RE LAW SAE aceable final exam
correctly answered to pass
Which of these is a bilateral contract? - correct answer ✔✔Richard signs a contract to buy James's
house.
What does severalty mean? - correct answer ✔✔sole ownership
What agency is responsible for enforcing TRELA? - correct answer ✔✔TREC
What is the difference between a subdivider and a developer? - correct answer ✔✔A subdivider parcels
out the land; a developer builds things on it.
If a landlord has the power to retake the property after the lease term has expired, this means they have
a: - correct answer ✔✔A landlord has a reversionary right; this means that the landlord has the power to
retake the property after the lease term has expired. Therefore, the landlord's interest in the property is
known as a leased fee estate plus reversionary right.
Alex defaulted on his loan and lost his house to foreclosure. This is an example of: - correct answer
✔✔Involuntary Alienation
The concept of escheat means that property: - correct answer ✔✔`reverts to the state when a person
dies without a will, an heir, or a creditor
Which of the following has a long lease term and is often used in the development of commercial
property? - correct answer ✔✔Ground lease
What is adverse possession? - correct answer ✔✔A method of gaining legal title to real property by the
actual, open, hostile, and continuous possession of it.
, What is a contour map used for? - correct answer ✔✔it shows hills, valleys, plateaus, and other patterns
that may affect water drainage, runoff, or other development issues
What type of contract is a real estate sales contract? - correct answer ✔✔bilateral contract
The payment that the prospective buyer makes to the seller in exchange for the exclusive option to
terminate the sales contract within a specified period of time without penalty is called the: - correct
answer ✔✔Option money
What can the seller do if a buyer defaults on a real estate contract, and the seller decides to forfeit the
contract? - correct answer ✔✔keep the earnest money and any payments they have received from the
buyer
What is chattel? - correct answer ✔✔an unattached, moveable asset not considered real estate
Which of the following best defines the term "recording"? - correct answer ✔✔the placing of documents
about the claims and ownership of real estate in the county clerk's office at the courthouse
Grandpa Bobby, conveys his property to his granddaughter Pamela. The deed contains: (1) Pamela's
name; (2) a statement that he has received $10 and Pamela's love and affection; and (3) a statement that
the property is conveyed to Pamela "to have and to hold." Identify, in order, these elements of the deed?
- correct answer ✔✔grantee; consideration; habendum clause
What is a general warranty deed? - correct answer ✔✔a type of deed containing the strongest and
broadest form of guarantee of title; provides the greatest protection of any deed to the grantee
What is something of value exchanged by the parties as evidence of agreement to the terms of a
contract? - correct answer ✔✔consideration
The process in which funds and/or financial documents are held by a third party on behalf of the other
two parties in the real estate transaction is called: - correct answer ✔✔Escrow
correctly answered to pass
Which of these is a bilateral contract? - correct answer ✔✔Richard signs a contract to buy James's
house.
What does severalty mean? - correct answer ✔✔sole ownership
What agency is responsible for enforcing TRELA? - correct answer ✔✔TREC
What is the difference between a subdivider and a developer? - correct answer ✔✔A subdivider parcels
out the land; a developer builds things on it.
If a landlord has the power to retake the property after the lease term has expired, this means they have
a: - correct answer ✔✔A landlord has a reversionary right; this means that the landlord has the power to
retake the property after the lease term has expired. Therefore, the landlord's interest in the property is
known as a leased fee estate plus reversionary right.
Alex defaulted on his loan and lost his house to foreclosure. This is an example of: - correct answer
✔✔Involuntary Alienation
The concept of escheat means that property: - correct answer ✔✔`reverts to the state when a person
dies without a will, an heir, or a creditor
Which of the following has a long lease term and is often used in the development of commercial
property? - correct answer ✔✔Ground lease
What is adverse possession? - correct answer ✔✔A method of gaining legal title to real property by the
actual, open, hostile, and continuous possession of it.
, What is a contour map used for? - correct answer ✔✔it shows hills, valleys, plateaus, and other patterns
that may affect water drainage, runoff, or other development issues
What type of contract is a real estate sales contract? - correct answer ✔✔bilateral contract
The payment that the prospective buyer makes to the seller in exchange for the exclusive option to
terminate the sales contract within a specified period of time without penalty is called the: - correct
answer ✔✔Option money
What can the seller do if a buyer defaults on a real estate contract, and the seller decides to forfeit the
contract? - correct answer ✔✔keep the earnest money and any payments they have received from the
buyer
What is chattel? - correct answer ✔✔an unattached, moveable asset not considered real estate
Which of the following best defines the term "recording"? - correct answer ✔✔the placing of documents
about the claims and ownership of real estate in the county clerk's office at the courthouse
Grandpa Bobby, conveys his property to his granddaughter Pamela. The deed contains: (1) Pamela's
name; (2) a statement that he has received $10 and Pamela's love and affection; and (3) a statement that
the property is conveyed to Pamela "to have and to hold." Identify, in order, these elements of the deed?
- correct answer ✔✔grantee; consideration; habendum clause
What is a general warranty deed? - correct answer ✔✔a type of deed containing the strongest and
broadest form of guarantee of title; provides the greatest protection of any deed to the grantee
What is something of value exchanged by the parties as evidence of agreement to the terms of a
contract? - correct answer ✔✔consideration
The process in which funds and/or financial documents are held by a third party on behalf of the other
two parties in the real estate transaction is called: - correct answer ✔✔Escrow
