Final Bonus Questions Fall 2012
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Legal Aspects of Real Estate Final Bonus Questions Print your name: ______________________ (Circle the letter of the best answer. Do not answer these questions on the scantron sheet.) 1. A real estate broker is under a duty to use which of the following in the performance of his duties? a. Care b. Skill c. Diligence d. All of the above 2. A dual agency means operating a real estate office and travel agency at the same location. a. True b. False 3. Avulsion most closely means a. A sudden, complete, violent change of feeling. b. The sudden washing away of land along the bank of a body of water by natural forces. c. Queasiness d. A deposit of soil on or adjoining property, as by flow of a river or stream or by tides e. Alluvium 4. Reformation means a. The movement started by Martin Luther in the sixteenth century to reform the Roman Catholic Church. b. An action to correct a mistake in a contract, a deed or other document. c. Both a and b d. Neither a nor b Page | 1
Transcript of Final Bonus Questions Fall 2012
Legal Aspects of Real EstateFinal Bonus Questions
Print your name: ______________________
(Circle the letter of the best answer. Do not answer these questions on the scantron sheet.)
1. A real estate broker is under a duty to use which of the following in the performance of his duties?
a. Careb. Skillc. Diligenced. All of the above
2. A dual agency means operating a real estate office and travel agency at the same location.
a. Trueb. False
3. Avulsion most closely meansa. A sudden, complete, violent change of feeling.b. The sudden washing away of land along the bank of a body of water by
natural forces.c. Queasinessd. A deposit of soil on or adjoining property, as by flow of a river or stream
or by tidese. Alluvium
4. Reformation meansa. The movement started by Martin Luther in the sixteenth century to reform
the Roman Catholic Church.b. An action to correct a mistake in a contract, a deed or other document.c. Both a and bd. Neither a nor b
5. The law of real estate is largely based on the common law of England.a. Trueb. False
6. Non-freehold estates include which of the following?a. Fee estatesb. Periodic tenanciesc. Life estatesd. All of the above
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7. CAR stands for what in real estate?a. The vehicle you drive clients around in.b. The California Association of Riflemenc. The California Association of Realtorsd. The Criminal Association of Realtors
8. The term “fee simple defeasible” most closely meansa. It’s a property that should be easy to pay forb. Your real estate agent must not be too smartc. There’s a cloud on titled. A fee simple estate that can be lost or defeated by the happening of some
subsequent event
9. Which of the following is not an essential element of a valid contract?a. Competent partiesb. Mutual consentc. Lawful objectd. “Time is of the essence” clause
10. The term “mutual consent” refers toa. Offer and acceptanceb. Promise and counterpromisec. A meeting of the mindsd. All of the above
11. Real estate commissions are regulated by:a. The California Department of Weights, Measures, and Commissionsb. The Board of Realtorsc. The Real Estate Commissionerd. Commissions are not regulated and are always negotiable
12. The primary function of the courts is to a. Administer the law
b. Interpret and apply the lawc. Enact the lawd. All of the above
13. Remainder interests in real property ordinarily relate toa. Fee simple estatesb. Life estatesc. Undivided interests in real propertyd. None of the above
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14. An inexcusable delay in asserting a legal right is known asa. Laxityb. Latitudec. Lachesd. Laziness
15. In an executed contract, one party has performed but the other has not.a. Trueb. False
16. Which of the following tests will apply to determine whether or not a thing is a fixture?a. The intention of the partiesb. The method of annexationc. How adaptable it is to the propertyd. All of the abovee. Answers a and c only
17. Fee simple meansa. The highest estate or interest one can have in real propertyb. Title free of liens and encumbrancesc. Co-ownershipd. Cash was paid for the property
18. Freehold estates include which of the following?a. An estate at willb. An estate for yearsc. A life estated. None of the above
19. An estate “to A for the life of X” does which of the following if A dies before X?a. It ceases to exist.b. It reverts to the original grantor.c. It vests in X for the rest of his life.d. It vests in the heirs or devisees of A for the life of X.
20. Jane was given real property for the term of her natural life. Which of the following statements is incorrect?
a. Jane has a freehold estate.b. Jane has a fee simple estate.c. The duration of this estate is measured by the life of Jane.d. The estate can be encumbered by Jane, but not beyond her life.
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21. Gary leased a building for six months. Gary hasa. An estate for yearsb. An estate for 6 monthsc. An estate at willd. A freehold estatee. A period tenancy
22. What is the highest interest an owner can have in real property?a. A life estateb. Fee simple absolutec. An interest for a certain period of timed. A 99 year lease
23. The statute that requires certain types of contracts to be in writing to be enforceable is known as the
f. Statute of Limitationsg. Statue of Libertyh. Statute of Descenti. Statute of Frauds
24. The substitution of a new obligation with the intent to extinguish an existing one is known as a. Rescissionb. Novationc. Cosi fan tuttid. None of the above
25. An offer may be terminated bya. Revocation of the offerorb. Rejection by the offereec. Lapse of timed. Any of the abovee. Only a and b
26. Which of the following is considered a bilateral contract?a. A promise for an act b. A promise for a promisec. Two contracts combined by a merger clausec. None of the above
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