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NJ Real Estate 07

Cumulative Review Quizzes 12th Ed.

QuestionAnswer
An offer is NOT legally considered accepted until a. earnest money has been deposited. b. the other party has been notified of the acceptance. c. the parties have shaken hands. d. all inspections and appraisals have been completed.
Jim takes out a mortgage loan to buy his first home, then discovers the next day that he could find a loan with a more favorable rate at another bank. He has how long to cancel the first loan? a. Three days. b. Seven days. c. Ten days. d. he may not rescind the mortgage.
In a contract, whatever the parties promise to give to each other is known as a. consideration. b. novation. c. liquidated damages. d. assignment.
The word “executed”, when applied to a contract, means “fulfilled”, but is also used to mean a. voided. b. signed. c. assigned. d. expressed.
George signs a contract agreeing to sell his house to Debby. He later changes his mind and refuses to sell. He offers her a few thousand dollars to void the contract, But because she wants that particular house, she sues for a. liquidated damages. b. time being of the essence. c. recission. d. specific performance.
A land contract is sometimes known as a(n) a. option agreement. b. contract for deed. c. purchase-money mortgage. d. counteroffer.
A land contract is sometimes known as a(n) a. option agreement. b. contract for deed. c. purchase-money mortgage. d. counteroffer.
In order to be legally enforceable, which contracts must be in writing according to the statute of frauds? a. Independent contractor agreements. b. All contracts. c. Leases for more than three years. d. Management agreements.
In order to be legally enforceable, which contracts must be in writing according to the statute of frauds? a. Independent contractor agreements. b. All contracts. c. Leases for more than three years. d. Management agreements.
The tenant who is renting from month to month and wants to move out usually owes how much notice to the landlord? a. None. b. 30 days. c. One month, from a date before the rent is due. d. Two full months.
A security deposit, minus itemized deductions for damages, Must be returned to the departing tenant a. as the tenant moves out. b. within one week of the end of the lease. c. no more than 30 days after the end of the lease. d. within two months.
A lease cannot become binding until the tenant has received a lead paint Disclosure statement for any a. commercial property. b. shopping plaza. c. apartment house. d. residential property built before 1978.
In order to be legally enforceable, which contracts must be in writing according to the statute of frauds? a. Independent contractor agreements. b. All contracts. c. Leases for more than three years. d. Management agreements.
Created by: Kimawanda
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