ACEABLE FINAL TEST CERTIFICATION
EVALUATION SOLVED ITEMS
◉ When Bart approached his lender for a loan to buy a ranch, he was
given two offers, one with the loan secured by the property being
purchased and one as an unsecured note. Which of the two loan
offers do you think had the better (lower) interest rate and why?
Answer: the secured note would be perceived as a lower risk, so it
would come with a lower interest rate offer. (Even without knowing
many of the details, it's very likely that the secured loan would
feature the better interest rate. Having property serve as collateral
on the loan lowers the risk for the lender, and the interest rate
offered will reflect that lower risk.)
◉ In order to protect the public interest, Georgia requires real estate
professionals to get licenses. What kinds of licenses are offered?
Answer: broker, associate broker, salesperson, community
association manager
◉ Chuck signs Linda to a salary-based employment contract to sell
used cars on his lot. He also points out to her that he has a contest
for all his salespeople that she can win if she meets the sales goal.
What can be said of the contracts that Chuck has entered into with
Linda? Answer: employment contract is bilateral, contest is
unilateral (Linda's employment contract with Chuck is a bilateral
contract wherein both parties are making promises. The contest is a
, unilateral contract between Chuck and Linda wherein he makes a
promise, but she doesn't. If she chooses to perform and meets the
sales goal, Chuck is bound to the contract.)
◉ Kelsey and Elliot have a contract that literally spells out all the
terms and conditions of their lease agreement while Mike and Carl
have an unspoken understanding regarding what Carl needs to do in
exchange for living in Mike's basement. How would you describe
these two contracts? Answer: kelset and eliot have an express
contract. Mike and carl have an implied contract. Both may be legally
binding
◉ The government seizes Farsch's property to expand a highway.
What is this an example of? Answer: eminent domain and
involuntary alienation
◉ what refers to the permanence of land? Answer: fixity
◉ what is an example of police power? Answer: zoning (police
powers are zoning laws, building codes, private land use controls,
and the application of rules)
◉ The interest in an estate wherein, upon the death of the life estate
owner, full ownership reverts back to the original owner (grantor) is
known as: Answer: revisionary interest (The reversionary interest
EVALUATION SOLVED ITEMS
◉ When Bart approached his lender for a loan to buy a ranch, he was
given two offers, one with the loan secured by the property being
purchased and one as an unsecured note. Which of the two loan
offers do you think had the better (lower) interest rate and why?
Answer: the secured note would be perceived as a lower risk, so it
would come with a lower interest rate offer. (Even without knowing
many of the details, it's very likely that the secured loan would
feature the better interest rate. Having property serve as collateral
on the loan lowers the risk for the lender, and the interest rate
offered will reflect that lower risk.)
◉ In order to protect the public interest, Georgia requires real estate
professionals to get licenses. What kinds of licenses are offered?
Answer: broker, associate broker, salesperson, community
association manager
◉ Chuck signs Linda to a salary-based employment contract to sell
used cars on his lot. He also points out to her that he has a contest
for all his salespeople that she can win if she meets the sales goal.
What can be said of the contracts that Chuck has entered into with
Linda? Answer: employment contract is bilateral, contest is
unilateral (Linda's employment contract with Chuck is a bilateral
contract wherein both parties are making promises. The contest is a
, unilateral contract between Chuck and Linda wherein he makes a
promise, but she doesn't. If she chooses to perform and meets the
sales goal, Chuck is bound to the contract.)
◉ Kelsey and Elliot have a contract that literally spells out all the
terms and conditions of their lease agreement while Mike and Carl
have an unspoken understanding regarding what Carl needs to do in
exchange for living in Mike's basement. How would you describe
these two contracts? Answer: kelset and eliot have an express
contract. Mike and carl have an implied contract. Both may be legally
binding
◉ The government seizes Farsch's property to expand a highway.
What is this an example of? Answer: eminent domain and
involuntary alienation
◉ what refers to the permanence of land? Answer: fixity
◉ what is an example of police power? Answer: zoning (police
powers are zoning laws, building codes, private land use controls,
and the application of rules)
◉ The interest in an estate wherein, upon the death of the life estate
owner, full ownership reverts back to the original owner (grantor) is
known as: Answer: revisionary interest (The reversionary interest
