CEPS TEST QUESTIONS AND ANSWERS
An option - ANSWER binds the option for a set time.
The sales contract states that the buyer will only purchase if an attorney
approves the transaction by the following Saturday. The attorney's approval is
an ANSWER contingency.
Liquidated damages are the funds used to compensate a seller in the case of a
buyer's default.
When a buyer was negotiating the purchase of land on which to build a new
home, the seller indicated that the soil was stable enough to support the erection
of a building, despite knowing that it was not. This contract is voidable by the
buyer due to fraud.
A bilateral contract is one in which one party's commitment is exchanged for
the other's promise.
General real estate taxes, often known as ANSWER ad valorem taxes.
What's the distinction between a general and a specific lien? - ANSWER A
general lien affects all of a debtor's property, whereas a specialized lien affects
only one piece of property.
When a company provides materials for the construction of a house but is not
paid, it may file a mechanic's lien.
The true cost of owning a home includes some prices and expenses that many
people miss. Which of the following is not a typical expenditure or expense
associated with home ownership? - ANSWER Personal Property Taxes
Which form of homeowners policy includes coverage for theft, smoke damage,
and fire damage? - ANSWER Basic shape.
An option - ANSWER binds the option for a set time.
The sales contract states that the buyer will only purchase if an attorney
approves the transaction by the following Saturday. The attorney's approval is
an ANSWER contingency.
Liquidated damages are the funds used to compensate a seller in the case of a
buyer's default.
When a buyer was negotiating the purchase of land on which to build a new
home, the seller indicated that the soil was stable enough to support the erection
of a building, despite knowing that it was not. This contract is voidable by the
buyer due to fraud.
A bilateral contract is one in which one party's commitment is exchanged for
the other's promise.
General real estate taxes, often known as ANSWER ad valorem taxes.
What's the distinction between a general and a specific lien? - ANSWER A
general lien affects all of a debtor's property, whereas a specialized lien affects
only one piece of property.
When a company provides materials for the construction of a house but is not
paid, it may file a mechanic's lien.
The true cost of owning a home includes some prices and expenses that many
people miss. Which of the following is not a typical expenditure or expense
associated with home ownership? - ANSWER Personal Property Taxes
Which form of homeowners policy includes coverage for theft, smoke damage,
and fire damage? - ANSWER Basic shape.
