purchase agreement business and finance homework help
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March 15, 2023purchase agreement business and finance homework help
With a purchase agreement, the date of formation of the contract is:
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a. |
when acceptance is communicated to the offeror |
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b. |
the date the contract is prepared |
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c. |
the date the buyer signs |
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d. |
the date the offer is made |
Who would be in the weakest position to protect himself against a loss of property to another claimant?
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a. |
A holder of a recorded deed who rents the property out |
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|
b. |
A holder of an unrecorded deed who occupies the property |
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|
c. |
A holder of a certificate of title issued by a title company |
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d. |
A holder of an unrecorded quitclaim deed who does not occupy the property |
Who is generally responsible for the installation of the curbs, streets, and public utilities in a new subdivision?
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a. |
The developer |
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b. |
City or county planning office |
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c. |
Bonding companies serving the developer |
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d. |
Improvement districts formed by lot purchasers |
Which would a court disregard in deciding whether an item of personal property has become real property?
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a. |
Agreement between the parties |
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b. |
Permanence of annexation |
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c. |
Cost of the item |
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d. |
Relationship of the parties |
Which of the following is not considered to be appurtenant to land?
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a. |
Watercourses |
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b. |
Fences |
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c. |
Dwellings |
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d. |
Trade fixtures |
Which of the following sources would be the least satisfactory for obtaining a legal description of a parcel of real property?
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a. |
Deeds |
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b. |
Preliminary title reports |
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c. |
Escrow instructions |
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d. |
Real property tax bills |
Which of the following methods would create an easement that would be easiest to terminate for nonuse?
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a. |
Express reservation |
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b. |
Implication |
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c. |
Prescription |
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|
d. |
Quitclaim deed |
Which of the following is a requirement for a tenancy in common relationship to exist?
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a. |
The tenants in common must have the right of survivorship |
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b. |
Each tenant in common must have an equal interest |
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c. |
There must be unity of possession |
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d. |
Each tenant must take title to the property at the same time |
Which of the following organizations is considered to be an artificial person?
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a. |
Joint venture |
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b. |
Corporation |
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c. |
Partnership |
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d. |
All of the above |
Which of the following would not be considered real property?
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a. |
Rights to unextracted oil |
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b. |
An easement appurtenant |
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c. |
An uncultivated stand of trees |
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d. |
A leasehold estate in a rental house |
Which of the following instances would not terminate an offer to purchase real property?
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a. |
Death or insanity of the offeror |
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b. |
The offeror revokes the offer after the offeree has accepted the offer |
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c. |
The offeree does not respond to the offer before a deadline for acceptance |
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d. |
The offeree makes a counteroffer |
Which of the following statements regarding the power of eminent domain is true?
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a. |
The proposed use must be practical and just compensation must be paid |
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b. |
The proposed use must be a public use and just compensation must be paid |
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c. |
The proposed use must be practical and a public use |
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d. |
The government must offer the property owner a property of comparable value and utility |
Which of the following is not a way through which an individual can acquire an interest in real property?
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a. |
Patent |
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b. |
Escheat |
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c. |
Prescription |
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d. |
Accession |
Which of the following would be important in the process of filing a mechanic’s lien?
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a. |
Notice of nonresponsibility |
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b. |
Notice of completion |
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c. |
Notice of cessation of labor |
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d. |
All of the above |
Which of the following easements runs with the land and is binding on all subsequent owners?
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a. |
Easement appurtenant |
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b. |
Easement in gross |
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c. |
Prescriptive easement |
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d. |
Easement by implication |
Which of the following statements regarding options is correct?
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a. |
If a lease containing an option to purchase is assigned, the option right will pass along with the lease |
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b. |
An option creates a fiduciary relationship between optionor and optionee much like the relationship between agent and principal |
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c. |
An optionor may give another option to a second optionee before the first option period expires |
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d. |
An option is the same thing as a right of first refusal |
Which of the following is not a necessary element in the formation of a contract?
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a. |
Offer |
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b. |
Acceptance |
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c. |
Performance |
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d. |
Consideration |
Which of the following is a type of lien?
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a. |
An easement |
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b. |
An attachment |
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c. |
A restriction |
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d. |
All of the above |
Which of the following persons would be responsible to her employer for results only?
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a. |
Employee |
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b. |
Independent contractor |
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c. |
Principal |
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d. |
Stockholder |
Which of the following is not a consideration in determining whether or not an item is a fixture?
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a. |
Relationship between parties |
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b. |
Intention of annexor |
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c. |
Manner of annexation |
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d. |
Time of annexation |
Which of the following statements concerning estates is correct?
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a. |
A life estate is a leasehold estate |
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b. |
An estate may be held with another estate in the same property |
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c. |
Title to an estate must pass using a grant deed |
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d. |
An estate always gives the right of immediate possession |
When industrial space is rented, the landlord customarily promises that:
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a. |
the property is up to current code at the time of the lease |
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b. |
the property was constructed according to code when it was built |
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c. |
the property shall be in habitable condition |
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d. |
the property shall be never be subject to condemnation |
When a title company issues an ALTA policy, it will extend the risk beyond that which is covered by a standard policy, to include all of the following, except:
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a. |
the rights of parties in possession |
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b. |
unrecorded easements |
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c. |
the effect of zoning regulations |
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d. |
unrecorded mechanic’s liens |
When a document concerning title to real property is recorded, it gives all of the following except:
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a. |
constructive notice of the contents of the document |
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b. |
constructive notice of the rights and interests conveyed in the document |
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c. |
actual notice of the conveyance of title |
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d. |
None of the above |
When a counteroffer is made:
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a. |
the offeree becomes the offeror |
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b. |
the offeror is accepting the terms without modification |
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c. |
the original offer is amended |
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d. |
the offeree can later go back and accept the original offer |
What is the most common way for a corporation to generate additional funds?
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a. |
Sell common stock |
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b. |
Authorize preferred stock |
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c. |
Order a bond issue |
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d. |
Take on additional limited partners |
What document would be used to convey possessory rights without conveying ownership rights?
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a. |
License |
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b. |
Mortgage |
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c. |
Patent |
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d. |
Sublease |
Title will be delivered on a different day than the day the buyer plans to take possession on. The parties should use a/an:
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a. |
interim occupancy agreement |
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b. |
quitclaim deed |
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c. |
assignment of rents |
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d. |
option agreement |
Tim has been judicially declared incompetent. His best friend then deeds him a parcel of real property. The deed is:
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a. |
invalid, as an incompetent grantee cannot take title to real property |
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b. |
invalid, since the title must pass to Tim’s guardian or conservator |
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c. |
valid, since a grantee does not have to be legally competent to receive title |
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d. |
valid only if placed in trust until such time that Tim is declared competent |
The police power is the power of the state to:
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a. |
regulate federal lands for the public good |
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b. |
levy taxes |
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c. |
enact and enforce laws to protect the safety, health, morals, and welfare of the public |
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d. |
take private land |
The payment of a commission to a real estate broker based only on an oral listing is:
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a. |
illegal |
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b. |
contrary to public policy |
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c. |
permissible if the seller elects to do so |
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d. |
prohibited by the Commissioner’s regulatio |
The land description method that makes reference to sections, townships, and ranges is the:
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a. |
government survey method |
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|
b. |
recorded map method |
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c. |
metes and bounds method |
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d. |
Torrens system |
The government has the authority to enact zoning ordinances because these ordinances:
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a. |
maintain the quality of building construction |
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b. |
promote the public health, safety, morals, and welfare |
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c. |
prevent oversupply of certain types of uses |
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d. |
encourage conformity within particular zones |
The Springers hired a contractor to build a swimming pool for their house. If the Springers did not pay for the construction and the contractor filed a lien, the resulting encumbrance would be a:
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a. |
general lien |
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|
b. |
specific lien |
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c. |
voluntary lien |
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d. |
None of the above |
The Real Estate Commissioner has primary authority regarding new subdivisions that includes:
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a. |
drainage and sewage |
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b. |
street layout |
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c. |
financial arrangements necessary to complete improvements |
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d. |
All of the above |
The Alquist-Priolo Special Studies Zone Act requires a subdivider to disclose to potential purchasers:
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a. |
underground storage tanks |
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b. |
location in a flood plain |
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c. |
water quality reports |
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d. |
earthquake fault lines |
Proper acknowledgment of a deed may be taken by a notary public who is:
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a. |
the grantee of the deed |
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|
b. |
a mortgagee in a mortgage being acknowledged |
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|
c. |
the grantor of the deed |
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d. |
an employee of the corporation that is the grantor, if he has no personal interest in the property |
Ownership rights to a property are determined through which of the following legal actions?
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a. |
Quiet title |
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|
b. |
Interdiction |
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c. |
Declaratory relief |
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d. |
Injunction |
On Thursday, Angie decided to accept Harry’s counteroffer for the purchase of his house, signed the purchase agreement, and placed it in the mail. On Friday, Harry decided that he had asked too low a price for the house, and faxed Angie stating that the offer was withdrawn. On Saturday, Harry received her acceptance in the mail. Under the mailbox rule, which of the following is true?
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a. |
Harry withdrew his offer, so no contract is formed |
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b. |
Harry did not withdraw his counteroffer in time, so a contract is formed |
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c. |
Harry may not make a counteroffer |
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d. |
Harry’s withdrawal was ineffective since it was not in writing |
On March 1, Craig paid $100 for a 60-day option to purchase a property. The option stated, “Upon exercise of option, optionee is to purchase within 30 days.” On March 15, he sold and assigned the option to Sharon for $10,000. On April 20, Sharon informed the seller that she intended to purchase the property on May 15. What is the status of the option?
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a. |
Valid, since an option may be assigned, but Sharon will need to purchase the property before April 30 |
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b. |
Valid, since Sharon will purchase within 30 days after the exercise of the option |
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c. |
Invalid, since an option may not be assigned |
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d. |
Invalid, since the purchase date will be after the option has expired |
Of the following, which is a means by which a person might gain title to real property?
|
a. |
Riparian rights |
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b. |
Accession |
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c. |
Appurtenance |
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d. |
Mortgage |
Most real estate syndicates in California are organized as:
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a. |
corporations |
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b. |
general partnerships |
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c. |
limited partnerships |
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d. |
real estate investment trusts |
Leo purchased a mobile home, which is now located in a mobile home park and properly registered. He wants to hire a broker to list the home. Which of the following is true?
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a. |
A broker could not list it since the land is not being sold with it |
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b. |
A broker could not sell it without a mobile home sales permit from the DMV |
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c. |
A broker could arrange a sale of the home and a sublease of the land |
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d. |
A broker could list the mobile home only if it has been registered for more than one year |
Jaime sold his landlocked property, which had an easement appurtenant for access to the road. The deed he gave the buyer gave an adequate legal description of the property but did not mention the easement. The buyer:
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a. |
has a cloud on the title |
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b. |
takes title without the easement but receives a new easement by necessity |
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c. |
loses the easement to the servient tenement |
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d. |
has the same right to the easement that Jaime did |
In which of the following circumstances would a deed always be void?
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a. |
A forged deed in the hands of a bona fide purchaser |
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b. |
A deed signed by an incarcerated convict |
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c. |
A deed signed by an unmarried person under age 18 |
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d. |
A deed that is not supported by consideration |
In which of the following ways are joint tenancy and community property similar?
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a. |
Both are limited to husband and wife |
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|
b. |
Both require that the property be owned by no more than two parties |
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|
c. |
Both involve equal ownership interests |
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d. |
Both require the signature of all parties to sell any interest in the property |
1.In some bilateral contracts, the parties exchange a promise for a promise. Each promise would be:
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a. |
partial performance |
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|
b. |
an acceptance |
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c. |
consideration for the contract |
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d. |
a novation |
If the owner of a large parcel of property plans to subdivide it, what is the minimum number of parcels that would make the project subject to the Subdivided Lands Law?
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a. |
Two |
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|
b. |
Three |
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c. |
Four |
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d. |
Five |
f an owner obtains riparian rights to a property:
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a. |
he may take as much water from the stream as he likes |
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|
b. |
he may use the water only with a government permit |
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c. |
he has absolute ownership of the stream |
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d. |
the riparian rights apply only to the property that is adjacent to the stream and that is located within the watershed |
If a broker is authorized through an agency agreement to negotiate a sale of property, but the seller strikes the portion of the listing form that provides for the authority to accept a buyer’s deposit, then the broker:
|
a. |
is therefore implicitly authorized to accept a buyer’s deposit |
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|
b. |
may accept a buyer’s deposit but becomes the buyer’s agent in regard to the deposit |
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|
c. |
will violate the Real Estate Law if he accepts a buyer’s deposit without the express authority to do so |
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|
d. |
must be given express permission by the seller before being able to accept the buyer’s deposit |
How many acres are in a property that is described as the “S 1/2 of the NW 1/4 of the NE 1/4 of the NE 1/4 of Section 23”?
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a. |
5 |
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|
b. |
10 |
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c. |
20 |
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d. |
40 |
How is the maximum commission rate a broker may charge established?
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a. |
It is set by the local multiple listing service |
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|
b. |
It is mandated by the state Real Estate Law |
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|
c. |
It must be within limits prescribed by real estate professional associations’ ethical codes |
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d. |
It is set by agreement between principal and broker |
How do riparian rights differ from littoral rights?
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a. |
Riparian rights are associated with water; littoral rights are associated with land |
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|
b. |
Riparian rights are only use rights; littoral rights are possessory rights |
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|
c. |
Riparian rights relate to streams and rivers; littoral rights relate to lakes and oceans |
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|
d. |
Riparian rights are appurtenant to the land; littoral rights are not |
How can a homestead recorded under California law be invalidated?
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