LAW OF CONTRACTS EXAM 2 QUESTIONS WITH CORRECT ANSWERS

A sale and leaseback agreement is: - ansa way for landowners to free up capital while maintaining the same overhead expenses With net leases, each added "net" requires a tenant to pay for an additional expense that may have otherwise fallen on the landlord. All of the following are expenses that could be paid under a net lease EXCEPT: - ansdebt interest (Any lease that requires a tenant to pay rent, property taxes, insurance, and maintenance expenses is a triple-net lease.) What allows the courts to identify a property with reasonable certainty? - ansThe legal property description from the deed A promissory note is: - ansthe borrower's personal promise to repay the loan to the lender Who is responsible for writing commission checks to the brokers? - ansTitle Company During a contract for deed: - ansThe seller hold the legal title to the property and the buyer is entitled to possession and equitable title to the property An orange tree (which is not moveable and is something growing on the land in question) would be considered: - ansreal property Real Property is the land plus improvements on the land (including what's growing on the land). Real estate loans are bought and sold on the: - anssecondary mortgage market What is an executed contract? - ansa contract in which all terms have been fulfilled by all parties