FINA 382

Voidable

A contract entered into by a minor is

Tenants in common

A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would own the property as

Find a buyer

A listing agreement authorizes the broker to

Tenancy at will

A property owner leases a house to a tenant until a buyer is found for the house.

Principals only

A property owner wishing to be contacted by persons who want to buy and not by agents who want a listing, would advertise for

Owner and listing broker

A real estate listing is a contract between

Quiet title suit

A request for a court-appointed hearing to determine the lawful ownership of a parcel of land is called a

Monetary consideration

All of the following are essential elements of a contract EXCEPT

Binding on the seller

An earnest money agreement signed by all parties is

Runs with the land

An easement...

Condemnation

By what action does the government take property for public use?

Property acquired before marriage and maintained with community funds

Community property could include

Private control of land

Deed restrictions are examples of

by necessity

Developers avoid land locked properties by creating an easement...

A broker represents a buyer and writes an offer on his own listing

Dual agency results when

Fee simple estate

Greatest estate or ownership in real property.

Ten acres

How many acres does a parcel of land 660 by 660 feet contain?

Specific performance

If a contract is breached and the damaged party wants the contract carried out, he would sue for

Contract would be voidable by the buyer

If a contract of sale is subject to the buyer's ability to secure a loan, and after diligent effort the buyer is unable to do so by the stated deadline, the

Quiet enjoyment

In any valid lease, the lessor by law gives an implied covenant of

Streets and roads

In most subdivisions, the developer donates to the public

Condominium

Individual ownerships of separate portions of a building plus joint ownership of the common elements is a characteristic of a

Fee simple estate

Most complete estate to own.

Color of title

That which gives the appearance of title, but is not in fact title is

Seisen

The covenant, which states that the grantor is the owner and has the right to convey, is called the covenant of

Right of survivorship

The most widely recognized aspect of joint tenancy is the

Prorating

The process of dividing ongoing expenses and income items as of the closing date is called

Hold money belonging to clients and customers

The purpose of a trust account is to

Constructive notice

The recording of an instrument in the proper county provides the public with

Liquidated damages

The sum of money agreed upon in advance to be the damages in the event certain problems occur later is best described as

Assignment

The total transfer of a tenant's rights to another person is called:

At inception of policy

Title insurance premiums are paid

The written one would prevail

Two people make an oral agreement. A day later they put it in writing with several small changes. What is true about the agreement in a court of law?

Statute of frauds

What basic principle is involved in the requirement that a real property contract must be in writing to be valid?

Sometimes

When moving to a new sate, a licensed real estate agent in one state can presume his license status in the former state will be given credit in his new state of residence.

A power company

Which entity would be most likely to hold an easement in gross?

Mortgages

Which of the following is a lien on real property?

Lot and block system

Which of the following will always involve a plat?