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160 Cards in this Set

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Which of the following would be considered to be a dual agency?

a. The broker acting for both the buyer and the seller in the same transaction.
b. Brokers cooperating with each other.
c. The broker representing different principals.
d. The broker listing and selling the same property.
a. The broker acting for both the buyer and the seller in the same transaction.
The relationship of a broker to his or her client is that of a? (n)

a. trustee.
b. subagent.
c. fiduciary.
d. attorney in fact.
c. fiduciary.
A real estate broker acting as the agent of the seller...

a. is obligated to render faithful service to the principal.
b. can disclose the seller's minimum price.
c. should present to the seller only the highest offer for the property.
d. can accept an offer on behalf of the seller.
a. is obligated to render faithful service to the principal.
A broker is permitted to represent both the seller and the buyer in the same transaction when...

a. the principals are not aware of such action.
b. the broker is a subagent rather than the agent of the seller.
c. commissions are collected from both parties.
d. both parties have been informed and agree to the dual representation.
d. both parties have been informed and agree to the dual representation.
Which of the follolwing best defines the "Law of agency"?

a. The selling of another's property by an authorized agency.
b. The rules of law that apply to the responsibilities of a person who acts for another.
c. The principles that govern one's conduct in business.
d. The rules and regulations of the stat's licensing agency.
b. The rules of law that apply to the responsibilities of a person who acts for another.
A broker who is the agent of the buyer should do which of the following?

a. disclose to the seller that the buyer is a monority person.
b. disclose to the seller that maximum price ther buyer is willing to pay.
c. Present to the seller only offers that are acceptable.
d. Advise the buyer if the listing price of the seller's house is unrealistic.
d. Advise the buyher if the listing price of the seller's house is unrealistic.
Which of the following would not need to be licensed when acting for another person in the sale or lease of real estate?

a. One who is prsonally representing a dealer in real estate.
b. Anyone acting under a power of atorney.
c. A relative of the party.
d. A next door neighbor.
b. Anyone acting under a power of attorney.
Real property can become personal property by?

a. severance.
b. purchase.
c. hypothecation.
d. attachment.
a. severance.
Certain items on the premsises that are installed by the tenant and are related to the tenant's business are called?

a. fixtures.
b. emblements.
c. trade fixtures.
d. easements
c. trade fixtures.
Which of the following is not described as personal property?

a. Chattels.
c. Trade fixtures.
c. Emblements.
d. Fixtures.
d. Fixtures.
Fixtures are?

a. real property.
b. chattels.
c. removable by a tenant before the expiration of the lease.
d. removable by a tenant after the experiation of the lease.
a. real property.
The amount of commission due to a sales person is determined by?

a. state law.
b. the local real estate board.
c. mutual agreement.
d. court decree.
c. mutual agreement.
A sales person may advertise a property for sale only if he or she

a. personally listed the property.
b. uses the employing broker's name in the advertisement.
c. personally pays for the advertisement.
d. is a meber of the local real estate board.
b. uses the employing broker's name in the advertisement.
A licensed sales person may receive compensation or commission from

a. only the employing broker.
b. from the principal.
c. from any broker.
d. from a landlord.
a. only the employing broker.
Which of the following is not a reason a listing agreement may be terminated?

a. sale of the property.
b. death of the salesperson.
c. agreement of the parties.
d. destruction of the premises.
b. death of a sales person.
Fixtures are?

a. real property.
b. chattels.
c. removable by a tenant before the expiration of the lease.
d. removable by a tenant after the experiation of the lease.
a. real property.
The amount of commission due to a sales person is determined by?

a. state law.
b. the local real estate board.
c. mutual agreement.
d. court decree.
c. mutual agreement.
A sales person may advertise a property for sale only if he or she

a. personally listed the property.
b. uses the employing broker's name in the advertisement.
c. personally pays for the advertisement.
d. is a meber of the local real estate board.
b. uses the employing broker's name in the advertisement.
A licensed sales person may receive compensation or commission from

a. only the employing broker.
b. from the principal.
c. from any broker.
d. from a landlord.
a. only the employing broker.
Which of the following is not a reason a listing agreement may be terminated?

a. sale of the property.
b. death of the salesperson.
c. agreement of the parties.
d. destruction of the premises.
b. death of a sales person.
By executing a listing agreement with a seller, a real estate broker has become?

a. a procuring cause.
b. obligated to open a special trust account.
c. an agent of the seller.
d. responsible for sharing commissions.
c. an agent of the seller.
Broker W took a listing on a property and shortly thereafter discoverd that her client had been previously declared incompetent by the court. The listing now is...

a. binding as the broker was acting in good faith.
b. still valid.
c. the basis for commission of the broker priduces a buyer.
d. void
d. void
The type of listing agreement that provides for the payment of a commission to the broker is called a (n)

a. exclusive-right-to-sell listing.
b. open listing.
c. exclusinve-agency listing.
d. option listing.
a. exclusinve-right-to-sell listing.
Under which of the following listing agreements can the owner of listed property sell the property on his or her own without having to pay the listing broker a commission?

a. exlusive-right-to-sell listing.
b. exclusive-agency listing.
c. open listing.
d. both exclusive-agency listing and open listing.
d. both exclusive-agency listing and open listing.
A statutory right that a family has in its residence is called?

a. entirety.
b. survivorship.
c. curtesy.
d. homestead.
d. homestead
A person who has complete control over a parcel of real estate is said to own a ?

a. leasehold estate.
b. fee simple estate.
c. life estate.
d. defeasible fee estate.
b. fee simple estate.
Wich of the following has an indefinite duration?

a. freehold estate
b. less-then-freehold estate.
c. estate for years.
d. license.
a. freehold estate.
A life estate conveys to the life tenant.

a. a leasehold for life.
b. a reversionary interest.
c. a legal life estate.
d. ownership for life.
d. ownership for life.
The most all-insclusive type of real property ownership is a ?

a. fee simple estate.
b. life estate.
c. conditional fee estate.
d. reversionary interest.
a. fee simple estate.
The rights of the owner of property located along the banks of a river ared called?

a. littoral rights.
b. prior appropriation rights.
c. riparian rights.
d. hereditaments.
c. riparian rights.
A person who acquired ownership that can he inhereited, with the provision that the land must always be used for recreational purposes, has which of the follwoing?

a. a fee simple estate.
b. a conditional fee estate
c. a restricted estate.
d. an estate that cannot be sold.
b. a conditional fee estate.
F has the legal right to occupy and use a certain residential structure. Which of the following does not describe F's interest?

a. fee simple
b. remainder.
c. leasehold.
c. life estate.
b. remainder
Which of the follwing would be considered community property?

a. a gift of property to the wife during the marriage.
b. income earned by one spouse during the marriage.
c. property inherited by the husband during the marriage.
d. income earned by either party prior to the marriage.
b. income earned by one spouse during the marriage.
E lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, E owns stock in the corporation and has a lease to his apartment. This type of ownership is called a?

a. condominum.
b. planned unit development.
c. time-share.
d. cooperative.
d. cooperative.
An ownership interest that is based on annual occupancy intervals is the ?

a. leasehold.
b. time-share.
c. condoninum.
d. cooperative.
b. time-share.
In a gift of parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivided 40 percent interest. The two owners hold their interests as?

a. cooperative owners.
b. joint tenants.
c. community property owners.
d. tenants in common.
d. tenants in common.
To create a joint tenancy relationship in the ownership of real estate, ther must be unities of?

a. grantees, ownership, claim of right, and possssion.
b. title, interest, encumbrance, and survivorship.
c. possession, time, interest, and title.
d. ownership, possession, heirs, and title.
c. possession, time, interest, and title.
A person who owns one unit in a multi-unit structure together with a specified individed interest in the common elemnets would own a ?

a. cooperative.
b. share in a real estate invenstment trust.
c. condominum.
d. time-share interest.
c. condominum.
Separate property owned by a married person in a community property state must be.

a. incorporated into the community property
b. kept totally separate from the community property.
c. designed so that it eventually becomes cummunity property.
d. established prior to, not during , the marriage.
b. kept totally separate from the community property.
A property held as tenancy by the entirety requires which of the following?

a. the co-tenants must be husband and wife.
b. the property in question must be Torrens property.
c. upon the death of a co- tenant, the decedent's interest passes to his or her heirs.
d. In the event of a dispute the proeprty must be partitioned.
a. the co-tenants must be husband and wife.
Wich of the following in not an element of a joint tenancy with right of survivorship?

a. it is created only when unities are present.
b. it cannot be created by operations of law.
c. each joint tenant may pass on his or her interest to the heirs.
d. the land may be the subject of a suit to partition.
c. each joint tenant may pass on his or her interest to the heirs.
Under the condominum form of ownership, the owner's interest in the unit would normally be.

a. a life estate.
b. a fee simple estate.
c. a reversionary estate.
d. a proprietary leasehold.
b. a fee simple estate.
A and B are joint tenants. B sells his interst to C. What is the relationship of A and C.

a. They are joint tenants.
B. they are tenants in commom.
c. there is no relationship because B cannot sell to C.
d. A owns a 2/3 interest and C owns a 1/3 interest.
b. they are tenants in common.
Acquisition of real estate by a group that includes one or more sponsors (promoters) and several investors is called a ?

a. subdivision.
b. time share.
c. syndication.
group investment.
c. syndication.
A person purchases a fee simple estate and has an undivided interest in common elemnets. What does this person own?

a. a tenancy in common.
b. a cooperative.
c. a condominum.
d. a tenancy by the entireties.
a condominum
A void contract is one that is?

a. not in writing.
b. not legally enforceable.
c. rescindable by agreement.
d. voidable by only one of the parties.
b. not legally enforceable.
The essential elements of a contract include all of the following except.

a. offer and acceptance.
b. notarized signatures.
c. competent parties.
d. consideration.
b. notarized signatures.
If, upon the receipt of an offer to purshase his property under certain conditions, the seller makes a counter offer, the propspective buyer is ?

a. bound by his original offer.
b. bound to acccept the counter offer.
c. bound by wichever offer is lower.
d. relieved of his original offer.
d. relieved of his original offer.
The amount of earnest money deposit is determined by ?

a. the real estate licensing statutes.
b. an agreement between the parties.
c. acknowledgment by a notary.
d. legal description.
a. an agreement between the parties.
Every real estate contract must have a (n)

a. grantor and a grantee.
b. offer and acceptance.
c. acknowledgment by a notary.
d. legal description.
b. offer and acceptance.
A bilateral contract is one in which.

a. only one of the parties is obligated to act.
b. the promise of one party is given in exchange for the promise of the other party.
c. something is to be done by one party only.
d. a restriction is placed in the contract by one party to limit the performance. by the other.
b. the promise of one party is given in exchange for the promise of the other party.
The law that requires real estate contracts to be in writing to be enforceable is the

a. law of descent and distribution.
b. statute of frauds.
c. parole evidence rule.
d. statute of limitations.
b. statute of frauds.
If an owner takes his property off the market for a definite period of time in exchange for some consideration, but he grants the right to purchase the property within that period for a stated price, this is called a (n)

a. option.
b. contract of sale.
c. right of first refusal.
d. installment agreement.
a. option
An offeree has the right to

a. reject an offer.
b. revoke an offer.
c. rescind an offer.
d. release an offer.
a. reject an offer.
A contract agreed to under duress is

a. voidable.
b. breached.
c. discharded.
d. void.
a. voidable.
The title to real estate pssses when a valid deed is

a. signed and recorded.
b. delivered and accepted.
c. filed and microfilmed.
d. executed and mailed.
b. delivered and accepted.
the primary purpose of a deed is to

a. prove ownership.
b. transer title rights.
c. give constructive notice.
d. prevent adverse possession.
a. transfer title rights.
Which of the follwoing is not required for a deed to be valid?

a. date.
b. legal description
c. name of the grantee
d. signature of the grantee
d. signature of the grantee
In wich of the following situations would a quitclaim deed be the most appropriate type of deed to use?

a. to convey a marketable title.
b. to release a nominal real estate interest.
c. to remove a cloud on title.
c. to warrant that a title is valid.
a. to remove a cloud on title.
A deed must be signed by the

a. grantor.
b. grantee.
c. grantor and grantee.
d. grantee and two witnesses.
a. grantor.
Which of the following is true regarding a special warranty deed?

a. the grantor is making additional warranties beyond those given in a warranty deed.
b. the grantor retains an interest in the ownership.
c. the grantor is warranting that no encumbrances exist against the property.
d. the grantor's warranties are limited to the time the grantor owned the property.
d. the grantor's warranties are limited to the time the grantor owned the property.
Which of the following is an example of involuntary alienation?

a. selling a property to pay off debts.
b. giving a piece of land to the zoo.
c. having a piece of land sold for delinquent taxes.
d. letting another person plant crops on an inused portion of a piece of land.
c. having a piece of land sold for delinquent taxes.
The clause in the deed that conveys the rights and privileges of ownership is called the

a. habendum clause.
b. appurtenance clause.
c. granting clause.
d. acknowledgment.
c. granting clause.
Which of the following deeds can be executed without subjecting the grantor to legal warranties?

a. quitclaim
b. bargain and sale
c. trust
d. trustee's deed.
a. quitclaim
The deed states that the grantor is conveying all rights and interest of the grantor to have and to hold by the grantee. This is the.

a. acknowledgment clause.
b. restriciton clause.
c. covenant of seizen.
d. habendum clause.
d. hebendum clause.
Which of the following is acceptable as the evidence of marketable title?

a. a trust deed.
b. a warranty deed.
c. a title insurance policy
d. an affidavit.
c. a title insurance policy.
An abstract of title does not provide evidence of title unless it is accompanied by a

a. copy of the title insurance policy.
b. letter of insurance policy.
b. letter of insurance coverage.
d. legal opinion of title.
d. legal opinion of title.
A written summary of the history of all conveyances and legal prodeedings affecting a specific parcel of real estate is called a (n)

a. affidavit of title.
b. certificate of title.
c. abstract of title.
d. title insurance policy.
c. abstract of title.
The recordation of a warranty deed

a. gaurantees ownership.
b. protects the interests of the grantee.
c. prevents claims of parties in possession.
d. provides defense against adverse possession.
b. protects the interest of the grantee.
The owner of real estate who leased it to another is called the

a. vendor.
b. lessor.
c. grantor.
d. trusor.
b. lessor
Which of the following is the best definition of actual eviction?

a. vendor.
b. lessor.
c. grantor.
d. trustor.
d. the enforcement of a court order to remove a lessee.
The civil Rights Act of 1866 prohibits discrimination in housing based on.

a. race.
b. religion.
c. sex.
d. handicap.
a. race.
the agency responsible of the enforcement of the fair Housing Act is the

a. department of Justice
b. federal housing administration.
c. department of housing and urban development.
d. department of veteran affairs.
c. department of housing and urban development.
The provisions of the Fair Housing
Act apply

a. in all states.
b. only in those states that have ratified that act.
c. only in those states that do not have substantially equivalent laws.
d. only in those states that do not have specific state fair housing laws.
a. in all states.
The practice of channeling families with children away from other buildings into an apartment building where other families with children reside is

a. most practical.
b. blockbusting.
c. redlining.
d. steering.
d. steering.
The number of commissioners is:

a. 5
b. 4
c. 6
d. 3
a. 5
Which of the following is a reason for suspension or revocation of a license?

a. failure to renew on time.
b. misrepresentation.
c. failing to provide proof of continuing education
d. all of the above.
b. misrepresentation
The maximum amount the commission can disburse from the Recovery Fund per judgment is ?

a. $30,000
b. $10,000
c. $30,000 plus attorney fees.
d. $10,000 plus attorney fees.
b. $10,000
A broker must have a property mamagement trust account when handling what nunber of individual units.

a. 5 or more.
b. 5
c. 6 or more.
d. more than 6.
c. 6 or more.
Every Broker must maintain a sign. The letters in this sign must be:

a. a minimum of 2 inches in height.
b. a miximum of 3 inches in height.
c. a minimum of 3 inches in height.
d. a maximum of 2 inches in height
a. a minimum of 2 inches in height.
All persons selling time shares must have a real estate license except:

a. The guide showing the property.
b. an owner that owns at least 10% of the porject.
c. anyone owning stock in the corporation.
d. an owner that owns at least 15% of the project.
d. an owner that owns at least 15% of the project
In his will, a husband left this real property to his widow with the qualification that upom her death the ownership was to be distributed equally to his three children. The widow received a :

a. life estate.
b. remainder estate.
c. fee simple estate.
d. life estate pur autre vie.
a. life estate.
The most comprehensive ownership of land is known as:

a. an estate for years.
b. a life estate in remainder.
c. a fee simple estate.
d. a free hold estate.
c. a fee simple estate.
An estate which will extend for an indefinite, indeterminable length of time is known as a :

a. freehold estate.
b. chattel personal estate.
c. nonfreehold estate.
d. chattel real estate.
a. freehold estate.
When an item of personal property is incorporated into real property, the item is then known as:

a. emblements.
b. an attachment.
c. a fixture.
d. estovers.
a. a fixture.
Property of a person who dies intestate, leaving no legal heirs, passes to the government by the process of:

a. eminent domain.
b. escheat.
c. adverse possession.
d. condemnation.
a. escheat
The process of the gradual addition to one's land by the deposition of soil from a flowing river or stream is:

a. alluvion
b. abulsion.
c. accretion
d. accrual.
c. accetion
Which of the following is not a freehold estate?

a. fee simple estate.
b. fee estate in condition.
c. life estate in remainder.
d. estate for a period.
d. estate for a period
Which type of listing agreement gives the broker the maximum protection?

a. a net listing.
b. an exclusing right to sell listing.
c. an open listing.
d. an exclusive agency listing.
b. an exclusive right to sell listing.
To be valid, an exclusive listing contract must contain:

a. a spedific expiration date.
b. a commission rate of at least 6%.
c. an exclusive right to sell clause.
d. the grantee's signature.
a. a specific expiration date.
If the owner has listed his/her property with several real estate agents, it is likely the listing is:

a. an exclusive right to sell listing.
b. an exclusive agency listing.
c. an open listing.
d. a net listing.
c. an open listing.
Although illegal in many jurisdictions, name the real estate listing wherein the seller specifies a certain amount of money that he/she must receive from the sale and agrees the agent can keep all above that amount as payment of the commission.

a. an open lising.
b. a multiple listing.
c. an exclusive agency listing.
d. a net listing.
d. a net listing.
A listing contract is an agreement:

a. with unchangeable terms.
b. between principal and agent.
c. between principal and broker.
d. that is always covered by the statute of frauds.
b. between principal and agent.
A real estate listing contract:

a. creates an employer/employee relationship between the supervising broker and the listing salesperson.
b. cannot be cancelled or assigned.
c. creates a fiduciary relationship between he principal and the agent.
d. is always effective for one year.
c. creates a fiduciary relationship between the principal and the agent.
If the seller's agent altered a real estate purchase contract previously signed by both the buyer and seller, the alterd contract is:

a. valid.
b. null and void.
c. illegal.
d. boidable at the option of the buyer.
b. null and void.
A conditional element of a contract upon which the entire contract depends is called:

a. a codicil.
b. an estoppel.
c. an addendum.
d. a contingency.
d. a contingency
A written agreement states that the prospective purchaser has the right to buy the property for a certain time period. All the terms and conditions of the proposed sale are contained in the agreement, including a clause that states the consideration given will be forfeited should the buyer decide not to buy. This best describes:

a. a lease purchase agreement.
b. a first right of refusal.
c. an option agreement.
d. a purchase contract.
c. an option agreement.
An option on real property is:

a. a deposit
b. a consideration.
c. a contract.
d. an endorsement.
c. a contract.
Which of the following best describes a rescission?

a. a ratification of the contract by all parties.
b. a return to the status quo prior to the exdecution of the contract.
c. a revision in ther terms of a contract.
d. the substitution of a new contract for an old one.
b. a return to the status quo proir to the execution of the contract.
A contract in wich the parties exchange a promise for a promise is called:

a. a promise and exchange contract.
b. a bilateral contract.
c. a mutual contract.
d. a unilateral contract.
b. a bilateral contract.
Failure to meet an obligation when due is known as:

a. duress.
b. default.
c. deficiency.
d. forfeiture.
b. default.
A contract in which the parties exchange a promise for an act is called:

a. a promise and exchanges contract.
b. a bilateral contract.
c. a mutual contract.
d. a unilateral contract.
d. a unilateral contract.
In a breached contract situation, which of the following refers to the remedy that would force the seller to complete the sale?

a. a suit for liquidated damages.
b. a rescission.
c. a suit for specific performance.
d. a suit for monetary damages.
c. a suit for specific performance.
Which of the following would be true of a minor entering into a written contract to purchase a building?

a. the contract is void because the buyer is a minor.
b. the contract is voidable at the option of the buyer.
c. the contract is illegal because the buyer is a minor.
d. he conract is voidable at the option of the seller.
b. the contract is voidable at the option of the buyer.
The seller counters the buyer's offer. The buyer is now:

a. relieved of any legal obligation to the original offer.
b. obligated to consider the terms of the counteroffer.
c. required to reinstate the original offer if the counter offer is unacceptable.
d. unable to make another counter offer if the present one is not acceptable.
a. relieved of any legal obligation to the original offer.
A statutory right that a family has in its residence is called?

a. entirety.
b. survivorship.
c. curtesy.
d. homestead
d. homestead.
A person who has comlete control over a parcel of real estate is said to own a

a. leashold estate.
b. fee simple estate.
c. life estate.
d. defeasible fee estate.
b. fee simple estate.
Which of the following has an indefinite duration?

a. freehold estate.
b. less then free hold estate.
c. estate for years.
d. license
a. freehold estate.
A life estate conveys to the life tenant

a. a leasehold for life.
b. a reversionary interest.
c. a legal life estate.
d. ownership for life.
d. ownership for life.
J. owned the fee simple title to a vacant lot adjacent to a hospital and was persuaded to make a gift of the lot. she had her attorney prepare a deed that conveyed the ownership of the lot to the hospital "so long as it is used for medical purposes." After the completion of the gift, the hospital will own a

a. life estate.
b. tenancy for years.
c. fee simple determinable.
d. periodic tenancy.
c. fee simple determinable.
The most all inclusive type of real property ownership is a

a. fee simple estate.
b. life estate.
c. conditional fee estate.
d. reversionary interest.
a. fee simple estate.
Creditors suing a homeowner who has obtained a homestead exemption as provided by state law

a. can have the court sell the residence and apply the full preceeds of the sale to the outstanding debts.
b. have no right to sell the debtors residence.
c. may request a court ordered sale ahd have the proceeds in excess of the statutory exemption and exempted liens applied to the debts.
d. can force the debtor to sell the residence in order to pay the outstanding debts in full
c. may request a court ordered sale and have the proceeds in excess of the statutory exemption and exempted liens applied to the debts.
A deed conveys ownership to the grantee so as long as the existing building is not torn down. What type of estate did this deed create?

a. a life estate.
b. a nondestructible estate.
c. a fee simple estate.
d. a determinable fee estate.
d. a determinable fee estate.
H conveys a life estate to her grandson and stipulates that upon her death the estate will pass to her son in law. The son in law has a

a. estate in reversion.
b. estate in remainder.
c. estate for years.
d legal life estate.
b. estate in remainder.
L conveys the ownership of his house to his mother and stipulates that upon her death he will recapture the ownership. The interest L. has in the ownership is a

a. remainder estate.
b. curtesy estate.
c. legal life estate.
d. reversion estate.
d. reversion estate.
A person wants to ensure taht the ownership of real property can be willed to her children. Which of the following forms of ownership would the person want?

a. a conventional life estate.
b. a fee estate.
c. a joint tenancy.
d. a license.
b. a fee estate.
A person who acquired ownership that can be inherited, with the provision that the land must always be used for recreational purposes, has which of the following?

a. a fee simple estate.
b. a conditional fee estate.
c. a testricted estate.
d. an estate that can not be sold
b. a conditional fee estate
Generally, an oral lease for five years is

a. illegal.
b. unenforceable.
c. a short term lease.
d. renewable only in writing.
b. unenforceable.
Rent would best b definded as

a. the contractual consideration to a third party.
b. the consideration for the use of real property.
c. all monies paid by the lessor to the lessee.
d. the total amount owed under the terms of a lease.
b. the consideration for the use of real property.
Which of the following tenancies does not involve a lessor-lessee?

a. tenancy at will.
b. tenancy in common.
c. tenancy from month to month.
d. tenancy from year to year.
b. tenancy in common
A lease would be terminated by which of the following?

a. the sale of the leased premises.
b. the death of the tenant.
c. the abandonment of the leased premises by the tenant.
d. the experation of the term of the lease.
d. the expiration of the term of the lease.
For a written lease to be valid, it must contain

a. the signatures of both the lessor and the lessee.
b. a statement of the specific lenth of time.
c. a statement of the retention of the reversionary interest by the lessor.
d. a complete legal description of the premises.
a. the signatures of both the lessor and the lessee.
The authority to carry out the eviction of a delinquent tenant from rented property is held by the

a. court.
b. landlord.
c. sheriff.
d. property owner.
C. sheriff.
Which of the following would not acquire title to real property?

a. the grantee.
b. the devisee.
c. the vendee.
d. the lessee.
d. the lessee.
A tenant's lease has expired, but the tenant has not vacated the premises or negotiated a renewal lease, and the landlord has declared that he does not want the tenant to remain in the building. This type of occupance is referred t as an estate

a. for years.
b. from year to year.
c. at will
c. at sufferance.
d. at sufferance.
A lessee who pays somje or all of the lessor's property expenses has a

a. gross lease.
b. net lease.
c. percentage lease.
d. sublease.
b. net lease.
The principal difference between an estate for years and an estate from year to year is that

a. an estate for years is a life estate.
b. an estate for years cannot be terminated.
c. an estate from year to year must be in writing.
c. an estate from year to year has no expiraiton date.
d. an estate from year to year has no expiration date.
The owner of real estate who leases it to another is called the

a. vendor
b. lessor
c. grantor
d. trustor
b. lessor
A lease that will terminate within one year of its inception

a. is anvalid.
b. violates the provisions of the statute of frauds.
c. must be in writing.
c. can be verbal.
d. can be verbal
An individual rents an apartment for on year. The landlord sells the building during the one year lease term. What effect does the sale have on the lease?

a. the sale does not affect the lease.
b. the lease is automatically terminated.
c. the new landlord will decide whether to honor the existing lease.
d. the lease is terminated after 60 days notice from the new owner.
a. the sale does not affect the lease.
A void contract is one that is ?

a. not in writing.
b. not legally enforcable.
c. rescindable by agreement.
d. voidable by only one of the parties.
b. not legally enforceable.
The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of the contract is known as

a. an injunction.
b. a lis pendens.
c. an attachment.
d. specific performance
d. specific performance.
The essential elements of a contract include all of the following except

a. offer and acceptance.
b. notarized signatures.
c. competent parties.
d. consideration.
b. notarized signatures.
If, upon the receipts of an offer to purshase his property under certain conditions, the seller makes a counteroffer, the prospective buyer is

a. bound by his original offer.
b. bound to accept the counteroffer.
c. bound by whichever offer is lower.
d. relieved of his original offer.
d. relieved of his original offer.
The amount of earnest money deposit is determined by

a. the real estate licensing statutes.
b. an agreement between the parties.
c. the brokers office policy on such matters.
d. the acceptable minimum of 5 percent of the purchase price.
b. an agreement between the parties.
Which of the following gives the best evidence of the buyer's intention to carry out the terms of the real estate purchase contract?

a. the "subject to" clause.
b. the agreement to seek mortgage financing
c. the earnest money deposit
d. the provision that "time is of the essence"
d. the earnest money deposit
the term "rescind" means

a. change.
b. cancel
c. substitute.
d. subordinate.
b. cancel
Which one of the following is not essential to the formation of a contract?

a. offer
b. acceptance
c. consideration
d. performance
d. performance
Every real estate contract must have a (n)

a. grantor and a grantee.
b. offer and acceptance.
c. acknowledgement by notary.
d. legal description.
b. offer and acceptance.
The law that requires real estate contracts to be in writing to be enforceable is the

a. law of descent and distribution.
b. statute of frauds.
c. parole evidence rule.
d. statute of limitations.
b. statute of frauds.
A breach of contract is a refusal or a failure to comply with the terms of the contract. If the seller breaches the purshase contract, the buyer may do all of the following except

a. sue the seller for specific performance.
b. rescind the contract and recover the earnest money.
c. sue the seller for damages.
d. sue the broker for nonperformance.
d. sue the broker for nonperformance.
An offeree has the right to

a. reject an offer.
b. revoke an offer.
c. rescind an offer.
d. release an offer.
a. reject an offer.
In a option to purchase real estate, the optionee

a. must purchase the property, but may do so at any time within the option period.
b. has no obligation to purchase the property.
c. is limited to a refund of the option consideration if the option is exercised.
d. is the prospective seller of the property.
b. has no obligation to purshase the property.
After the buyer and seller have signed a sales contract, the seller changes his mind and defaults. The buyer sues the seller to force him to go through with the contract. This is known as a suit for
a. specific performance.
b. damages.
c. rescission.
d. forfeiture.
a. specific performance
A contract agreed to under dduress is

a. voidable.
b. breached.
c. disharged.
d. void
a voidable.
The title to real estate passes when a valid deed is

a. signed and recorded.
b. delivered and accepted.
c. filed and mocrofilmed.
d. executed and mailed
b. delivered and accepted.
The primary purpose of a deed is to

a. prove ownership.
b. transfer title rights.
c. give constructive notice.
d. prevent adverse possession.
b. transer title rights.
Which of the following deeds contains no expressed or implied warranties?

a. a bargain and sale deed.
b. a quitclaim deed.
c. a warranty deed.
d. a grant deed
b. a quitclain deed.
Which of the following is not requred for a deed to be valid?

a. date
b. legal description.
c. name of the grantee
d. signature of the grantee
d. signature of the grantee
In which of the following situatuions would a quitclaim deed be the most apporpriate type of deed to use?

a. to convey a marketable title.
b. to release a nominal real estate interest.
c. to remove a cloud on title.
d. to warrant that a title is valid
c. to remove a cloud on title.
A deed must be signed by the

a. grantor.
b. grantee.
c. grantor and grantee.
d. grantee and two witnesses.
a. grantor.
In order for a deed to be valid

a. the grantor must be legally competent.
b. the signature of the grantor must be witnessed.
c. the deed must be recorded.
d. the grantee must sign the deed.
a. the grantor must be legally competent.
The type of deed in wich the grantor defends the title back to its beginning is a

a. trustee's deed.
b. quitclaim deed.
c. special warranty deed.
d. general warranty deed.
d. general warranty deed.
The clause in the deed that conveys the rights and privileges of ownership is called the

a. habendum clause.
b. appurtenance clause.
c. granting clause.
d. acknowledgment
c granting clause
Which of the following deeds can be executed without subjecting the grantor to legal warranties?

a. quitclaim.
b. bargain and sale.
c. trust.
d. trustee's deed
a. quitclaim deed
S and N bought a store building and took title as joint tenants. N. died testate. S now owns the store

a. as a joint tenant with rights of survivorship.
b. in severalty.
c. as a tenant in common with N's heirs.
d. in trust.
b. in severalty.
Which of the following would be considered community property?

a. a gift of property to the wife during the marriage.
b. Income earned by one spouse during the marriage.
c. property inherited by the husband during the marriage.
d. income earned by either party proir to the marriage.
b. income earned by one spouse during the marriage.
E lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the onter residents, E owns stock in the corporation and has a leas to his apartment. This type of ownership is called a

a. condominum.
b. planned unit development.
c. time share
d. cooperative
d. cooperative.
V and N are co owners of a fee simple interest in a small office building. N dies intestate and leavbes no estate to be distributed to his heirs. V is neither related to N nor a creditor of N. Which of the following would explain why V acquired the interest of N?

a. adverse possession.
b. reversionary rights.
c. joint tenancy.
d. foreclosure.
c joint tenancy.
An ownership interest that is based on annual occupancy intervals is the

a. leasehold.
b. time share.
c. condominium.
d. cooperative.
b. time share