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Perry Real Estate Final Exam
Questions and Correct Answers
If I am makes an offer on a house and the seller excepts in writing. What is the current status of this relationship? Because the seller has promised to sell and the buyer has promised to buy, it is clearly a bilateral contract. It is express because they announced their intentions in writing. This contract is executory because the sale has not closed yet Additional conditions that must be satisfied before a sales contract is fully enforceable are called contingencies If I'm in allows a woman to back out of the contract, returned the earnest money to her, and both are back to the positions they held before the contract, the contract has been Rescission allows both parties to return to their original possessions before the contract, so any monies exchange must be returned A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is obligated to perform only if the buyer is first able to sell her condo. This is an example of A property sale contingency protects a buyer who has to sell a property in order to buy the sellers property
On March 7 a buyer and a seller execute a contract for the purchase of the sellers property. Closing is set for June 10. On April 15 the property is struck by lightning and destroyed by the resulting fire. If the uniform vendor and purchase or risk act has been adopted by the state in which the property is located, which party bears liability for the loss? In states that have adopted the uniform vendor and purchaser act, the seller remains responsible for the property until the day of closing The term statue of limitation is best described as the limitation on the Every state limits the right during which parties to a contract may bring a legal action to enforce their rights. Rights not enforced within the Applicable time period Are lost In case the buyer decides not to buy for no legal reason, the contract may provide at the earnest money is there as Liquidated damages limit the compensation available to the injured party should a breach of contract occur What is minimum consideration in a valid contract Anything the parties agree is good and valuable What is an example of a unilateral contract In a unilateral contract only one party is obligated to perform. The optionor-owner of the property must sell at the agreed-upon price only if the optionee he decides to buy
If a creator of a life estate chooses not to name my remainderman the creator has The property will revert back to the creator A descendent left a will giving his neighbor the right to use a well on the descendents land as long as the neighbor lived. The neighbors interest in the property is properly called An easement in gross is an individual interest in someone else's land A lawsuit to terminate an easement is called an action to Action to quiet title If an adjacent public land use diminishes the value of your property you may claim compensation under which theory Inverse condemnation The process by which government can acquire ownership of private land for public use is Condemnation A partnership which is for a long-term arrangement is called Syndicate This is a special type of zoning used to control density by imposing restriction such as setbacks
Bulk Zoning A Manufactured Home Can Be Turned Into Real Estate By What Process AFFIXATION A Developer Grants A Local Power Company The Right To Install Necessary Transmission Lines. This Right Is An Example Of A Easement In Gross The Beneficiary Of A Land Trust Is Also Commonly The Trustor Homeowner Gurnee Acquired Ownership Of Land That Was Deposited By A River Running Through His Property By Accretion Many States Determine The Order Of Water Rights According To Which Users Of The Water Hold Recorded Beneficial Use Permits. This Allocation Of Water Rights Is Controlled By
PITT Stands For Possession Interest Time Title The Term "Metes" Refers To Distance Mary Received A Life Estate In 310 Broadway. Mary Died In 2011. This Means That The Life Estate A Life Estate Is A Freehold Estate Limited In Duration To The Life Of The Owner Or Some Other Designated Person He Governments Payment To A Landowner For Seizure Of His Or Her Property Is Called Just Compensation
Ownership Of Real Estate By One Individual Is Called Severalty The Amount A Property Increases In Value After Successful Assemblage Is Plottage The Cost Approach Estimates Accrued Depreciation Using The Straight Line Method A Business In Which Real Estate Investors Pull The Resources To Own A Particular Property Is Called Syndicate Adjusted Cost Basis Includes All The Following Except Taxes For Income Producing Property Is The Amount Remaining After All Expenses Have Been Paid Is Known As Cash Flow
The Federal Fair Housing Act Prohibits Discrimination On The Basis Of All The Following Except Sexual Orientation The Equal Credit Opportunity Act Of 1974 Prohibits Discrimination On The Basis Of All The Following Except Familial Status If Hud Files Charges, The Aggrieved Party Has Blank To Exercise An Election To Take This Matter To Federal Court For A Jury Trial 20 Days Among Other Classifications The Fair Housing Act Of 1968 Made It Illegal To Discriminate On The Basis Of Race, Color, Religion, Or National Origin In Applying The Balancing Test The Courts Appear To Favor The Blank Except Under Extreme Circumstances Handicapped Person
A Private Action Alleging Discrimination Must Be Brought Within Two Years Of The Alleged Discrimination. If A Mortgage Lender Refuses To Make A Mortgage Loan To A Woman Because She Is A Single Mother The Lender Has Violated What Law ECOA A Convent Refuses To Allow Members Of Other Face To Rent Their Room. This Is Legal According To The Supreme Court There Are No Exceptions Regarding Which Protected Class Racial Discrimination A Landlord Is Required To Permit A Tenant At The Blank Expense To Make A Reasonable Modification Of The Living Space In Order To Have Full Use And Enjoyment Of The Premises Tenants
If A Real Estate Agent Suspects Mold In A Property What Should He Or She Recommend An Inspection Can Uncover The Presence Of Mold I Lead-Based Paint Disclosure Form Must Be Attached To All Sales Contract Involving Which Of The Following Properties Built Before 1978 Residential Residential Who Owns The Building That Is Erected On Land That Has A Ground Lease Lessee A Woman Rents An Apartment From A Man Under A One-Year Written Lease. The Expiration Date Of The Lease Is May 1. How Much Notice Must A Man Give A Woman To Recover Possession When The Lease Expires None
A Tenant Signed A One-Year Lease With A Landlord On April 10. On The Following March 1, The Landlord Asked The Tenant Whether The Lease Will Be Renewed. The Tenant Did Not Respond But Was Still In The Apartment On April 11. What Can The Landlord Do As An Estate For Years No Notice Was Required To Terminate. If The Tenant Does Not Pay Rent, It Will Become A Tenancy At Sufferance. If The Tenant Pays Rent And The Landlord Accepts It, It Will Be A Holdover Or Periodic Tenancy, Which Could Be Changed Into An Estate For Years If They Enter Into A Year-Long Lease If A Landlord Agrees To Put Part Of The Tenants Rent Towards The Purchase Price The Landlord And Tenants Have Agreed To A Sale Leaseback If A Licensee Receives A Complaint From The Commission He Or She Must He Has 20 Days To Answer A Complaint Eloise Is Representing A Buyer For A Property. The Buyer Looks At A Property That Is Actually Owned By Eloise And Her Husband Lenny And Listed By Eloise. Eloise Does Not Mention This Fact To The Buyer. Eloise Is In Violation Of License Law For Undisclosed Dual Agency
All Of The Following Are Exempt From Licensure Except A Personal Assistant Is Not Exempt From Licensure But Must Follow The Laws Pertaining To Personal Assistance A Personal Assistant May Give Out All Of The Information About A Listed Property Except A Personal Assistant May Not Disclose The Purchase Price On A Contract Real Estate Brokerage Includes All Of The Following Activities Except Acting As A Trustee If A Licensee Is Found In Violation Of License On Discipline Is Ordered The Licensee Can Appeal To Circuit Court In Order To Legally Sell Real Estate At Auction, To Licensees Must Be Present An Auctioneer And A Broker
If A Licensee Is Found To Be In Violation Of License Law Decommission Can Order All Of The Following Except Fine Of $2K Play Principal Broker Is Required By Law To Exercise Adequate Supervision Over Their Agents By Law If An Agent Is Asked To Complete The Sellers Disclosure Form The Agent Must Have There Must Be A Hold Harmless Clause If A Principal Broker Fails To Return An Agents License When Asked The Principal Broker It Is Improper To Fail To Return An Agents License When Asked If A Kentucky License He Wants To Promote An Out Of State Property In The State Of Kentucky He Or She Must Seek Permission From The Commission
The Duty Of Accounting Means That A Licensee Must Remit Money To The Rightful Owner A Builder Has Asked A Licensee To List A Newly Built Home. The Sellers Disclosure Form Is Required Unless The Sellers Disclosure Is Not Required If The Builder Provides A Warranty Listing Agent Should Present The Sellers Disclosure Form To The Seller When The Listing Is Signed The Information On The Sellers Disclosure Form Applies To That Sellers Ownership Of The Property Where's His Listing Contract All Contain A Clause Stating That The Listing Will Automatically Extend At The Expiration Of The Original Term. Wes's Contracts Are Illegal Because Contracts Must Have A Definite End Date Blank Is Possession Without Harassment Or Interference
Enjoyment The Terms Land, Real Estate And Real Property Are Synonymous False Blank Is The Ability To Legally Refuse Others Interest Exclusion After The Construction Of A Building In The Air Right Above A Rail Road Right Of Way The Trains Can Air Rights Do Not Interfere With The Use Of The Land An Individual Who Buys A Cooperative Receives Which Of The Following Proprietary Lease Mark Has Directed A Fence To Keep Trespassers From Hunting On His Property. Since Mark Owns The Land He Can Keep Others Off Under The Right Of Exclusion
