Of Contracts Exam With 100% Correct Answers

Fee simple ownership, shared walls, and a fractional interest in common areas are all characteristics of {Ans: Town-house ownership}During the period after a real estate sales contract is accepted but before the delivery of the deed, the status of the contract is {Ans: Executory}Which of the following best describes when a corporation holds title to the land and the building? {Ans: Cooperative}A buyer purchases a home under a land contract. Until the contract is paid in full, the buyer {Ans: Has equitable title in the property}The sales contract says the buyer will purchase only if the buyers current home closes within the next 30 days. This is called a {Ans: Contingency}Following are not included in the description of land? {Ans: A sewer system}Contingencies in a contract create {Ans: A voidable contract}Making a counter offer {Ans: Terminates the original offer}All of the following are true about estates in real property except {Ans: They are created by deed or bill of sale}An option to purchase contract {Ans: Allows the buyer to buy for a fixed price within a specified time period}All of the following are essential elements of a valid contract except