Chapter 5 Unit 4 Quiz
Which statement best defines the concept of "quiet enjoyment?" A) a tenant's requirement to comply with contract obligations B) a landlord's obligation to provide the tenant with egress C) a landlord's obligation to provide the tenant with reasonable privacy and freedom from interference D) a tenant's requirement to allow access for inspections and repairs
a landlord's obligation to provide the tenant with reasonable privacy and freedom from interference
Which of the following best defines a marketable title? A) a title that has been recorded at the county court house B) a title to a property that is free from encumbrances, litigation, and other defects and that can be readily sold or mortgaged C) a tile that has been reviewed by an attorney D) a title that has at least one lien attached to the property
a title to a property that is free from encumbrances, litigation, and other defects and that can be readily sold or mortgaged
Which of the following contracts must be in writing to be enforceable? A) a parol contract B) a six-month lease C) a two-year lease D) an executory contract
a two-year lease
In which contract provision would the length of the lease be outlined? A) statement of limits B) clear statement of term C) clear notice of terms D) order of terms
clear statement of term
A contract that conveys an interest in real estate must A) include a tile closing entity B) contain default penalties C) include all outstanding liens against the property D) contain a legal description of the property
contain a legal description of the property
Most home sales are A) not contingent on financing B) covered by FDIC insurance C) contingent on financing D) based on a cash sale
contingent on financing
In which of these contracts is the payment of all or part of the sale price deferred? A) lease B) contract for deed C) option D) contract of sale
contract for deed
According to contract law, every valid contract is also what? A) void B) enforceable C) enforceable or unenforceable D) voidable
enforceable or unenforceable
Which of the following statements best defines closing costs? A) marketing expenses incurred to sell the property B) all listing fees C) expenses above the price of the property that buyers and sellers normally are required to pay to complete a real estate transaction D) expenses not paid by the brokerage
expenses above the price of the property that buyers and sellers normally are required to pay to complete a real estate transaction
Bill has informed his landlord that he will be moving in 30 days. What action has Bill taken regarding his lease requirement? A) he has provided an advance order of moving B) he has given notice C) he has given due process D) he has given notice of vacating
he has given notice
A lease conveys exclusive use and A) requires recording of a leasehold conveyance B) is also called an exclusive freehold estate C) is not a binding contract upon agreement D) it may also restrict some uses
it may also restrict some uses
Which contract element indicates a mutual agreement? A) description and order B) terms C) dissolution D) offer and acceptance
offer and acceptance
What kind of lease contains a recapture clause? A) percentage B) net C) provisional D) graduated
percentage
What do we call the right of a person to have the first opportunity to purchase or lease a property? A) right of first refusal B) first right to buy C) right to resend D) right to counteroffer
right of first refusal
A lease automatically terminates under which of the following circumstances? A) the tenant fails to pay rent B) the leased property is foreclosed C) the tenant goes out of business D) the landlord cancels the lease
the leased property is foreclosed
