Chapter 7 contracts

Chapter 7 contracts

University

17 Qs

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Chapter 7 contracts

Chapter 7 contracts

Assessment

Quiz

Construction

University

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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of deed offers the greatest protection to the grantee (buyer)?

Quitclaim deed

General warranty deed

Contract for deed

Option contract

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A contract that gives one party the right, but not the obligation, to purchase a property within a specified time frame is called a(n):

Sales contract

Option contract

Contract for deed

Gross lease

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a real estate transaction, earnest money serves what primary purpose?

Pays for the property taxes

Demonstrates the buyer's good faith intention to complete the purchase

Covers the cost of the appraisal

Is the final payment to the seller

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a requirement for a valid contract?

Offer and acceptance

Consideration

Earnest money

Legal capacity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A contract for deed involves which of the following?

The seller financing the purchase for the buyer

The buyer taking possession before making full payment

Legal title remaining with the seller until the final payment is made

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The legal concept of acquiring title to someone else's property through open and notorious use for a statutory period is known as:

Eminent domain

Adverse possession

Easement by prescription

Encroachment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A quitclaim deed conveys:

Full ownership rights and warranties

Only the grantor's current interest in the property, with no warranties

A life estate interest

An easement

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