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Question 1

What is one way that a contract for deed differs from a standard real estate sales contract?

Options :

A : A contract for deed has the purchase price in it.

B : A contract for deed includes a financing clause.

C : A contract for deed's purchase price section details the buyer's payment plan to the seller.

D : A contract for deed includes a section about a flip tax.

Answer: C

Question 2

Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

Options :

A : ownership in severalty

B : tenancy in common

C : tenancy by the entirety

D : joint tenancy

Answer: B

Question 3

John is a landlord. He has an applicant for an apartment who uses a cane. John tells her that she should go to the complex across the street, as they have more first-floor units available, and he doesn't want her to have to climb the stairs in his building. She thanks him for the tip. Evaluate.

Options :

A : John steered the applicant, which is never okay, even if she expressed appreciation.

B : John did nothing wrong. He simply evaluated the applicant and tried to do what was best for her.

C : John steered the applicant, but it was okay since she expressed appreciation.

D : John steered the applicant, which was a risky move, but it paid off this time.

Answer: A

Question 4

A legally competent party to a contract will:

Options :

A :

have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol

B : have reached the age of majority and be literate

C : not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation

D : be literate and not be mentally incompetent or intoxicated by drugs or alcohol

Answer: A

Question 5

Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

Options :

A : clean title

B : dirty title

C : naked title

D : skinny title

Answer: C