Podcast
Questions and Answers
Which document would most likely contain a 'Schedule A'?
Which document would most likely contain a 'Schedule A'?
- A bill of sale for personal property.
- A deed describing the boundaries of a property. (correct)
- An insurance policy for homeowner's coverage.
- A lease agreement for a rental car.
Why is the accurate description of property boundaries crucial in real estate transactions?
Why is the accurate description of property boundaries crucial in real estate transactions?
- It solely impacts property tax calculations.
- It avoids future disputes over ownership and usage. (correct)
- It's only relevant for properties near water bodies.
- It primarily determines the aesthetic appeal of the land.
Which of the following scenarios best illustrates the concept of 'consideration' in a real estate transaction?
Which of the following scenarios best illustrates the concept of 'consideration' in a real estate transaction?
- A buyer offering a sum of money to the seller in exchange for the property. (correct)
- A buyer expressing gratitude to the seller for accepting their offer.
- A seller providing the buyer with a detailed history of the property.
- A real estate agent providing advice to their client.
In what situation would 'Metes and Bounds' be MOST necessary?
In what situation would 'Metes and Bounds' be MOST necessary?
A property legally described using 'Metes and Bounds' has ambiguities; what is the BEST course of action to resolve them?
A property legally described using 'Metes and Bounds' has ambiguities; what is the BEST course of action to resolve them?
A buyer and seller agree on a price of $300,000 for a house. The buyer gives the seller $10,000 as an earnest money deposit. What is the 'consideration' in this transaction?
A buyer and seller agree on a price of $300,000 for a house. The buyer gives the seller $10,000 as an earnest money deposit. What is the 'consideration' in this transaction?
Which of the following would MOST likely be found in 'Schedule A' of a deed?
Which of the following would MOST likely be found in 'Schedule A' of a deed?
What is the primary purpose of having a precise 'Metes and Bounds' description in a property deed?
What is the primary purpose of having a precise 'Metes and Bounds' description in a property deed?
Why is 'consideration' an essential element for a valid real estate contract?
Why is 'consideration' an essential element for a valid real estate contract?
A surveyor uses 'Metes and Bounds' to describe a property, starting at a monument, then proceeds 'North 45 degrees East, 200 feet, to an iron pin.' What does the 'North 45 degrees East' component indicate?
A surveyor uses 'Metes and Bounds' to describe a property, starting at a monument, then proceeds 'North 45 degrees East, 200 feet, to an iron pin.' What does the 'North 45 degrees East' component indicate?
Flashcards
What is Schedule A?
What is Schedule A?
Written words delineating a specific piece of real property.
What are Metes and Bounds?
What are Metes and Bounds?
Term describing boundary lines of land with terminal points and angles.
What is Consideration?
What is Consideration?
Something of value, including money.
Study Notes
- The written words delineating a specific piece of real property is known as Schedule A.
- Metes and Bounds defines boundary lines of land, detailing all boundary lines with terminal points and angles.
- Consideration includes something of value, like money.
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