Real Property I Final Exam Flashcards

Real Property I Final Exam Flashcards Easement that passes automatically when the property that benefits is sold.appurtenant easement Seller offers to sell their home to a purchaser for $70,000.00. The purchaser responds that they will buy the home for $60,000.00. The seller refuses the purchaser's offer to buy for $60,000.00. The purchaser then after the refusal offers to buy the home for $70,000.00. At this time

the legal relationship of the parties is that:

there is an offer to purchase the home for $70,000.00 In a real estate transaction, the property changes hands at

the time of:

the closing Which of the following is not a future covenant contained in a general warranty deed?covenant of seisin The remedy allowing reimbursement of a party's expenses

is:

rescission The doctrine providing that a buyer is responsible for undertaking adequate investigation and inspection prior to

closing on a real property sale is known as:

caveat emptor

Provided by state statute:easement by necessity

Specific performance is only allowed when the object of the

contract is:

unique Which of the following persons would not be a competent witness to the grantor's signature on a deed?grantee An easement can be terminated by abandonment. true Which of the following presumptions is incorrect? possession of the deed by the grantee is presumption of nondelivery Which of the following is not a present covenant contained in a general warranty deed?covenant of quiet enjoyment The signing of the deed is the final step in conveying ownership of the property.false The remedy in which the parties have agreed upon their

damages in advance is:

liquidated damages The remedy of rescission provides the injured party under a

real estate contract with the following relief:

contract is terminated and party is entitled to reimbursement for expenses A corrective deed is valid without additional consideration.true Under which condition is a seller generally NOT liable for damages?acting in good faith and without knowledge of problems Seller enters into a contract with Buyer to sell real property for $100,000.00. Buyer defaults on the contract, and at the time of default the fair market value of the property is $90,000.00. Seller shall be entitled to recover the damages

in the amount of:

$10,000

It is not necessary to disclose that a home built after 1978 may have lead paint.true A listing agreement whereby an owner hires only one broker to assist in selling the property and the owner agrees that if the real property is sold even though the

owner's effort, a commission is earned, is known as:

an exclusive right-to-sell listing

The execution portion of the deed is known as the:testimonium

Seller and purchaser enter into a contract to purchase real property at a fair marker value of $100,000.00. Seller refuses to perform the contract and at the time of seller's default the fair market value of the property is $110,000.00.The purchaser can recover from the seller the following

money damages:

$10,000

Parcel on which easement is located.servient tenement If the real estate contract does not specify who bears risk of loss between time of contract and time of closing, the risk falls on purchaser.true The remedy for breach of a real estate contract which requires that the defaulting party perform their obligations

under the contract is known as:

specific performance Real estate contracts are freely assignable. false Which of the following is generally not a requirement for a valid deed?signature of grantee Which type of deed contains no covenants of title?quitclaim deed An oral deed is enforceable.false Used without permission of owner.prescriptive easement Created to benefit a specific parcel.appurtenant easement Which of the following disclosures should be provided when selling property in Mississippi? CHOOSE AS MANY

AS APPLY:

• terminate inspection and report- whether property has

been used as a meth lab- lead paint, if built before 1978 Which of the following is also known as a "hold harmless" agreement?indemnification Gives right to travel over or across parcel. access easement Created by the conduct of the parties.implied easement An easement can be terminated by express agreement of the parties.true The rule providing that the best evidence of the terms of a written contract is the contract itself is known as the ____

rule:

parol evidence Created by a written document.express easement The measure of monetary damages for breach of a real

estate contract is computed as follows:

the difference between fair market value of the property and contract price at time of default

Consideration in a real estate contract include: CHOOSE

AS MANY AS APPLY.

• certified check- bank wire transfer- cash