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CONTRACT 1
| Question | Answer |
|---|---|
| Lessee is to lease as: | Vendee is to vendor. Vendee (buyer) in a land contract only holds an equitable interest. He is not the owner until he has paid for the property. |
| An attorney-in-fact can do all of the following things | sign his principal's name. perform acts of a general power of attorney. encumber his principal's property with a mortgage naming another as the beneficiary but- The attorney-in-fact has no power to act for his principal until the power of attorney is |
| How may a minor be able to undertake without court approval? | Acquisition of real property through gift or inheritance |
| In considering a bilateral contract, the offered promise bargains for receipt of a returned promise. If the return promise is given, it is considered: | Consideration for a contract need not be money. It may be a promise |
| A negligent or intentional wrongful act arising from breach of duty created by law and not contract is a: | tort A violation of a legal right, or a civil wrong such as negligence, libel, nuisance, trespass, slander of title, or false imprisonment is a tort. |
| In the preparation of an exclusive listing contract, a licensee may be disciplined if he fails to include | a definite expiration date |
| An option is different from other contracts, such as conventional or conditional sales contracts. The difference is due to what characteristic of an option? | Non-mutuality of obligations of the parties Mutuality of obligations would mean that both parties are obligated to perform, which is the case with most contracts. An option does not have mutuality of obligations in that only the optionor is obligated to |
| An agreement to sell community property, signed by the husband alone, is: | voidable Both husband and wife must sign any transfer or encumbrance of community property. CC Section 1102(a). |
| A lease that specifies that the lessee is to pay the real estate property taxes and the insurance cost, as well as the rent, is called: | net lease Leases are classified by method of rent payments, such as gross, net, and percentage leases. In a net lease, the tenant pays an agreed-upon sum as rent, plus certain agreed-upon expenses per month (i.e. taxes, insurance and repairs). |
| A licensee sells property to a young married couple and later learns they are both 17 years of age. This transaction could best be described as: | valid Married persons under the age of eighteen are considered emancipated minors. |
| A broker has an option to purchase in an agreement which also employs the broker to sell the parcel of real property and to obtain a commission from the sale. Before the broker can legally exercise the option, he must: | obtain the written consent of the seller. An option listing gives the broker the right to purchase the property that is listed. A broker with an option is acting as a principal as well as an agent. Prior to exercising the option, the seller must be infor |
| A listing contract has the statement, "The undersigned broker agrees to use diligence in procuring a buyer." This is used for what reason? | To make it a bilateral contract Mutual exchange of promises: bilateral contract. Promise for an act: unilateral. |
| Property is acquired by transfer when, by an act of the parties or law, title is conveyed, or transferred. Real property may be transferred, or alienated by private grant, public grant, public dedication or operation of law (a court action). | |
| Ms. Adams made a deposit on the purchase of a property. During the escrow the seller learned of a highway rerouting which would greatly enhance the value of her property. She instructed the broker to return the deposit to the buyer. Ms. Adams refused to | a unilateral rescission. |
| What is legally required of a lease? | Signature of lessor Description of property Term of lease |
Created by:
sysofadown3
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