Real Estate Quiz

A lease tied to an index such as the consumer price index is known as what...?

• Gross Lease

• Triple Net Lease

• Index Lease

• Net Lease

Which of the following is NOT an essential element of a valid contract...?

• Competent parties

• Must be a US citizen

• Consideration

• Lawful objective

The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan is known as what...?

• Hard Money

• Option Payment

• Down Payment

• Earnest Money

An agreement that has been fully performed is known as what...?

• Executed Contract

• Express Contract

• Executory Contract

• Implied Contract

Which of the following is an essential element of a valid contract...?

• Competent parties

• Must be recorded

• All signatures must be notarized

• Must be a US citizen

A standard set of business laws that regulate financial contracts is known as what...?

• Uniform Commercial Code

• Real Property Laws

• SEC

• Financial Code

A lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for rent is known as what...?

• Land Lease

• Graduated Lease

• Index Lease

• Gross Lease

Which of the following is an essential element of a valid contract...?

• Mutual agreement

• Must be a US citizen

• All signatures must be notarized

• Must be recorded

Which of the following is an essential element of a valid contract...?

• All signatures must be notarized

• Must be recorded

• Must be in-writing

• Must be a US citizen

A clause in a lease that outlines the terms for renewing or extending an original lease agreement is known as what...?

• Option to Renew

• Security

• Assignment

• Schedule A