question
Who owns the land under a navigable river?
answer
The state
question
The "bundle of rights" refers to a set of rights
answer
enjoyed by the owner of a property.
question
Which of the following is a role of state government in land use regulation?
answer
Establishment of real estate license laws
question
How does the judicial system influence real estate ownership?
answer
By making decisions based on case law and common law.
question
The level of government that actually levies real estate taxes is the
answer
county and local.
question
The right to build a taller structure on top of an existing structure is an example of
answer
air rights.
question
The right to encumber a property means that the owner can
answer
use the property as collateral for debt.
question
What is the primary consequence if a property use violates a zoning ordinance?
answer
The title becomes unmarketable.
question
Real property can be converted into personal property through the process of
answer
severance.
question
Riparian rights concern which of the following bodies of water?
answer
Streams and rivers
question
"Real estate" includes such things as
answer
fences, sidewalks, and piers on a parcel of land.
question
Which of the following is a role of the federal government in real property rights?
answer
Establishment of broad standards of usage.
question
What are riparian rights concerned with?
answer
Properties adjacent to flowing bodies of water.
question
An "improvement" is
answer
a structure intended as a permanent attachment to land.
question
Which would NOT be considered real property?
answer
Trade fixtures
question
Which of the following is NOT part of the bundle of rights?
answer
To steal property.
question
A lease is an example of a(n)
answer
transfer of a portion of the bundle of rights.
question
If a tenant farmer's lease expired, but several months later he is able to go back and harvest the corn crop, the crops would be known as what?
answer
Emblements
question
What is a "fixture?"
answer
An item of personal property that has been converted to real property
question
Which of the following is included in surface rights?
answer
Surface water rights
question
What is the primary criterion for determining whether an item is real or personal property?
answer
Permanent (or otherwise) attachment to the land.
question
A property owner has the right to transfer water rights
answer
only if there are water rights attached to the property.
question
In a sale transaction, all fixtures are
answer
included in the sale unless named as exceptions.
question
All property in the United States is owned under the
answer
allodial system.
question
Which of the following is a simple definition of real estate?
answer
Real estate is that it is air, water, land, and everything affixed to the land.
question
A commercial tenant installed some ice cream coolers to sell ice cream. Which of the following statements best describes what happens to the coolers upon the expiration of the lease?
answer
The tenant would be able to take the coolers prior to the expiration of the lease since they were trade fixtures that were installed by the tenant.
question
The system of ownership that allows individuals to own property is called
answer
allodial.
question
What is characteristic of the allodial system of ownership?
answer
Individuals own land directly.
question
Even though it is attached to a structure, an item may be considered personal property rather than real property if
answer
the owner originally intended to remove it after a period of time.
question
The essential criterion for an acceptable legal description is that it
answer
accurately locates and identifies the parcel.
question
To make it easier to describe elevations, surveyors refer to standard elevation points called
answer
benchmarks
question
The legal description of a recorded plat is incomplete if it lacks
answer
the subdivision's location in a section and township.
question
What is a datum in a legal description?
answer
A standard elevation reference point
question
A parcel's street address is an insufficient legal description because
answer
it lacks permanence and sufficient data for a surveyor to locate it.
question
As a legal descriptor of land, a township area consists of
answer
thirty-six square miles.
question
A benchmark
answer
provides a reference for indicating elevation in a survey.
question
Which land description method divides tracts of land into subdivisions and blocks?
answer
The recorded plat method.
question
A check or quadrangle is defined by the intersection of pairs of
answer
guide meridians and standard parallels.
question
All of the following are accepted methods of legal description EXCEPT
answer
block and tackle.
question
A range is defined by
answer
two consecutive meridians.
question
A full legal description in a recorded plat must include
answer
the subdivision's location within a section, a township, a county, and a state.
question
How far apart are common parallels?
answer
Six miles
question
All of the following are elements in the recorded plat system of description EXCEPT
answer
point of beginning.
question
The critical characteristic of a metes and bounds description is that
answer
it describes the complete, closed perimeter of the parcel's boundaries.
question
The fundamental components of the metes and bounds system are
answer
reference points, angles, and distances.
question
Which of the following areas in the Rectangular Survey System run north and south?
answer
Range
question
What method of legal description was the first one used in America?
answer
Metes and bounds system
question
What is a guide meridian?
answer
A meridian every 24 miles east or west of a principal meridian to correct for the curvature of the earth
question
"Beginning at the SE corner of the intersection of Olive & 270, thence south 350 feet, thence west 350 feet, thence north 440 feet, thence east 460 feet." Is this a good metes and bounds description?
answer
No, because it does not start and end at the point of beginning.
question
How many sections are there in a township, and what are their dimensions?
answer
Thirty-six sections of one mile in length.
question
A legal rectangular survey system description is not suitable if the property
answer
is irregular in shape
question
Once the life tenant dies, the life estate portion reverts back to whom?
answer
Grantor
question
Bill and Bob share ownership of a real property, but neither owns a physical portion of the property. The kind of interest they each own is an
answer
Undivided interest
question
To own an interest in real estate, a person must own
answer
any combination of the bundle of rights.
question
What is the difference between a fee simple determinable estate and a fee simple condition subsequent estate?
answer
Reversion of ownership is automatic in the determinable estate.
question
Which is NOT one of the four main types of leasehold estate?
answer
Estate in holding
question
An interest in real estate that does not include the right to possess is considered
answer
an encumbrance.
question
An estate from period-to-period will continue as long as
answer
the tenant makes, and landlord accepts, regular rent payments.
question
A life estate is classified as which of the following?
answer
A freehold estate
question
Two people own a house, each having an undivided equal interest. Which of the following best describes what they own?
answer
Each owns fifty percent of the estate represented by the real property, but no physical portion of the real property.
question
In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant?
answer
Fee simple defeasible
question
What are the two types of fee simple estate?
answer
absolute and defeasible
question
Encumbrances are examples of
answer
private interests
question
An interest in real estate that includes the right to possess is considered
answer
an estate in land.
question
If an estate includes the complete bundle of rights and unlimited duration of tenancy, it is a
answer
fee simple estate.
question
If a party has an interest in real estate that includes the right of possession, the party owns
answer
an estate in land.
question
If the duration of an owner's rights in an estate cannot be determined, the owner possesses
answer
a freehold estate.
question
If a tenant occupies a leased property without the consent of the landlord after a lease expires, the type of estate that results is called
answer
an estate at sufferance.
question
The distinguishing feature of a leasehold estate is
answer
duration limited by a lease term.
question
The right to zone land and the right to acquire ownership of land by eminent domain are both examples of
answer
a public interest.
question
Which of the following rights is conveyed with a leasehold estate?
answer
The right to possess and use the premises.
question
An estate at will
answer
terminates on the death of lessor or lessee.
question
Ownership of which of the following is used to define an "interest in real estate?"
answer
The bundle of rights
question
Unlike a determinable estate, the grantor of a condition subsequent estate
answer
may repossess the property within a limited time frame if restrictions are violated.
question
Why is a fee simple estate called the highest form of ownership interest?
answer
It includes the complete bundle of rights with virtually unlimited duration.
question
Which of the following is a freehold tenant?
answer
The owner of a freehold estate.
question
Which of the following is NOT an example of an interest in real estate?
answer
A real estate agent's right to advertise a property for sale.
question
What is "escheat?"
answer
The process by which ownership of real estate reverts to the state when there are no legal owners.
question
The grantor of a life estate names a third party to receive the title when the life tenant dies. What will the third party hold?
answer
A remainder estate.
question
A kind of trust that can only be used with real property is the
answer
land trust
question
The two documents that create a condominium are the
answer
declaration and master deed.
question
If a joint tenant sells his or her interest to an outside party,
answer
the new owner is a tenant in common.
question
Who creates the cooperative association that buys a cooperative property?
answer
The developer
question
In a time-share freehold, owners acquire
answer
undivided interests as tenants in common.
question
Ownership of real estate by a single party is called
answer
tenancy in severalty.
question
When an estate is held in a trust, who holds legal title?
answer
The trustee
question
When real property is held in a land trust, who controls the trustee?
answer
The beneficiary
question
How does a condominium association cover regular maintenance costs?
answer
Monthly assessment
question
In contrast to a tenancy in common, in a joint tenancy
answer
there is a single title to the property.
question
Which best describes ownership in severalty?
answer
Ownership of a property by one person
question
In a condominium ownership, who owns the individual condo units?
answer
Individual owners
question
The owner of a condominium unit is responsible for maintaining
answer
the internal systems of the unit.
question
Two individuals can own a house as tenants by the entireties if
answer
they are married.
question
In a cooperative, real property is owned only by
answer
the corporate entity of the cooperative association.
question
When does a testamentary trust take effect?
answer
On the death of the grantor.
question
Testamentary trusts are distinct from other kinds of trust in that
answer
they begin and end at specified times.
question
The owner of a unit within a cooperative actually owns
answer
shares in a corporation or association and a proprietary lease in a physical unit.
question
What are the two types of property addressed in community property laws?
answer
Separate property and community property.
question
A condominium owner can
answer
sell or mortgage the condominium unit without hindrance from individual owners of neighboring units.
question
A condominium owner actually owns
answer
a fee simple interest in an airspace and tenancy in common interest in a share of common elements.
question
A tenant in common can
answer
sell, encumber or transfer his or her interest to an outside party without the consent of the other tenants in common.
question
A trust established for the benefit of a third party, but only for the lifetime of the grantor, is called a
answer
living trust.
question
Larry, Moe and Curly own an investment property as tenants in common. Because of a recent business disagreement, Curly wants to divest himself of the property. If the three owners cannot mutually agree on a plan to settle the matter, Curly may seek an equitable distribution of the property by filing what?
answer
Partition suit
question
A condominium owner's assessments for maintenance and operation are based on
answer
the unit's pro rata share of the property value as defined in the declaration.
question
When real property is held in a land trust, who controls the property?
answer
The beneficiary
question
The party who holds title to real estate placed in a living trust is
answer
the trustee.
question
When a tenant in common dies, what happens to the tenant's interest in the estate?
answer
It passes by probate to the deceased tenant's heirs.
question
How many owners can there be in a tenancy in severalty?
answer
One
question
Which type of property ownership issues stock?
answer
cooperative
question
If several residents of a cooperative apartment building default on their rent, causing the foreclosure proceedings against the cooperative, which of the following would be TRUE?
answer
The corporation owning the property would be dissolved and all of the residents could lose their interest in the cooperative.
question
Which of the following is TRUE of a joint tenancy?
answer
The tenants have an equal and indivisible ownership interest.
question
A lien holder can change the priority of a junior lien by agreeing to
answer
subordinate the lien.
question
Oak Hill subdivision only allows homes over 2,000 sq ft to be built. What is this an example of?
answer
Deed restriction
question
In which kind of easement is there a dominant tenement and a servient tenement?
answer
An easement appurtenant
question
A lien is a
answer
creditor's claim against property as security for a debt of the property owner.
question
A real estate tax lien, a federal income tax lien, a judgment lien, and a mortgage lien are recorded against a property. Which lien will be paid first when the property is sold?
answer
Real estate tax lien
question
A foreclosure finds a homeowner with the following liens: a first mortgage dated five years earlier; a second mortgage dated two years earlier; an unpaid real estate tax bill for the current year; and a mechanic's lien for work performed five years earlier. Which of these liens will be paid off first?
answer
Property tax lien
question
One difference between a condition and a covenant is that
answer
a condition can be created only when there is a transfer of ownership.
question
The lienee in a lien is the
answer
owner of the property that is subject to the lien.
question
A film company wants to rent a farm from the farm owner for a two-week film shoot. What type of agreement should be used?
answer
License
question
If the owner of property A has a court-ordered easement to drive across property B because it is the only way for A to have access to a public road, the easement is a(n)
answer
easement by necessity.
question
Property A and property B share a common wall along the property boundary. To ensure that neither owner destroys the wall, the owners of A and B should create
answer
a party wall easement.
question
Special assessment tax liens
answer
take priority over mechanic's liens.
question
An encumbrance is most broadly defined as
answer
another's interest in a real property that limits the interests of the freehold property owner.
question
An encroachment is
answer
an unauthorized physical intrusion of one property into another.
question
Deed restrictions generally concern
answer
how a property may be used and what structures may be built on it.
question
What is a lien?
answer
A creditor's claim
question
A homeowner wants to give a neighbor seasonal permission to cross her yard to reach a public basketball court. What kind of lien or encumbrance should she use?
answer
License
question
A court might grant an easement by prescription if
answer
an intruder has been using an owner's property for a certain period with the owner's knowledge but without permission.
question
Other than its categorization as inferior or superior, a lien's priority is generally determined by the
answer
date of recordation.
question
An improvement which crosses over the property line without permission is called a(n)
answer
encroachment.
question
Which of the following is NOT a legal property of liens?
answer
Can only exist one at a time against the same property.
question
Which of the following is true of easements in general?
answer
They involve the property that contains the easement and a non-owning party.
question
Which of the following tax liens is a junior lien?
answer
Income tax lien
question
What kind of interest does a lienor usually have in the liened property?
answer
An equitable interest, except a mortgage lienor in a title-theory state
question
Which of the following is an example of a voluntary lien?
answer
Mortgage lien
question
If an owner of real property dies without leaving a will and with no legal heirs, what will generally happen to the property?
answer
It will revert to the state or county by escheat.
question
A person who dies without a will is said to be
answer
intestate
question
In general terms, a person who possesses the complete bundle of rights to a property owns
answer
legal title.
question
Which is NOT one of the four main forms of evidence an owner can use to show marketable title to a buyer?
answer
Broker's certificate.
question
All of the following are ways for involuntary alienation to occur EXCEPT
answer
private grant.
question
Of the following types of deeds, which provides the grantee with the best assurance of title?
answer
General warranty
question
What document shows legal alienation of a property?
answer
Deed
question
If two parties claim severalty ownership of the same property, a court will generally decide in favor of the person who has
answer
a combination of actual and constructive notice evidence of real property ownership.
question
A standard owner's title insurance policy generally protects
answer
the owner against liabilities and losses resulting from title defects.
question
A lender's title insurance policy generally protects
answer
the lender against the possibility that the lender's lien cannot be enforced.
question
What are the two forms of owner's title insurance?
answer
Standard and Extended
question
What is "color of title?"
answer
Defective title, or title received by defective means
question
The owner of a property creates a deed, leaving the name of the grantee blank, and puts it in a drawer, where it is forgotten for several years. One day, a visitor finds the deed, fills in his name as grantee, and attempts to record it. However, the owner will probably have no trouble disputing the validity of the deed because
answer
there was no intent to deliver it, and no consideration was given.
question
Which record would show you who owned a property back in 1940?
answer
Chain of Title
question
A municipality wants to build a water treatment facility, and requires some privately owned land to do so. What procedure enables the municipality to buy the property, even against the owner's wishes?
answer
Eminent domain
question
The type of deed that offers the grantee the fullest protection against claims to the title is the
answer
general warranty deed.
question
The court proceeding that generally settles a decedent's estate is called
answer
probate.
question
Which of the following is the distinguishing characteristic of a special warranty deed?
answer
It makes warranties only for the time the property was owned by the grantor.
question
Title to a certain real property is being held in a trust as collateral for a loan. What kind of deed will the trustee use to convey the title to the borrower when the loan terms are satisfied?
answer
Reconveyance deed
question
The question of who owns title to a property is generally a function of
answer
who has the best evidence of ownership.
question
Which of the following circumstances is likely to render a will invalid?
answer
The will is unsigned.
question
Which document would note a lien on the title?
answer
abstract
question
What is a documentary stamp tax?
answer
A transfer tax based on the price of the property being conveyed
question
James created his own will by writing it out on legal pad. What kind of will is this?
answer
Holographic
question
A property may escheat to the state or county if
answer
it is abandoned for a period prescribed by law.
question
The property transferred by a will is called the
answer
devise
question
One of the conditions an adverse possessor must meet in order to obtain legal title to a property is
answer
openly possessing and claiming the property without the owner's consent.
question
Which of the following best describes constructive notice?
answer
It is knowledge one could have or should have obtained.
question
In the Torrens System of recording,
answer
title passes when the conveyance is registered on the title certificate.
question
Which is NOT one of the three channels of probate deliberation?
answer
Interstate proceeding.
question
What is a will?
answer
A legal instrument for the voluntary transfer of real estate after death.
question
What action must the lender take when a notice of reinstatement occurs?
answer
The lender must dismiss the suit and continue the mortgage.
question
Ronald defaulted on his home mortgage payments. The lender obtained a court order to foreclose on the property. At the foreclosure sale, Ronald's house sold for $29,000 and the unpaid balance of his loan is $40,000. What must the lender do to recover the $11,000 Ronald still owes?
answer
Seek a deficiency judgment.
question
Which of the following is NOT one of the means of enforcing a lien against real estate?
answer
Direct takeover
question
What is a short sale?
answer
A borrower sells the mortgaged property for less than what is owed on the loan balance.
question
If a property sold at a court foreclosure does not sell for an amount sufficient to satisfy the outstanding mortgage loan debt, the mortgagee may sue for
answer
a deficiency judgment.
question
In what type of foreclosure is the lender required to file suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property?
answer
Strict
question
The completion of a foreclosure sale would terminate which of the following?
answer
Equitable redemption rights
question
The first item to be paid out of foreclosure funds is
answer
the costs of Sale - advertising, attorney fees, trustee fees, etc.
question
A strict foreclosure begins with
answer
proper notice to the delinquent borrower.
question
Which type of foreclosure involves a court-ordered transfer of the mortgaged property to the lender?
answer
Strict
question
When a lender is required to foreclose on a deed of trust, the lender does not have to go through the courts to foreclose if the deed of trust contains a power of sale clause. This kind of foreclosure is known as
answer
non-Judicial foreclosure.
question
Which of the following statements best defines equitable right of redemption?
answer
The legal right of a borrower to redeem property between the time of default and the foreclosure sale.
question
Which statement about a deed in lieu of foreclosure is TRUE?
answer
It avoids public notice of the foreclosure.
question
Which of the following statements best defines Statutory Right of Redemption?
answer
The right of a defaulted property owner to recover the property after the sale.
question
In what type of foreclosure does a lender give a borrower a notice of default in a form prescribed by the state?
answer
Non-judicial foreclosure
question
The period of delinquency allowed before a lender begins foreclosure proceedings is determined by
answer
the lender
question
Foreclosure is
answer
a proceeding to enforce a lien by forcing sale or transfer of a secured property.
question
Which of the following situations is most likely to represent an illegal nonconforming use?
answer
A homeowner in a residential zone converts her residence to offices.
question
As evidence that building inspectors have found that a structure complies with building codes and is ready for use, the municipality or county issues a(n)
answer
certificate of occupancy.
question
Private land use controls are primarily implemented by
answer
deed restrictions.
question
Why are volatile organic compounds (VOCs) considered an environmental hazard?
answer
They emit toxic fumes.
question
The basic intent of zoning ordinances is to
answer
specify usage for every parcel within the zoning authority's jurisdiction
question
What is the relationship between master planning and zoning ordinances?
answer
Zoning ordinances are a primary means of keeping land use in line with the master plan.
question
How does Planned Unit Development zoning differ from ordinary zoning?
answer
It requires that multiple tracts of land be developed according to a single design for efficient use of space.
question
Which of the following is guaranteed by the U.S. Constitution?
answer
The individual right to own real estate.
question
In what year was the use of lead in paint banned?
answer
1978
question
Why do zoning authorities create different types of zones?
answer
To separate different types of uses so that they do not interfere with each other.
question
Which of the following is TRUE of a successful eminent domain proceeding?
answer
It extinguishes leases, liens, and other encumbrances on the property taken.
question
Who is usually responsible for site plans, subdivision plans, building permits, and ruling on zoning issues?
answer
The planning commission
question
How are private usage restrictions such as declaration restrictions enforced?
answer
By injunction
question
To obtain a change of the zoning for a particular property, for example, from residential to commercial, a property owner would ask the zoning board for a(n)
answer
amendment
question
What is unregulated property use likely to jeopardize?
answer
The value of properties within an area.
question
Which of the following is NOT normally a basic land use consideration of master planners?
answer
Building codes and code enforcement
question
Leakage of underground storage tanks is a source of
answer
water and soil pollution.
question
The overall guideline for creating and enforcing zones, building codes, and development requirements is the
answer
master plan.
question
Under the Superfund Act (CERCLA) and Superfund Amendment and Reauthorization Act of 1986, who can be held liable for environmental violations?
answer
The current and previous owners of a property.
question
One limitation on deed restrictions is that they may not
answer
restrict ownership on the basis of race or religion.
question
Which of the following statements about restrictive covenants is TRUE?
answer
They take priority over less restrictive zoning ordinances.
question
Private land use control is primarily exerted by
answer
the owner of the controlled property via deed restrictions.
question
As part of the assessment process, taxing entities sometimes use an equalization process to
answer
smooth out wide discrepancies of assessed values within the district.
question
Which of the following can levy real estate property taxes?
answer
A tax district.
question
Which of the following does NOT receive revenues from property taxes?
answer
Private enterprises
question
What does a tax certificate do?
answer
Entitles its holder to apply for a tax deed after a certain period.
question
Where does a property owner file an assessment complaint?
answer
With either the assessor or the board of assessment review.
question
What are ad valorem taxes based on?
answer
the assessed value of property
question
What option is available to a homeowner who receives a tax bill that he or she feels is too high?
answer
File a complaint with the local board of assessment review.
question
To qualify for a homestead exemption, a property owner generally must
answer
reside on the property.
question
What is a tax levy?
answer
The amount of money the municipality must raise through the property tax.
question
A taxpayer may redeem a foreclosed property after a tax sale if there is
answer
a statutory right of redemption.
question
A special assessment creates a voluntary tax lien if
answer
the affected property owners have requested the improvement.
question
Certain classes of property owner and types of property are exempted or immune from real property taxation in many areas. The protected categories usually include
answer
properties owned by a government agency.
question
In calculating the tax base of an area,
answer
exemptions are subtracted from assessed values.
question
A tax rate of 4% might be expressed in any of the following ways EXCEPT
answer
4 mills
question
Which of the following is a benefit to the local taxing authorities to taxing property?
answer
Property tax revenue is predictable.
question
Who has the burden of proof for an assessment change when a homeowner appeals an assessment?
answer
The homeowner
question
What is an ad valorem tax levy?
answer
The part of a taxing body's budgeted expenses that must come from real property taxes
question
A homeowner's property tax bill is derived by
answer
multiplying each district's tax rate by the assessed value of the owner's property.
question
A homeowner's property tax bill is derived by
answer
...
question
Tax rate is calculated based on
answer
the local tax requirements and the tax base.
question
What is forfeiture?
answer
The party suffering the breach seizing property from the breaching party.
question
A bilateral contract is one in which
answer
both parties promise to do something in exchange for the other party's performance
question
All of the following will terminate a contract EXCEPT
answer
assignment of the contract.
question
A buyer makes an offer with a 48-hour expiration time. 12 hours later, she changes her mind and informs the seller that the offer is withdrawn? What is the status of the offer?
answer
The offer is extinguished along with the seller's right to accept it.
question
A person sells a summer cottage appraised at $100,000 to a stranger for $50,000. The seller's family wants to challenge the validity of the sale contract. The most apparent weakness of the contract that they might be able to attack is the
answer
insufficiency of the consideration exchanged for the property.
question
An unconscionable contract is one that
answer
takes unfair advantage of the party with weaker bargaining power.
question
An implied contract may be deemed to exist if
answer
the parties act as if there is a contract.
question
Oral contracts are
answer
sometimes valid, but possibly unenforceable.
question
The necessary condition of mutual consent may be found lacking in a contract if
answer
the offer that was accepted is vague.
question
Once a transaction closes, a contract is said to be
answer
executed
question
Which of the following statements about contract revocation is TRUE?
answer
It may not relieve the revoking party of contract obligations.
question
What is the statute of limitations?
answer
A set period of time during which an injured party can rescind a contract
question
Can an oral contract between a buyer and a seller to transfer real estate be enforced?
answer
No, real estate sales contracts must be in writing.
question
Which of the following contracts can be assigned to another party?
answer
A contract for the sale of a house
question
Which of the following statements about who may prepare contracts is TRUE?
answer
Real estate agents may not complete leases, mortgages, contracts for deed, or promissory notes to which they are not a party.
question
A homeseller signs a listing agreement with a broker and the next week decides not to sell and revokes the listing. Which of the following is true?
answer
The broker may have a claim for damages.
question
In which circumstances would a buyer most likely sue for specific performance?
answer
The seller backed out of the original sales contract.
question
Which is NOT one of the three factors needed for the capacity to contract?
answer
Being currently employed.
question
Al offered seller Tim $60,000 for a parcel of land but Tim never responded to Al's offer. Two weeks later Tim sold the land for $58,000 to an out-of-state buyer. Neighbor Al has sued for breach of contract. What can be said about Al's actions?
answer
There is no contract unless both parties have an agreement.
question
A buyer submits an offer to a seller and then dies in a car accident. Before learning of the buyer's death, the seller accepts the offer. Which of the following is true?
answer
The buyer's death terminated the offer.
question
Parties can agree to replace a cancelled contract with another contract by the process of
answer
novation.
question
The valuable consideration necessary to make a contract valid must be
answer
something specifically offered in exchange for something else.
question
Which of the following is an executory contract?
answer
A sale contract before closing
question
What amount of heat energy is needed to raise the temperature of one pound of water by one degree F?
answer
A British Thermal Unit
question
Which of these types of wire would probably not be found in a residence?
answer
Steel wire
question
Real estate licensees should know enough about building ordinances to be able to
answer
alert clients of potential problems in a home.
question
Walls that support the ceiling and the roof are called
answer
bearing walls
question
Which of the following is NOT part of a septic system?
answer
Floating slab
question
To ensure that a proposed construction project will not have a negative impact on the environment, developers may be required to
answer
file an environmental impact statement.
question
What is the National Electric Code?
answer
A national standard for the safe installation of electrical wiring and equipment voluntarily adopted by many states and municipalities.
question
Construction standards for the provision of building accessibility for elderly and disabled persons are mandated by the federal
answer
Americans with Disabilities Act.
question
In _____________ construction, exterior wall studs continue through the first and second stories. First floor joists and exterior wall studs both bear on the anchored sill.
answer
balloon-frame
question
Ventilation air is the air used for providing
answer
acceptable indoor air quality.
question
What type of insulation is used for work on flat roofs, on basement walls, as perimeter insulation at concrete slab edges, and in cathedral ceilings?
answer
Rigid board insulation
question
In wood framing, what are the members called that frame the structure?
answer
Studs
question
A _________ is a protective device containing a wire that melts and breaks the circuit when the current exceeds a certain value.
answer
fuse
question
How is amperage calculated?
answer
watts or kilowatts
question
Which of the following is NOT an aspect of a house's construction that a competent real estate agent is expected to know about?
answer
Location of underground wires
question
Which foundation is a flat concrete pad poured directly on the ground?
answer
Slab-on-grade
question
What does the R-factor measure?
answer
How much insulation a material provides.
question
Which type of pipe is typically found in drainage systems?
answer
Cast iron
question
The Minimum Property Standards is
answer
a set of HUD regulations for buildings constructed under HUD housing programs.
question
What kind of refrigerant is used for cooling in air conditioners?
answer
Freon
question
The part of the foundation that transmits loads directly to the soil is called
answer
the footing.
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