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Question 1 of 40
1. Question
Foreclosure occurs when a
____
seizes and sells a borrower’s____
after the borrower has failed to____
the lender.CorrectIncorrect -
Question 2 of 40
2. Question
A buyer agrees to purchase a home once the sale on her current home is completed. Legally, this is known as
____
?CorrectIncorrect -
Question 3 of 40
3. Question
Mr. and Mrs. Cox make Mr. and Mrs. Green an offer on their home, but they have not heard back from them on whether or not the offer has been accepted. In the meantime, they have found another home they would like to purchase instead. What is their best option?
CorrectIncorrect -
Question 4 of 40
4. Question
Which part of a traditional deed contains warranties?
CorrectIncorrect -
Question 5 of 40
5. Question
What part of a deed limits the amount of the estate granted?
CorrectIncorrect -
Question 6 of 40
6. Question
Which type of deed contains no warranties at all?
CorrectIncorrect -
Question 7 of 40
7. Question
Real estate agents will earn their money once a piece of property is
____
.CorrectIncorrect -
Question 8 of 40
8. Question
____
indicates ownership of property, in real estate terms.CorrectIncorrect -
Question 9 of 40
9. Question
Joan sells her house to her brother Mike on a handshake. This contract is:
CorrectIncorrect -
Question 10 of 40
10. Question
When ownership of a piece of real estate goes from one person to another, it is called a(n)
____
.CorrectIncorrect -
Question 11 of 40
11. Question
A buyer and seller agree to wait until the seller’s listing is expired to make the sale in order to avoid paying the broker his share. How can the broker get his commission?
CorrectIncorrect -
Question 12 of 40
12. Question
A contract can become voidable if one of the parties was being victimized because
____
.CorrectIncorrect -
Question 13 of 40
13. Question
Which of the following is not a requirement for a deed to be valid?
CorrectIncorrect -
Question 14 of 40
14. Question
An express contract can be
____
.CorrectIncorrect -
Question 15 of 40
15. Question
A good example of an implied contract is
____
.CorrectIncorrect -
Question 16 of 40
16. Question
Which of the following is not true regarding a contract of sale?
CorrectIncorrect -
Question 17 of 40
17. Question
Deed restrictions and easements on a property are considered
____
when written into the deed.CorrectIncorrect -
Question 18 of 40
18. Question
In a real estate transaction, the
____
is the current owner of the property and is conveying his or her property to someone else.CorrectIncorrect -
Question 19 of 40
19. Question
Substituting a new obligation for an existing one with the intent to cancel the latter is called
____
.CorrectIncorrect -
Question 20 of 40
20. Question
Why are net listings generally frowned upon in the real estate industry?
CorrectIncorrect -
Question 21 of 40
21. Question
The listing period for a single family home vs. a commercial property differs in that:
CorrectIncorrect -
Question 22 of 40
22. Question
Where is a deed recorded?
CorrectIncorrect -
Question 23 of 40
23. Question
Who is responsible for establishing the listing price of a property?
CorrectIncorrect -
Question 24 of 40
24. Question
What are the four elements required of every valid and enforceable contract?
CorrectIncorrect -
Question 25 of 40
25. Question
The
____
, also known as the words of conveyance, includes the words that describe exactly what rights the grantee is receiving.CorrectIncorrect -
Question 26 of 40
26. Question
For a listing agreement to be valid, it must be
____
.CorrectIncorrect -
Question 27 of 40
27. Question
A bilateral contract is one where
____
.CorrectIncorrect -
Question 28 of 40
28. Question
The seller disclosure statement contains
____
.CorrectIncorrect -
Question 29 of 40
29. Question
The
____
requires that all real estate transfers of title be in writing.CorrectIncorrect -
Question 30 of 40
30. Question
A contract can be unenforceable if
____
.CorrectIncorrect -
Question 31 of 40
31. Question
A
___
serves as your permanent record of property ownership.CorrectIncorrect -
Question 32 of 40
32. Question
In reference to deeds, what is the closest definition of “delivery in escrow”?
CorrectIncorrect -
Question 33 of 40
33. Question
The grantor must
____
the deed for it to be valid.CorrectIncorrect -
Question 34 of 40
34. Question
The
____
, which contains the words “to have and to hold,” further defines any rights being granted to the grantee.CorrectIncorrect -
Question 35 of 40
35. Question
The
____
shows that the grantor is receiving something in exchange for the property.CorrectIncorrect -
Question 36 of 40
36. Question
An example of substantial performance is when
____
.CorrectIncorrect -
Question 37 of 40
37. Question
A(n)
____
is a way of proving that the grantor signs the deed voluntarily.CorrectIncorrect -
Question 38 of 40
38. Question
The
____
of a piece of property is designed to leave no doubt about the exact boundaries of the property being conveyed.CorrectIncorrect -
Question 39 of 40
39. Question
In a real estate transaction, the
____
is the recipient of a piece of property and is receiving property from someone else.CorrectIncorrect -
Question 40 of 40
40. Question
The term
____
refers to the legal act of giving and receiving a deed.CorrectIncorrect