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?