1)Which of the following would NOT typically be contained in an Agreement of Purchase and Sale? A) Mortgage terms B) Legal description of the property C) Closing date D) Purchase price

2) What is the legal effect of a financing condition in an offer? A) The lender will be given control of the money needed to complete the deal. B) The transaction will not proceed unless the buyer's lender grants a mortgage. C) The lender must approve the price, deposit, and method of payment. D) There is no contract until the vender provides the seller with financing

3)In what way is a registry system different from a land titles system?

4) Which term refers to the concept of "buyer beware"? A) the sophisticated buyer rule B) caveat emptor C) volenti D) res judicata

5) What distinguishes an undivided one half interest held in a tenancy in common from a one half interest held in a joint tenancy with respect to the co-ownership of real estate? A) Each owns an undivided interest in ownership of their portion. B) Each owns an undivided co ownership of the whole. C) Each owns an undivided interest in ownership of the whole. D) Each owns an undivided co ownership of each portion.

6) John and Jackson are purchasing a property together and would like to register their title as joint tenants. What is the defining feature that distinguishes this form of ownership? A) The survivor would have the right to buy out the deceased owner's interest. B) The property would be subdivided, and each half interest would be sold by auction. C) Each interest is subject to a right of survivorship, and the rights of the deceased owner would pass to the surviving owner. D) The rights of the deceased owner would be inherited by the deceased's heirs.

7) What type of land ownership confers the most comprehensive level of ownership possible? A) fee simple B) joint tenancy C) life estate D) full estate

8)Which of the following is synonymous with equity of redemption with respect to real property law? A) damages substituted for the court's decree of a right to equity redemption B) damages based on the value of the property on the date of equity redemption C) the right of owners to exclusively control land during the term of a lease D) the right to have legal ownership restored upon the repayment of the mortgage

9)The Burtons are selling their home which has long standing basement flooding problems which have damaged the foundation of the home. Before putting the home up for sale, they renovated the basement and the foundation crack is now behind a wall and cannot be seen. Which statement best describes the Burton's obligations toward potential buyers of the home?

A)They have no obligations to disclose anything to potential buyers. B) They have a positive duty to disclose the hidden defect. C) They have an ethical duty but not a legal duty to disclose the defect. D) They do not have to disclose the crack unless they are asked about the condition of the foundation.

10)Graham has granted a cellphone company permission to erect a transmission tower on his property. What type of right has Graham granted?