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Real Estate

Chapter 7 (TEST)

admin 2019.03.04 19:43 Views : 39410

1 of 10 - Which of the following elements is not necessary for a valid contract?
Offer and Acceptance
 
Accession
Legality of Object
Consideration
You answered correctly
2 of 10 - Olive Maccones dies without a will. She has three sons and seven grandchildren. She owned a substantial amount of property. What happens to the property?
The property escheats back to the state.
The property will be intestate and distributed by the state to the heirs.
 
The property will be transferred according to the Statute of Descent and Distribution.
Both A and C
You answered correctly
3 of 10 - Victoria decides not to lease the condo from Sanchez. (They have an oral agreement.) She tells him she has changed her mind the day before she had agreed to move in. He has spent time and money getting the property ready for Victoria and is thinking of suing. Which type of contract applies to the situation?
Valid
 
Unenforceable
Voidable
Void
You answered correctly
4 of 10 - Ginny, a licensee, uses a preprinted contract in Tim's purchase of a new loft apartment. There is a discrepancy in the contract between a preprinted clause and a handwritten addition. Which clause supersedes?
The preprinted clause always supersedes a handwritten clause.
 
The handwritten clause generally supersedes the preprinted clause.
The handwritten clause always supersedes a preprinted clause.
The grantor and grantee must resolve the contractual issues or the contract will be void.
You answered correctly
5 of 10 - The Ahmed family have signed a contract to buy the Miller family's home. However, the contract states the Ahmeds must first close on the sale of their current home within thirty days. If this closing does not occur, the contract is no longer binding for either party. Which contract term applies?
Novation
 
Option
 
Contingency
Assignment
You answered incorrectly
A term or condition in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding is called a contingency.
6 of 10 - Sania and her mother own property on a river. The water has carried part of their bank downstream to another property. They want their bank back and are prepared to have it returned. Which method of property transfer applies?
By Accession and through Accretion
 
By Accession and through Avulsion (It must be reclaimed within one year of the occurrence.)
 
By Accession and through Avulsion (It must be reclaimed within two years of the occurrence.)
By Succession and through Avulsion
You answered incorrectly
When part of a river bank is carried away and deposited on another part of the river bank, it has been transferred by avulsion. When the bank was deposited onto another property owner's property, it added property to existing real estate by accession. The owner of the part that was carried away may reclaim it within 1 year of the avulsion occurring.
7 of 10 - Which of the following is not a requirement of a will?
Legal age
Proper wording
 
Witnesses
 
Written in testator's handwriting
You answered incorrectly
A will's testator must be of legal age, sound mind, use property wording, be under no undue influence, must have witnesses, and must sign the will. The will does not need to be written in the testator's handwriting.
8 of 10 - Victoria, the lessee is negotiating to lease a condo from Sanchez, the lessor. They have agreed on the monthly lease payment, term of lease, security deposit, and so forth. Victoria plans to start moving in on the first day of next month. Which of the following applies to this situation?
 
Offer
 
Contract
Title
Executed
You answered incorrectly
Until both parties have signed the written agreement, it is a promise of one party to act in a specified manner provided the other party acts in the manner requested, and that promise is just an offer without the signatures.
9 of 10 - Jack is buying the Padillas' home. He makes his offer and in his terms states he wants all the window treatments, refrigerator, and microwave to be part of the sale. The Padillas accept his offer on the condition that the refrigerator is the only item that stays in the home. Which contract term applies?
Implied Agreement
Novation
 
Counteroffer
Option
You answered correctly
10 of 10 - Which of the following is not a method of involuntary alienation?
 
Tacking On
Escheat
Adverse Possession
 
Eminent Domain
You answered incorrectly
Escheat, eminent domain, and adverse possession are all methods of involuntary alienation, but tacking on is when two or more owners work together to claim adverse possession.

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