Question 1

At the time the expiration of an option to purchase, the optionee

Accepted Answer

A)  can request his deposit back. 
B)  can renew the option or the same time period and terms. 
C)  can repossess the property. 
D)  forfeits his option money if he doesn't buy the property. 
A)  can request his deposit back. 
B)  can renew the option or the same time period and terms. 
C)  can repossess the property. 
D)  forfeits his option money if he doesn't buy the property.

Question 2

If the buyer needs possession prior to closing a separate rental agreement should be used.

Accepted Answer

A) True 
 B)False

Question 3

Choose the one most appropriate answer for each.
-the day on which the buyer pays his money and the seller delivers title

Accepted Answer

A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee 
A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee

Question 4

The printed portions of a standard residential sales contract refer to all the following EXCEPT

Accepted Answer

A)  title insurance. 
B)  liens. 
C)  discount rates. 
D)  closing date. 
A)  title insurance. 
B)  liens. 
C)  discount rates. 
D)  closing date.

Question 5

A broker is preparing an original real estate sales contract for a buyer and seller. Whom may he lawfully charge for this service?

Accepted Answer

A)  Buyer 
B)  Seller 
C)  Buyer and seller 
D)  No one 
A)  Buyer 
B)  Seller 
C)  Buyer and seller 
D)  No one

Question 6

When two properties are exchange rather than each being sold independently, it is likely structured as a(n)_________________________ exchange.

Accepted Answer

The answer of When two properties are exchange rather than...

Question 7

When a seller wishes to convey title by means of a statutory deed form, the salesperson

Accepted Answer

A)  can advise the seller which deed form to use. 
B)  can advise seller to obtain the services of a lawyer. 
C)  can advise the buyer which tenancy to use. 
D)  can fill it out for the buyer. 
A)  can advise the seller which deed form to use. 
B)  can advise seller to obtain the services of a lawyer. 
C)  can advise the buyer which tenancy to use. 
D)  can fill it out for the buyer.

Question 8

In a brokered real estate transaction, the amount of earnest money is determined by the

Accepted Answer

A)  buyer. 
B)  seller. 
C)  by agreement between the buyer and seller. 
D)  by agreement between the buyer and broker. 
A)  buyer. 
B)  seller. 
C)  by agreement between the buyer and seller. 
D)  by agreement between the buyer and broker.

Question 9

Money paid upon signing of a contract of sale by the offeror is called earnest money.

Accepted Answer

A) True 
 B)False

Question 10

The federal government has authorized electronic signatures and documents.

Accepted Answer

A) True 
 B)False

Question 11

Choose the one most appropriate answer for each.
-a third-party escrow agent used in tax-deferred exchanges

Accepted Answer

A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee 
A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee

Question 12

____________________ is of the ____________________ is a phrase that means that the time limits of a contract must be faithfully observed or the contract is voidable.

Accepted Answer

The answer of ____________________ is of the ____________________ is a...

Question 13

Choose the one most appropriate answer for each.
-the buyer under a contract for deed

Accepted Answer

A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee 
A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee

Question 14

An option is given wherein consideration is stated as $10.00. The option is

Accepted Answer

A)  valid. 
B)  invalid for lack of sufficient consideration. 
C)  void. 
D)  unenforceable. 
A)  valid. 
B)  invalid for lack of sufficient consideration. 
C)  void. 
D)  unenforceable.

Question 15

Choose the one most appropriate answer for each.
-a written and signed agreement specifying the terms at which a buyer will purchase and an owner will sell

Accepted Answer

A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee 
A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee

Question 16

Choose the one most appropriate answer for each.
-allows the tenant to buy the property at a preset price for a given period of time

Accepted Answer

A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee 
A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee

Question 17

The process of dividing ongoing expenses and income items at closing is known as ____________________.

Accepted Answer

The answer of The process of dividing ongoing expenses and...

Question 18

Under an installment sale, the seller is known as the ____________________ and the buyer is known as the ____________________.

Accepted Answer

The answer of Under an installment sale, the seller is...

Question 19

Choose the one most appropriate answer for each.
-a non-simultaneous real estate trade

Accepted Answer

A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee 
A) "as is" 
B) bill of sale 
C) binder 
D) closing date 
E) delayed exchange
F)dry rot
G)earnest money deposit
H)equitable title
I)installment contract
J)lease-option
K)letter of intent
L)loan commitment
M)optionee
N)option fee
O)prorating
P)purchase contract
Q)qualified intermediary
R)right of first refusal
S)"time is of the essence"
T)vendee

Question 20

After the seller has accepted an offer, the sales agent should deliver a copy of the agreement first of all to the lender.

Accepted Answer

A) True 
 B)False

Exam 7: Real Estate Sales Contracts

At the time the expiration of an option to purchase, the optionee

If the buyer needs possession prior to closing a separate rental agreement should be used.

Choose the one most appropriate answer for each. -the day on which the buyer pays his money and the seller delivers title

The printed portions of a standard residential sales contract refer to all the following EXCEPT

A broker is preparing an original real estate sales contract for a buyer and seller. Whom may he lawfully charge for this service?

When two properties are exchange rather than each being sold independently, it is likely structured as a(n)_________________________ exchange.

When a seller wishes to convey title by means of a statutory deed form, the salesperson

In a brokered real estate transaction, the amount of earnest money is determined by the

Money paid upon signing of a contract of sale by the offeror is called earnest money.

The federal government has authorized electronic signatures and documents.

Choose the one most appropriate answer for each. -a third-party escrow agent used in tax-deferred exchanges

____________________ is of the ____________________ is a phrase that means that the time limits of a contract must be faithfully observed or the contract is voidable.

Choose the one most appropriate answer for each. -the buyer under a contract for deed

An option is given wherein consideration is stated as $10.00. The option is

Choose the one most appropriate answer for each. -a written and signed agreement specifying the terms at which a buyer will purchase and an owner will sell

Choose the one most appropriate answer for each. -allows the tenant to buy the property at a preset price for a given period of time

The process of dividing ongoing expenses and income items at closing is known as ____________________.

Under an installment sale, the seller is known as the ____________________ and the buyer is known as the ____________________.

Choose the one most appropriate answer for each. -a non-simultaneous real estate trade

After the seller has accepted an offer, the sales agent should deliver a copy of the agreement first of all to the lender.

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

Filters

is of the is a phrase that means that the time limits of a contract must be faithfully observed or the contract is voidable.

Under an installment sale, the seller is known as the and the buyer is known as the .