17 Questions
What type of deed did the buyer receive if the deed says, 'remises, releases, alienates and conveys'?
Special Warranty
Which of the following would best describe the equipment installed by the business leasing a building?
Trade Fixtures
What will be considered a violation of HUD guidelines in an advertisement?
Beautiful home next to the Catholic Church
What term is used for an agent at an open house who describes upgrades and features of a property in an exaggerated and subjective manner?
Puffing
What type of professional should be obtained if an appraisal is desired?
Licensed Appraiser
How is Phase II different from Phase I in property testing?
It requires more invasive testing
If a buyer submits an offer accepted by the seller, and the listing agent does not provide a fully executed copy to the buyer, is the status of the contract good?
No, the buyer is entitled first to a copy of the fully executed agreement
If an owner dies intestate, their property will be distributed according to which law?
Descent and Distribution
What is the primary purpose of an appraisal in real estate?
Establishing the most probable selling price of a home
Which document would reveal a cloud on title?
Preliminary Title Report
If a minor inherits a family estate and decides to sell it, what is the status of the purchase agreement upon mutual acceptance?
Voidable due to capacity
What is the term for the right of absolute ownership in real estate?
Fee Simple
Who is best qualified to provide an impartial opinion of value for a property?
Appraisal Report by a licensed appraiser
What document will transfer the furniture outside of escrow?
Bill of sale
In the scenario where the seller refuses to pay the agent a commission at closing that has not signed a listing agreement, who is obligated to pay?
The seller is not obligated to pay because there is no listing agreement signed.
What legal document establishes a security interest in real property?
Deed of Trust
If an agent is the 'procuring cause' of a property sale, what are they typically entitled to?
A commission from the transaction
Study Notes
- Business A leases a building while waiting for their own to be built, installing equipment for use and planning to remove it before lease expires
- Business A receives a deed with terms "remises, releases, alienates and conveys," receiving a deed of ______
- Advertisement of property with mountain and ocean views, in-law apartment, beautiful home near Catholic Church, shopping within walking distance considered HUD violation
- Agent hosts open house, puffs about property upgrades and neighborhood
- Owner's interstate estate will be distributed according to ______ law
- Appraisal best used for establishing most probable selling price of a home
- Document revealing a cloud on title is a Preliminary Title Report
- Minor inherits family estate and decides to sell, purchase agreement is _______ upon acceptance
- Right of ownership in real estate that is absolute is known as _______
- Seller pays agent 5% if they find a buyer, but refuses to pay commission at closing, true statement is _______
- Two corporations purchasing a property, require services of a licensed or certified appraiser for _______
- Phase II requires more invasive testing than Phase I, _______ or optional
- Buyer submits offer accepted by seller, listing agent does not provide fully executed copy, valid contract is _______
Test your knowledge on real estate sales processes including conveyance of furniture and paintings outside of escrow, additional agreements between buyer and seller, and agent commissions. Choose the correct terms for various scenarios.
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