Appraisal7 Contracts Quiz

What type of contract is an option agreement?

• bilateral

• unilateral

What is the initial payment to bind a sales contract called?

• earnest money

• legal consideration

• rent

• real estate taxes

Parties to a valid contract must enter the agreement how to satisfy the element of consent?

• voluntarily

• in writing

• with legal representation

• with a witness

What is a contract called where the seller acts in the role of a lender?

• purchase agreement

• lease contract

• contract for deed

• listing contract

In a _______ lease, the tenant pays a fixed rent and the landlord pays the property's operating expenses.

In a leased property, who has a leased fee interest?

• the tenant

• the landlord

• the municipality

• the state government

When a party conveys whatever interest he or she has with no warranties, what type of conveyance is used?

• general warranty deed

• special warranty deed

• bargain and sale deed

• quitclaim deed

What is the involuntary transfer process by which a party takes possession and use of another's land over a period of years?

• prescriptive easement

• condemnation

• adverse possession

• an option

What is the type of deed that provides all of the covenants to warrant title?

• general warranty deed

• special warranty deed

• bargain and sale deed

• quitclaim deed

A tenant has an ice cream shop in a shopping mall and pays $2,000 per month plus 4% in overage rent based on gross sales after the first $100,000. This is an example of what type of lease?

• flat rental lease

• step-up lease

• percentage lease

• revaluation lease