REAL ESTATE QUIZ 1

Which of the following is NOT considered an essential element of a valid contract...? Lawful objective Mutual agreement Consideration All signatures must be notarized

All signatures must be notarized

A legal term used to disclaim some implied warranties for an item being sold is known as what...? Full Disclosure Covenant Warranty "As-is"

As Is

Which of the following is an essential element of a valid contract...? Must be a US citizen Must be recorded Competent parties All signatures must be notarized

Competent parties

The warranty of habitability, offered in a standard lease, may be violated by this type of eviction..? Actual eviction Self-help eviction Constructive eviction Court petitioned eviction

Constructive Eviction

A provision in a contract that requires the occurrence of a specific event before the contract can be completed is known as what...? Consideration Contingency Offer and Acceptance Assignment

Contingency

Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property is known as what...? Warranty Schedule A Covenant Surety

Covenant

This type of leasehold estate lasts for a specified period of time and does NOT renew automatically...? Tenancy at Sufferance Estate for Years Estate at Will

Estate for Years

A legal proceeding by a lessor landlord to recover possession of real property is known as what...? Disposition Dismissal Eviction Ejection

Eviction

Which of the following expenses is NOT included in a net lease...? Facade Maintenance Repairs Real Estate Taxes Utilities

Facade Maintenance

A special agreement between the lender and the borrower to delay a foreclosure is known as what...? Suspension Forbearance Postponement Lis Pendens

Forbearance

A lease which provides for a graduated change at stated intervals in the amount of the rent to be paid is known as what...? Graduated Lease Single Net Lease Gross Lease Triple Net Lease

Graduated Lease

An agreement created by actions of the parties involved, but it is not written or spoken is known as what...? Express Contract Implied Contract Executed Contract Lease

Implied Contract

A lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for rent is known as what...? Index Lease Graduated Lease Land Lease Gross Lease

Land Lease

Which of the following is NOT an example of a valid contract...? Lease Letter of Intent Option Purchase and Sale Agreement

Letter of Intent

A provision in certain legal contracts that allows for the payment of a specified sum should one of the parties be in breach of contract is known as what...? Earnest Money Hard Money Liquidated Damages Novation

Liquidated Damages

Mark is looking to rent an apartment in his neighborhood. Which of the following standard lease provisions must Mark satisfy in order to rent an apartment...? Must have a high school diploma Must have a full-time job Must have the capacity of contract Must not be a convicted criminal

Must have the capacity of contract

Which of the following is a tenant NOT entitled to in a typical lease...? Quiet enjoyment The ability to assign or sublet One month of free rent Apartment sharing

One month of free rent

A right given for a consideration to purchase or lease a property upon specified terms within a specified time is known as a/an...? Novation Contingency Option Rider

Option

Also known as a tenancy from year to year, month to month, or week to week, this is an estate that exists for some period of time determined by the term of the payment of rent...? Percentage Lease Land Lease Index Lease Periodic Lease

Periodic Lease

Which of the following is NOT a document needed to prepare a contract...? Certificate of Occupancy Property survey Property floor plans Copy of the prior deed

Property floor plans

The right of an owner or a person legally in possession to the use of property without interference of possession is known as what...? Quiet Enjoyment Right to Recreation Relaxation Satisfaction

Quiet Enjoyment

A monetary deposit given to a lender, seller or landlord as proof of intent is known as what...? Earnest Money Hard Money Commitment Security Deposit

Security Deposit

Which of the following is NOT a means by which one can terminate a lease...? Lease term ends Self-help eviction Actual eviction 30 day notice

Self-Help Eviction

An order of a court which requires a party to perform a specific act, usually what is stated in a contract, is known as what...? Prerequisite Specific Performance Obligation Specific Condition

Specific Performance

A State law which provides that certain contracts must be in writing in order to be enforceable as law is known as what...? Voidable Statute of Frauds Statute of Limitations Express

Statute of Frauds

Which of the following is NOT a standard requirement found in a lease agreement...? Must be in writing for leases longer than one year Lease must be written in plain language Specify the amount of rent to be paid The tenant must have a minimum amount of money in the bank

The tenant must have a high school diploma

Which of the following is NOT a standard requirement found in a lease agreement...? Description of the premises Must be in writing for leases longer than one year The tenant must have a high school diploma Lease must be written in plain language

The tenant must have a minimum amount of money in the bank

A standard set of business laws that regulate financial contracts is known as what...? Real Property Laws Uniform Commercial Code SEC Financial Code

Uniform Commercial Code

To have no force or effect is known as what...? Executed Abandoned Void Limited

Void

When is a landlord required to keep a security deposit in a separate bank account...? When the deposit is greater than $500 When the deposit is greater than $2,000 When the building is 6 units or more When the building is 10 units or more

When the building is 6 units or more