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Question 1 of 10
1. Question
With regards to the statute of limitations, to bring an action and to enforce written and oral contracts is under which of the following?
Correct
This is a legislative one. With regards to the statute of limitations, to bring an action and to enforce written and oral contracts are under written, four years; oral, two years
Incorrect
This is a legislative one. With regards to the statute of limitations, to bring an action and to enforce written and oral contracts are under written, four years; oral, two years
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Question 2 of 10
2. Question
Landlord A rented an apartment for six months to Tenant B. When the rent payment was due, Landlord A failed to specify. When does he expect his rent to be received?
Correct
For leases of less than one year, unless otherwise stated in the contract, the law specifies the payment of the lease at the end of the term.
Incorrect
For leases of less than one year, unless otherwise stated in the contract, the law specifies the payment of the lease at the end of the term.
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Question 3 of 10
3. Question
Which of the following statements is false?
Correct
A written lease can be updated by all of the choice except oral agreement. The signing of a new agreement to replace an existing one is called Novation.
Incorrect
A written lease can be updated by all of the choice except oral agreement. The signing of a new agreement to replace an existing one is called Novation.
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Question 4 of 10
4. Question
Which of the following statements about tenancy is true?
Correct
It is statutory and expected that a periodic tenancy without a lease for agricultural and grazing land would run for only one year.
Incorrect
It is statutory and expected that a periodic tenancy without a lease for agricultural and grazing land would run for only one year.
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Question 5 of 10
5. Question
Which of the following should a real estate land contract contain in addition to the normal elements of a contract?
Correct
The other responses don’t apply for a real estate land contract containment.
Incorrect
The other responses don’t apply for a real estate land contract containment.
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Question 6 of 10
6. Question
Which of the following statements about a home’s lease option is correct?
Correct
An alternative is the right to buy the home, not the duty, so committing the occupant to a house purchase is incorrect. A rental option is usually the right to extend the lease to the occupant.
Incorrect
An alternative is the right to buy the home, not the duty, so committing the occupant to a house purchase is incorrect. A rental option is usually the right to extend the lease to the occupant.
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Question 7 of 10
7. Question
Which of the following statements is incorrect?
Correct
It is statutory.for a mobile home tenant to pay fees that are limited to service charges, utilities, and rent. Occupancy is not part of it.
Incorrect
It is statutory.for a mobile home tenant to pay fees that are limited to service charges, utilities, and rent. Occupancy is not part of it.
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Question 8 of 10
8. Question
Which of the following statement best fits to the kind of note that lowers the risk of the bank changing interest rates?
Correct
There may also be adjustable-rate systems for other types of loans, but the adjustable or variable rate note in the event that interest rates adjust over the duration of the loan protects the bank.
Incorrect
There may also be adjustable-rate systems for other types of loans, but the adjustable or variable rate note in the event that interest rates adjust over the duration of the loan protects the bank.
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Question 9 of 10
9. Question
Which of the following situations best describes a balloon payment?
Correct
Balloon payment refers to the last home loan payment, which is at least twice as much as any other payment and is normally made at the end of the period to pay off the loan.
Incorrect
Balloon payment refers to the last home loan payment, which is at least twice as much as any other payment and is normally made at the end of the period to pay off the loan.
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Question 10 of 10
10. Question
Which of the following is not applicable in a lease situation about the rights of a tenant?
Correct
Personal property is the tricky response choice here. Private land, not real estate, is called a loan.
Incorrect
Personal property is the tricky response choice here. Private land, not real estate, is called a loan.