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Aware Chapter Tests 1-8

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End of chapter tests from Aware in South Carolina
Wilhelmina Littel
Quiz por Wilhelmina Littel, atualizado more than 1 year ago
Wilhelmina Littel
Criado por Wilhelmina Littel mais de 7 anos atrás
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Resumo de Recurso

Questão 1

Questão
A relationship, whereby one, called the principal, authorizes another, called the agent, called the agent, to represent the principal in business relations with third parties, is known as
Responda
  • agency
  • brokerage
  • apparent
  • authority

Questão 2

Questão
One employed by and under the control of another known as the principal, to represent such principal in business dealings with third parties is called a/an
Responda
  • servant
  • agent
  • independent contractor
  • client

Questão 3

Questão
In an agency relationship, the one who employees another to represent him/her in legal and/or business dealings with third persons is called a/an
Responda
  • agent
  • attorney in fact
  • customer
  • principal

Questão 4

Questão
The brokerage firm employed by either a seller or buyer may employ associated licensees to assist in meeting the obligations to the brokerage firm's principal/client. Those so employed may be called
Responda
  • subagents of the brokerage firm
  • special agents of the brokerage firm
  • fiduciaries
  • attorney in fact

Questão 5

Questão
The person(s) with whom a brokerage firm is working under a transaction brokerage agreement is a
Responda
  • customer
  • client
  • fiduciary
  • principal

Questão 6

Questão
One who is in a position of trust and confidence with respect to another is known as a/an
Responda
  • fiduciary
  • independent contractor
  • servant
  • broker

Questão 7

Questão
A competent person who is authorized by another to act in his/her place as an agent is known as a/an
Responda
  • attorney in fact
  • master
  • attorney at law
  • servant

Questão 8

Questão
A written instrument authorizing a person to act for another to the extent indicated in the instrument is called
Responda
  • power of attorney
  • a listing contract
  • a permission to act slip
  • an employment agreement

Questão 9

Questão
An agency which is voluntarily created through contractual agreement between the principal/client and the agent is known as a/an
Responda
  • implied agency
  • express agency
  • sensible agency
  • statutory agency

Questão 10

Questão
A common law agency created by the conduct and acts of the principal and agent is called
Responda
  • implied agency
  • sensible agency
  • statutory agency
  • express agency

Questão 11

Questão
An agent, while working within the scope of his/her authority, binds his/her principal. The authority granted by a seller to a broker is expressed in the
Responda
  • buyer's broker agreement
  • listing agreement
  • management contract
  • option contract

Questão 12

Questão
A type of authority that is voluntarily and explicitly set forth as instructions by the principal in the agency agreement is called
Responda
  • implied authority
  • necessary authority
  • express authority
  • statutory agency

Questão 13

Questão
Authority exercised by an agent which is in accord with usual or traditional practices is called
Responda
  • implied authority
  • express authority
  • traditional authority
  • statutory authority

Questão 14

Questão
One authorized to conduct a series of transactions involving an ongoing relationship such as a salesperson or broker employed by a broker in charge is
Responda
  • general agent
  • special agent
  • disclosed agent
  • statutory agent

Questão 15

Questão
One authorized to conduct a single transaction or a series of transactions not involving an ongoing relationship is
Responda
  • special agent
  • undisclosed agent
  • general agent
  • statutory agent

Questão 16

Questão
An agent disclosed to the customer that he/she represents a client and he/she also disclosed the client's identity. What type of principal is the client?
Responda
  • disclosed principal
  • undisclosed principal
  • partially disclosed principal
  • general principal

Questão 17

Questão
Which of the obligations of a principal to an agent is not automatic and must be agreed upon?
Responda
  • Reimbursement
  • Opportunity
  • Good conduct
  • Good faith

Questão 18

Questão
There are eight situations by which an agency can be terminated by operation of the law. Which is best for the agent?
Responda
  • Performance
  • Lapse of time
  • Change of law
  • Destruction of subject matter

Questão 19

Questão
Broker Tom has a listing on property owned by seller Steve. Which of the following should broker Tom not disclose to buyer Bob?
Responda
  • Tom has seen evidence of termites.
  • Steve may take less than listing price.
  • The building has structural defects.
  • Zoning makes the present use non-conforming.

Questão 20

Questão
Which of the following is correct concerning a listing broker's obligations and responsibilities to the seller?
Responda
  • The broker may buy the seller's property and sell it to a prospect at a profit as long as the profit is 6% or less.
  • The broker may relieve herself of any fiduciary responsibilities as long as they have been delegated to any qualified agents that are licensed with her company.
  • The broker is obligated to obey all of the seller's lawful instructions, even those with which she personally disagrees.
  • The broker has the implied authority to reject unreasonable offers to the principal.

Questão 21

Questão
Broker Joyce received a full price offer on some property she had listed. The offer is contingent on the owner financing 90% of the price. Joyce feels the offer is unacceptable because the buyer has defaulted on other loans in the past, but she does not mention this to her client. Did Joyce meet her fiduciary duties?
Responda
  • No, because she withheld relevant facts from her client.
  • Yes, because she delivered the offer regardless of her feelings about it.
  • No, because she may be able to get a better deal later.
  • Yes, since she found a buyer who was willing to pay full price.

Questão 22

Questão
After listing a house for sale, a broker incurs $37 in advertising expense and $17 in taxi fares for prospects interested in the property. For which expense should the seller reimburse the broker?
Responda
  • only those expenses agreed upon by the seller and the broker as part of the listing agreement.
  • only advertising expenses, as taxi fares are not a normal expense of a listing broker
  • advertising expenses and transportation costs incurred in an attempt to market the listed property
  • expenses are never reimbursed to a broker by a seller as part of a listing agreement

Questão 23

Questão
A broker took an exclusive listing contract on a seller's home. The seller told the broker the roof leaked, but the broker made no notation on the listing. Later, a buyer made an offer on the property that the seller accepted. The broker lied when the buyer made his/her offer; telling him/her the roof was in good condition. After the buyer took possession, he/she discovered the truth during the first rain. Responsibility for the misrepresentation rests with
Responda
  • both the broker and the seller
  • the broker only
  • the seller only
  • after possession, caveat emptor applies

Questão 24

Questão
During the period of an exclusive right to sell listing, if the principal no longer wishes to be represented by the brokerage firm, the principal may
Responda
  • revoke the agency created by the listing contract but may be liable for damages
  • revoke the listing contract and not be liable for damages
  • not revoke the agency because an exclusive right to sell listing is an irrevocable contract
  • be forced to sell the property in accordance with the terms of the listing

Questão 25

Questão
Three of the five permissible brokerage relationships in South Carolina are
Responda
  • transaction agency, disclosed dual agency and seller agency
  • seller agency, buyer agency and transaction brokerage
  • seller agency, single agency, and undisclosed dual agency
  • buyer agency, cooperative subagency and transaction brokerage

Questão 26

Questão
In South Carolina, when must a licensee provide a meaningful explanation of agency relationships to a buyer or a seller?
Responda
  • any time before the offer is presented
  • at the first practical opportunity at which the licensee and the buyer or seller has substantive contact
  • prior to writing the offer for the buyer
  • prior to asking the buyer his name and telephone number

Questão 27

Questão
What term in the SC license law replaced the common law term, principal?
Responda
  • Client
  • Attorney in fact
  • Master
  • Fiduciary

Questão 28

Questão
In South Carolina, which of these duties of an agent to a principal continues after the agency relationship has been terminated?
Responda
  • full disclosure
  • loyalty
  • obedience
  • confidentiality

Questão 29

Questão
What is a common law 'third party' called in the SC license law?
Responda
  • customer
  • client
  • master
  • fiduciary

Questão 30

Questão
When creating an agency relationship in SC between a real estate brokerage firm and a seller, what is required?
Responda
  • the seller and the brokerage firm must have a written agency agreement
  • there must be an agreement for the seller to pay a commission
  • the seller must have a clear title to the property
  • the seller and the brokerage firm must agree to a 180 day listing

Questão 31

Questão
A requirement for a non-resident to be eligible to receive a SC license is that they
Responda
  • not maintain a place of business within the state
  • reside in a state which grants reciprocity with SC
  • be licensed with a broker in charge licensed by SC
  • are a non resident for only 4 months a year

Questão 32

Questão
An unlicensed person negotiated the sale of real estate. The real estate commission is payable to
Responda
  • the broker
  • the salesperson
  • no one
  • an escrow holder

Questão 33

Questão
Before taking the South Carolina real estate sales examination, every applicant shall furnish evidence satisfactory to the Real Estate Commission of: successful completion of sixty classroom hours,
Responda
  • attain the age of 21 years and be a high school graduate or equivalent
  • attain the age of 18 years and be a high school graduate or equivalent
  • attain the age of 18 years and be a resident of this state
  • attain the age of 21 years and be a resident of this state

Questão 34

Questão
In the event that a licensee failed to renew her license,
Responda
  • no more real estate activity will be legal except transactions in which she is the principal
  • no commissions may be collected on the transactions she has not closed before her license expired
  • her license will be cancelled on September 30th
  • as of September 1st, she will be fined $75

Questão 35

Questão
When should a buyer's earnest money personal check be deposited in the trust account of the brokerage?
Responda
  • upon acceptance of both parties of the contract
  • within 48 hours of acceptance of an offer to purchase
  • within 48 hours after receipt
  • on or before the next banking day after receipt

Questão 36

Questão
A real estate salesperson in SC wrote an ad for her new listing: "Spacious executive brick home with great view of the mountains and priced to sell at only $625,000. Call 271-9732." What is wrong with this ad?
Responda
  • It does not contain the name of the real estate company.
  • It is offensive to certain groups.
  • It is in violation of the Fair Housing Act as amended in 1989.
  • It is in violation of Regulation Z.

Questão 37

Questão
The SC Real Estate Commission has the power to
Responda
  • act as an advisory board to the Governor.
  • create the standards for the employees of the SC Real Estate Commission.
  • suspend a license, find and impose jail sentences of up to 6 months
  • conduct disciplinary hearings and decide the punishment of those found guilty

Questão 38

Questão
When a salesperson receives a personal check as an earnest money deposit he must
Responda
  • give it to his broker no later than the following business day
  • place it in his own trust account
  • place it in the broker's general account
  • place it in the salesperson's special account

Questão 39

Questão
A very difficult sale results in a dispute between brokers A and B about earned commission. Broker A feels that the bonus offered should have been paid to him as a procuring cause and complains to the Real Estate Commission. Which is correct?
Responda
  • Commission disputes are not under the jurisdiction of the Real Estate Commission
  • He must submit his complaint in writing
  • Bonuses are always paid to the selling agent only
  • Both brokers will have to appear at a hearing before Commission members

Questão 40

Questão
By what authority does the state of South Carolina require a person to have a real estate license to practice real estate?
Responda
  • Commission power
  • State statute
  • Governmental authority
  • State Constitution

Questão 41

Questão
The real estate license law is an example of
Responda
  • good legislation
  • big government
  • police power
  • protectionism

Questão 42

Questão
The purpose of the real estate license law is to
Responda
  • provide revenue for the state
  • protect the people who are selling real estate
  • increase employment opportunities for salepersons
  • protect the public when involved in real estate transactions

Questão 43

Questão
J was found guilty of acting as a broker and an undisclosed principal in the same transaction. The decision of the Commission was to revoke J's license. What is the minimum time J must wait following revocation of his license, to be eligible for a new license?
Responda
  • three years
  • two years
  • nine months
  • six months

Questão 44

Questão
K, a licensed salesperson from Alabama, has a friend, M, in South Carolina who has listed his house for sale. K gave M's agent the name of a buyer who purchased the house. After the settlement, M's agent gave K's brokerage firm a referral fee. How is this legal?
Responda
  • K did not come into SC and help with the sale.
  • The referral fee is $500 or less.
  • The fee was paid in cash.
  • K's continuing education hours have been met.

Questão 45

Questão
Why are the requirements for continuing education mandated by the state?
Responda
  • to decrease liability for brokers
  • to protect the public's interest
  • to provide additional training for agents
  • to comply with Federal Statutes

Questão 46

Questão
Copies of all closing statements of transactions handled by a broker must be kept on file in his office for a period of
Responda
  • three years
  • five years
  • one year
  • two years

Questão 47

Questão
An agent received a cash deposit for a principal's property. The agent placed the deposit in his personal checking account and then wrote a check to his trust account. For this action, the agent was found guilty of
Responda
  • conversion
  • commingling
  • dual agency
  • secret profit

Questão 48

Questão
If a South Carolina Real Estate licensee guarantees a buyer a future profit, he should know that
Responda
  • he is doing the buyer a favor
  • he is not allowed to do this by SC license law
  • he must be a broker and five years of experience
  • he should also give the buyer legal advice

Questão 49

Questão
A real estate license may be revoked upon proof of the licensee
Responda
  • violating a buyer's right to choose an attorney or insurance agent
  • charging more than the usual rate of commission
  • having a dispute between a broker and a salesperson as to commission
  • refusing to accept a listing

Questão 50

Questão
What does the Statute of Frauds relate to in real estate?
Responda
  • Contracts for the sale of land or any interest in land must be in writing in order to be enforceable
  • Contracts for the sale of land or any interest in land must be notarized and witnessed in order to be recordable
  • Contracts for the sale of land or any interest in land must be in writing in order to be legal
  • When people go to court and testify about a real estate transaction, they must be at least 18 years of age

Questão 51

Questão
What is the purpose of the Statute of Frauds?
Responda
  • To provide reliable evidence of the existence and terms of a contract
  • To provide a system to prevent the bribery of a witness to a contract
  • To stop fraud in the sale of real estate
  • To make oral contracts against the law

Questão 52

Questão
Oral contracts for the sale of land are ____________ because of _____________
Responda
  • valid, good intentions
  • void, Statute of Frauds
  • unenforceable, good intentions
  • unenforceable, Statute of Frauds

Questão 53

Questão
Who must sign a contract for the purchase of real estate?
Responda
  • the buyer only
  • the seller only
  • the person to be charged
  • either the buyer or seller

Questão 54

Questão
A contract in which the agreements and terms are stated by both parties is _________ and when the consideration is an exchange of promises, it is also __________
Responda
  • implied, bilateral
  • express, unilateral
  • implied, executed
  • express, bilateral

Questão 55

Questão
A contract in which the terms are determined from observing the conduct of the parties in a/an _____________ contract.
Responda
  • express
  • unilateral
  • bilateral
  • implied

Questão 56

Questão
A contract in which a promise is exchanged for a promise is
Responda
  • bilateral
  • express
  • unilateral
  • implied

Questão 57

Questão
A contract in which both parties have met all obligations is
Responda
  • executed
  • express
  • executory
  • bilateral

Questão 58

Questão
A contract which lacks one or more of the essential elements of a contract is
Responda
  • executory
  • void
  • voidable
  • express

Questão 59

Questão
A contract which allows one of the parties to elect to be bound to the contract or escape its consequences is
Responda
  • executory
  • void
  • voidable
  • illegal

Questão 60

Questão
A proposal made by one person to another is called
Responda
  • a contract
  • a memo
  • a communication
  • an offer

Questão 61

Questão
There are 5 ways to terminate an offer. When an offeree turns down the offer, this is called
Responda
  • rejection
  • revocation
  • counter offer
  • lapse of time

Questão 62

Questão
When an offeror changes his/her mind and notifies the offeree before the offer is accepted, this terminates the offer by
Responda
  • revocation
  • rejections
  • counter offer
  • lapse of time

Questão 63

Questão
When an offeree accepts an offer by making changes in the original offer, it is a termination of the original offer and is called
Responda
  • counter offer
  • rejection
  • revocation
  • lapse of time

Questão 64

Questão
The elements of either fraud or misrepresentation are a misstatement of a ____ with _____ and ______
Responda
  • material fact, reliance by the other party, resulting damages
  • material fact, damages, deceit
  • fact, reliance, resulting damages
  • salesman, ignorance, carelessness

Questão 65

Questão
When the terms of a contract are completely satisfied by both parties, the contract is discharged by
Responda
  • performance
  • release
  • novation
  • accord and satisfaction

Questão 66

Questão
The substitution of a new contract for an old contract which discharges all obligations under the old contract is called
Responda
  • accord and satisfaction
  • performance
  • rescission
  • statute of limitations

Questão 67

Questão
A substitution of the parties to a contract which excuses the original parties is called
Responda
  • novation
  • performance
  • rescission
  • accord and satisfaction

Questão 68

Questão
Certain contracts may be discharged by a definite time limit within which a suit must be initiated. The laws governing this are called
Responda
  • Statute of Limitations
  • Statute of Time Limits
  • Statute of Frauds
  • Statute of Liberty

Questão 69

Questão
One situation that always terminates an offer but which is only an excuse for non-performance of a contract of sale when specifically stated in the terms of the contract is
Responda
  • mutual mistake
  • frustration of purpose
  • death of one of the parties
  • destruction of the subject matter

Questão 70

Questão
When one party to a contract fails to perform in whole or in part, gives advance notice that he/she does not intend to perform, or makes performance impossible, this is known as
Responda
  • fraud
  • misrepresentation
  • fraudulent misrepresentation
  • breach of contract

Questão 71

Questão
A court ordered K to pay P $50,000 in excess of P's out of pocket damages that resulted from K's fraudulent actions in relationship to his/her contract with P. What is this $50,000 called?
Responda
  • punitive damages
  • liquidated damages
  • compensatory damages
  • nominal damages

Questão 72

Questão
S's offer to purchase states that it will be kept open three days for acceptance. One day after making the offer, and before acceptance, S wants to withdraw it. The real estate agent should inform S that
Responda
  • the offer may be withdrawn without penalty
  • revocation means the forfeiture of earnest money
  • only in the event of death can the offer be revoked prior to acceptance
  • the offer is irrevocable

Questão 73

Questão
A contract was ambiguous in that numbers written as words differed from the numerals. Which of the following principles can be used to interpret this contractual ambiguity?
Responda
  • words take precedence over numerals
  • numerals take precedence over words
  • ambiguous contracts are void
  • the lesser amount would prevail

Questão 74

Questão
P leased an apartment to L under an oral lease. Which lease agreement is enforceable?
Responda
  • A lease for one month starting twelve months
  • A lease for three months starting in ten months
  • A lease for eight months starting in five months
  • A lease for eight months starting in four months

Questão 75

Questão
A purchase contract provision stating that the buyer shall forfeit the deposit if the buyer fails to complete the purchase is known as
Responda
  • liquidated damages
  • punitive damages
  • the safety clause
  • the subordination clause

Questão 76

Questão
K agreed in an enforceable written agreement to buy a lot from P for $30,000. K later refused to complete the purchase as agreed, and after extensive effort, P later found a buyer for the lot who would not pay more than $26,000. A court awarded P $4,000 in damages. Which term describes the damages?
Responda
  • compensatory
  • nominal
  • punitive
  • liquidated

Questão 77

Questão
The ________ establishes an agency relationship between the property owner as principal (client) and the brokerage as agent.
Responda
  • listing agreement
  • sales contract
  • personal services agreement
  • buyer's representation agreement

Questão 78

Questão
The listing agreement does which of the following ?
Responda
  • Creates an agency relationship between the listing salesperson and the property owner
  • Obligates the seller to sell if a full price offer is received
  • Employs a real estate brokerage to represent a buyer
  • Creates an agency relationship between the listing brokerage and the property owner

Questão 79

Questão
A brokerage agreement whereby the property owner hires one or more brokerages, agrees to compensate only the one brokerage who produces a buyer, and reserves the right to sell by himself and pay no agents, is called
Responda
  • open listing
  • net listing
  • exclusive right to sell
  • exclusive agency

Questão 80

Questão
A brokerage agreement whereby one one brokerage is hired by the owner, but the owner can sell his/her own property without incurring obligations to pay a commission, is called
Responda
  • net listing
  • open listing
  • exclusive right to sell
  • exclusive agency

Questão 81

Questão
A brokerage agreement that obligates the property owner to pay the commission to the listing brokerage regardless of who made the sale is known as
Responda
  • open listing
  • exclusive agency
  • exclusive right to sell
  • net listing

Questão 82

Questão
An owner says "I want to get $50,000 out of this property, and you can have anything over that amount as your commission." What would we call this arrangement?
Responda
  • net listing
  • open listing
  • exclusive right to sell
  • exclusive agency

Questão 83

Questão
A salesperson was told his/her brokerage's commission was too high. He responded by saying that everyone charges about the same. Which law may this have violated?
Responda
  • Federal antitrust laws
  • Federal obscenity laws
  • SC unfair trade laws
  • SC license law

Questão 84

Questão
The three practices that are forbidden by the Sherman and Clayton Acts are price fixing, allocation of customers and
Responda
  • allocation of markets
  • taking net listings
  • blockbusting
  • allocation of deed stamps

Questão 85

Questão
A listing contract creates an agency relationship and it may be terminated by
Responda
  • death of listing employee
  • failure to sell the property in 90 days
  • expiration of the term
  • listing with another agency

Questão 86

Questão
A brokerage firm earned a commission from the sale of a parcel of property when the firm is
Responda
  • a listing brokerage on the property that was sold
  • the procuring cause...the reason the property was sold
  • managed by a licensed broker in charge at the time the property was sold
  • managed by a licensed broker in charge, had a valid listing, and the property was sold

Questão 87

Questão
The owner received a full price all cash offer from the buyer. The terms of the exclusive right to sell listing gave the owner the right to take a purchase money mortgage for 80% of the purchase price at 7 1/2% for 20 years. Which of the following statements is true?
Responda
  • The owner may refuse this offer and owe the brokerage nothing
  • The owner may refuse this offer and owe the brokerage the full commission
  • The buyer may sue for specific performance
  • The brokerage may sue for full commission

Questão 88

Questão
In a contract of sale, mutual assent (offer and acceptance) is usually contained in the paragraph that identifies the contracting parties. The offer, in a real estate contract of sale, must be definite as to
Responda
  • price, time, and property
  • property, price, and terms
  • property, time, and location
  • terms, location, and parties

Questão 89

Questão
The mutual promises of the vendor (seller) and vendee (buyer) are sufficient
Responda
  • purpose
  • consideration
  • form
  • conditions

Questão 90

Questão
Which of the following is not true regarding earnest money deposits? They
Responda
  • are not essential to make a contract of sale binding
  • are paid by the buyer as evidence of good faith
  • may serve as liquidated damages if the buyer breaches contract
  • are required to make the contract of sale binding

Questão 91

Questão
When any agreement for the sale of real estate will include personal property, the personal property sale should be evidenced by
Responda
  • a bill of sale
  • the contract of sale
  • the listing contract
  • the deed of conveyance

Questão 92

Questão
When a purchase and sale agreement (contract of sale) is fully executed, ________ is transferred to the buyer.
Responda
  • equitable title
  • title
  • legal title
  • possession

Questão 93

Questão
When a property is under contract, normally the one holding ______ title assumes the risk of loss in the event of damage or destruction before conveyance, but by agreement, the liability may be moved to the one holding __________ title.
Responda
  • legal, equitable
  • absolute, legal
  • normal, equitable
  • equitable, legal

Questão 94

Questão
VA and FHA each require that the contract of sale include a certain statement. The basic subject matter of both of the added statements deals with which of the following?
Responda
  • The buyer does not have to complete the purchase if the appraisal is less than the sale price
  • The seller does not have to complete the sale if the appraisal is more than the purchase price
  • The buyer will be required to put more money down if the appraisal is less than the sale price
  • The seller is required to sell for a lower price if the appraisal is lower than the purchase price

Questão 95

Questão
Brokers are not normally a party to the contract. The agreement of a seller to pay a commission should be
Responda
  • in the listing agreement
  • in the purchase and sale agreement
  • included in both listing and purchase and sale in every case
  • agreed to orally since it is not under the Statute of Frauds

Questão 96

Questão
When the date for performance will not be met in a contract that contains the phrase "time is of the essence," it is sound prace to
Responda
  • have all parties execute a formal extension to avoid the possibility of litigation
  • assume the courts will allow for reasonable delays
  • get all parties to orally agree to another date (not to exceed 30 days)
  • get the parties together for a meeting of the minds to extend the date

Questão 97

Questão
A contract in which one makes an offer to sell to another, and the other gives valuable consideration to keep the offer from being revoked for a definite period of time, is called a/an
Responda
  • option to buy
  • option to sell
  • legally binding offer
  • bilateral contract

Questão 98

Questão
In an option to buy, the seller is called _________ and the buyer is _________
Responda
  • optioner, optionee
  • maker, payee
  • payee, maker
  • optionee, optioner

Questão 99

Questão
After the option has been exercised, the optionee gets
Responda
  • equitable title
  • title
  • legal title
  • possession

Questão 100

Questão
An option without valuable consideration is a/an
Responda
  • void contract
  • implied contract
  • executory contract
  • voidable contract

Questão 101

Questão
On June 1, K paid M $1,000 for a 60 day option to buy M's house for $230,000 cash at closing. The terms of the option gave 30 days, after the date of election, to close. On July 10, K sold his/her option to J. On July 28, J notified M that he/she would buy M's house and would close on August 15. Which of the following is true?
Responda
  • Options cannot be sold, therefore, J cannot buy unless M wants to sell to him/her.
  • All of the procedure was legitimate and J can buy on August 15.
  • If J changes his/her mind and decides not to buy after all, he/she is not guilty of breach of contract.
  • If M decides not to sell, he/she can get out of the deal by returning the $1000 plus 9% interest.

Questão 102

Questão
B told J that he/she could have a right of first refusal to buy his/her motel. Which of the following situations is correct?
Responda
  • If S makes B an offer that he/she finds attractive, he/she must make the same deal available to J before he/she can sell to S.
  • If J decides to buy, B must sell to him/her.
  • If S makes B an offer that he/she finds attractive, he/she is obligated to sell the motel.
  • If B decides to sell, J must make the first offer or lose his/her right of first refusal.

Questão 103

Questão
Property that is fixed, immovable, indestructible, and unique in character is
Responda
  • real property
  • intangible property
  • personal property
  • tangible property

Questão 104

Questão
The solid part of the surface of the earth, and the free or occupied space for an indefinite distance upwards, as well as downwards, is a definition of
Responda
  • land
  • tangible property
  • intangible property
  • improvements

Questão 105

Questão
Everything that is the subject of ownership not coming under the denomination of real property is called
Responda
  • personal property
  • corporeal property
  • incorporeal property
  • fixtures

Questão 106

Questão
A valuable addition made to real property, intended to enhance its value or beauty, or to adapt it for a new or further purpose, is known as a/an
Responda
  • improvement
  • fixture
  • appurtenance
  • trade fixture

Questão 107

Questão
Which of the following is an example of an improvement?
Responda
  • a paved road to or on the property
  • original vegetation, including trees
  • wallpapering the foyer
  • painting the living room

Questão 108

Questão
Articles, interests, and rights which attach to and pass with real property, such as rights of way, easements, outbuildings, and barns are called
Responda
  • appurtenances
  • fixtures
  • trade fixtures
  • tangible property

Questão 109

Questão
An item of personal property that has lost its identity as such because of the manner or method in which it has been associated with real property is known as a/an
Responda
  • fixture
  • appurtenance
  • trade fixture
  • tangible property

Questão 110

Questão
Items of personal property attached to rental property by the tenant to be used in connection with the business for which he/she occupies the premises are known as
Responda
  • trade fixtures
  • fixtures
  • appurtenances
  • improvements

Questão 111

Questão
The terms "use, possession, control, disposition" bring which legal theory to mind?
Responda
  • Statute of Frauds
  • bundle of rights
  • bundle of legal interests
  • statute of limitations

Questão 112

Questão
When a property is bordered by a non-navigable stream the
Responda
  • property line goes to the center of the stream
  • edge of the water forms the property line
  • owner may use the water any way he/she desires
  • owner has littoral rights

Questão 113

Questão
Relative to freehold estates, the term "_______" assures that one has the "bundle of rights" and will enjoy freedom from disturbances caused by defect in the title.
Responda
  • quiet enjoyment
  • non-possessory interest
  • complete property
  • possessory interest

Questão 114

Questão
One of a property's boundard lines, in a metes and bounds description, is N 30 degrees E 150'
Responda
  • The angle between the East-West line and the boundary line is 30 degrees toward North
  • Standing at the POB, the surveyor starts with her face toward North and then looks to the right down a line 30 degrees East
  • Standing at the POB, the surveyor starts with her back toward North and then looks to the left down a line 30 degrees toward East.
  • The angle between the North-South line is 30 degrees toward East.

Questão 115

Questão
A surveyor who wants to know the elevation above sea level of a certain location would first need to locate a/an
Responda
  • altitude mark
  • principal base line mark
  • benchmark
  • meridian base link mark

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