The statute of limitations is the authority that outlines the

period of time during which a contract may be enforced

Requirements of a valid deed do NOT include

signature of a competent grantee

Local government exercises its greatest effect on the real estate business by

using zoning, taxation, and the planning process

In a deed, the warranty of quiet enjoyment pertains to

peaceful possession undisturbed by others' claims of title

Constructive notice is

provided by recording in the public records

studbud

Week 3 review

15 termsStudBud Administration133 plays

#realestate

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
If you have located a township numbered T2S, R4E, the township due south of that township is
T3S, R4E
T2S, R3E
T2N, R1E
T2S, R5E
2
Which estate includes the right of survivorship?
Tenancy for years
Joint tenancy
Tenancy in common
Fee simple estate
3
The statute of limitations is the authority that outlines the
requirement that real estate sale contracts be in writing
essential elements of a contract
remedies available in case of breach
period of time during which a contract may be enforced
4
In relation to section 1 of a township, section 12 is due
west
south
east
north
5
Which survey term is associated with a metes-and-bounds description?
Range
Point of beginning
Township
Section
6
Authority originated from US Constitution to protect health & welfare of citizens locally
Situs
Escheat
Police power
Community protection power
7
Failure to comply with the statute of frauds will result in
a charge of fraud
an illegal contract
an unenforceable contract
a revocation of licensure
8
Requirements of a valid deed do NOT include
signature of two witnesses
signature of a competent grantee
voluntary delivery and acceptance
good or valuable consideration
9
Local government exercises its greatest effect on the real estate business by
creating tax shelters for developing low-income housing
supervising contractors and their on-the-job performance
providing financing where justified
using zoning, taxation, and the planning process
10
The bundle of legal rights associated with real property ownership does NOT include right of
possession
intent
control
disposition
11
Which element is NOT essential in a valid real estate sale contract?
The vendor's signature
A legal objective or purpose
Competent parties
An earnest money deposit
12
In a deed, the warranty of quiet enjoyment pertains to
peaceful possession undisturbed by others' claims of title
peace and tranquility on and around the property
property that is completely vacated
guaranteed satisfaction with the property
13
Parties to a contract state the terms of the contract in words orally or in writing
It is an executed contract
It is an express contract
It is a parol contract
It is an implied contract
14
Constructive notice is
notarizing a conveyance
provided by recording in the public records
information learned by reading, seeing, or hearing
information advertised in the newspaper
15
Licensee makes statement as though it were fact when she doesn't know it is. Buyer is damaged.
This is fraud
This is breach of trust
This is culpable negligence
This is deceptive services

Week 3 review Flashcards | StudBud