Question Result Your answer Both contracts are valid Correct Practice Test

Question result your answer both contracts are valid

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Question Result: Your answer: Both contracts are valid.
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Correct Practice Test Question: 34 An amount of money, agreed to in writing by buyer and seller, that will serve as full compensation if one party does not live up to a sales contract is called Question Result: Correct Your answer: liquidated damages. Practice Test Question: 41 An agreement to purchase that has NOT yet closed is Question Result: Correct Your answer: an executory contract. Practice Test Question: 48 A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called Question Result: Correct Your answer: an option contract. Practice Test Question: 51 The purpose of requiring an earnest money deposit in a real estate sales contract is to Question Result: Correct Your answer: provide evidence of the buyer's intention to carry out the contract. Practice Test Question: 59 A couple signed a lease on an apartment for a period of 1 year. The lease does NOT contain an automatic renewal clause. The couple plans to move out at the end of the lease rather than renew it. How much notice MUST they give to comply with the lease term? Question Result: Correct Your answer: No notice is required. Practice Test Question: 62 A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called Question Result: Correct Your answer: a contract. Practice Test Question: 65 The real estate contract for a specific property for use as an unlicensed whiskey sales operation was forced to terminate. The termination was the result of Question Result: Correct Your answer: impossibility of performance. Practice Test Question: 68 A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if Question Result: Correct Your answer: the owner withdraws the counteroffer before it is accepted.
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Topic Area: Transfer Of Property Total Topic Score: 7.0 Your Score: 7.0 Practice Test Question: 9 In MOST states, foreclosed property is sold through Question Result: Correct Your answer: public auction. Practice Test Question: 12 Under a land contract for deed, who retains fee ownership of the property? Question Result: Correct Your answer: Vendor Practice Test Question: 17 A judgment has been properly recorded. Any subsequent purchasers, whether they have actually examined the record or not, have been given Question Result: Correct Your answer: constructive notice. Practice Test Question: 35 MOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and Question Result: Correct Your answer: the sale price. Practice Test Question: 42 The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing?
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  • Fall '16
  • Interest, managing broker, Question Result

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