered prohibited. - accurate answers-
Single parent with kids (familial status)
, Contract - accurate answers-agreement between two or more parties to do
something or to refrain from doing something
An option lease is considered what type of contract? - accurate answers-
Unilateral
Ordering a meal could be considered a __________ contract. - accurate answers-
Implied
If a contract is signed by someone who was under the influence, the contract
is missing .... - accurate answers-Competent parties
Because of the statute of frauds, contracts of interest of property for terms of
more than a year must _______________. - accurate answers-be in writing.
Consideration - accurate answers-Something given in exchange for a promise
Consideration could be in the form of ....... - accurate answers-Money,
promises, services, or love and affection
When is a contract fully executed ? - accurate answers-When the sale is closed
Police Power - accurate answers-Right of the government to regulate and
control the way land is used
Buffer Zone - accurate answers-An area of land separating one land use from
another, such as residential from commercial
Easement by Necessity - accurate answers-Created when no other access to
land exists...right of ingress & egress
Easement by Condemnation - accurate answers-The government, under its
power of eminent domain, takes an easement.
Encumbrance - accurate answers-A claim, lien, charge, or liability attached to
and binding real property. *can place limitations on property owners
Solutions.
For use when the buyer occupies the property for no more than 90 days
PRIOR to closing. - accurate answers-Buyer's Temporary Residential Lease
For use when the seller occupies the property for no more than 90 days
AFTER closing. - accurate answers-Seller's Temporary Residential Lease
right of first refusal - accurate answers-the right to match or better an offer
before the property is sold to someone else
What is considered a service? - accurate answers-Brokerage
Common Law - accurate answers-a system of law based on local customs and
"common sense"
If personal property is being transferred along with real property, a ________ is
given by the seller to accomplish the transfer. - accurate answers-Bill of Sale
Modification - accurate answers-Value is affected by manmade changes to the
land, these changes can be in the land itself or offsite.
One of the 4 characteristics of land - accurate answers-Modification
If only one signature is required on a deed conveying full ownership of the
property to another, the seller owns an ___________ - accurate answers-Estate in
Severalty
Sole Proprietorship - accurate answers-A business venture owned by a single
individual or entity
Who owns the complex and units of a cooperative? - accurate answers-The
Corporation
What advertisement could be considered prohibited. - accurate answers-
Single parent with kids (familial status)
, Contract - accurate answers-agreement between two or more parties to do
something or to refrain from doing something
An option lease is considered what type of contract? - accurate answers-
Unilateral
Ordering a meal could be considered a __________ contract. - accurate answers-
Implied
If a contract is signed by someone who was under the influence, the contract
is missing .... - accurate answers-Competent parties
Because of the statute of frauds, contracts of interest of property for terms of
more than a year must _______________. - accurate answers-be in writing.
Consideration - accurate answers-Something given in exchange for a promise
Consideration could be in the form of ....... - accurate answers-Money,
promises, services, or love and affection
When is a contract fully executed ? - accurate answers-When the sale is closed
Police Power - accurate answers-Right of the government to regulate and
control the way land is used
Buffer Zone - accurate answers-An area of land separating one land use from
another, such as residential from commercial
Easement by Necessity - accurate answers-Created when no other access to
land exists...right of ingress & egress
Easement by Condemnation - accurate answers-The government, under its
power of eminent domain, takes an easement.
Encumbrance - accurate answers-A claim, lien, charge, or liability attached to
and binding real property. *can place limitations on property owners
