Question 1

Which of the following is NOT an option that a seller has after receiving a counteroffer?

Options :

A : discharge the contract

B : allow the offer to expire

C : accept the offer

D : reject the offer in writing

Answer: A

Question 2

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

Question 3

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 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

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

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