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Question 1 of 10
1. Question
Which of the following statements clearly defines an implied contract?
Correct
A perfect example of an implied contract is when a customer enters a cafeteria and orders a drink. When that customer orders a drink, he doesn’t tell the waiter that he will pay the bill as indicated in the menu if he is served with fresh milk. Since the customer must pay the money for milk, then that is applied. In the field of real estate, an agent comes together with the buyer too as an observer to witness that the real owner is selling the house, then that’s implied.
Incorrect
A perfect example of an implied contract is when a customer enters a cafeteria and orders a drink. When that customer orders a drink, he doesn’t tell the waiter that he will pay the bill as indicated in the menu if he is served with fresh milk. Since the customer must pay the money for milk, then that is applied. In the field of real estate, an agent comes together with the buyer too as an observer to witness that the real owner is selling the house, then that’s implied.
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Question 2 of 10
2. Question
Valid contracts have got elements in them. Which of the following is not one of the elements?
Correct
Some of the real estate contracts do not embrace writing when forming agreements between parties. All the parties concerned with the contract making must be conversant with the terms and understand them because the mutual agreement requires them. Some laws encourage the writing of simple language in contracts and are known as plain language laws.
Incorrect
Some of the real estate contracts do not embrace writing when forming agreements between parties. All the parties concerned with the contract making must be conversant with the terms and understand them because the mutual agreement requires them. Some laws encourage the writing of simple language in contracts and are known as plain language laws.
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Question 3 of 10
3. Question
The following include ways of discharging contracts, which one is not correctly explained?
Correct
A contract can also be ended through assignment and delegation. This is where a new person who was not initially in the contract takes charge and starts doing roles that belong to one of the contract’s parties. An assignee is a person in charge of the party’s duties (that is) of the party taking over. A party has a person in charge of its duties and is referred to as an Assignee.
Incorrect
A contract can also be ended through assignment and delegation. This is where a new person who was not initially in the contract takes charge and starts doing roles that belong to one of the contract’s parties. An assignee is a person in charge of the party’s duties (that is) of the party taking over. A party has a person in charge of its duties and is referred to as an Assignee.
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Question 4 of 10
4. Question
If a buyer breaches a contract and refuses to buy a house that they agreed with the seller and the seller is determined to go on with the sale, the seller can do any of the following except one?
Correct
The seller can file a case against the buyer so that he/she can be paid the money wasted on the contract. When the buyer breaches a contract, the loss is on the seller because he/she may have paid upfront money to buy the house immediately after they signed a contract with the buyer.
Incorrect
The seller can file a case against the buyer so that he/she can be paid the money wasted on the contract. When the buyer breaches a contract, the loss is on the seller because he/she may have paid upfront money to buy the house immediately after they signed a contract with the buyer.
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Question 5 of 10
5. Question
Which of the following statements explain a periodic estate?
Correct
It can also be called a periodic tenancy. A periodic tenancy is witnessed where the first formed agreement has no specified duration. For instance, a week to week tenancy is a periodic tenancy. The period can be of other duration like a month to month or year to year.
Incorrect
It can also be called a periodic tenancy. A periodic tenancy is witnessed where the first formed agreement has no specified duration. For instance, a week to week tenancy is a periodic tenancy. The period can be of other duration like a month to month or year to year.
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Question 6 of 10
6. Question
Under which condition can a tenant depart a house before the lease term lapses?
Correct
At times a tenant may be forced to leave a house even before the lease term lapses due to certain conditions. One of the conditions is when the landlord acts so that the premises are not inhabitable, and the second is when the landlord doesn’t provide heat during winter. The landlord should always provide heat during winter to avoid constructive eviction.
Incorrect
At times a tenant may be forced to leave a house even before the lease term lapses due to certain conditions. One of the conditions is when the landlord acts so that the premises are not inhabitable, and the second is when the landlord doesn’t provide heat during winter. The landlord should always provide heat during winter to avoid constructive eviction.
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Question 7 of 10
7. Question
Which of the following agency has a responsibility to look after the environment?
Correct
The agency with the responsibility to look after the environment comes up with the measures on how to take care of the environment and advises Congress and the president on how to do so. They offer advice on how to protect and save the environment from harm. They also compose laws that occur to be implemented to protect the environment.
Incorrect
The agency with the responsibility to look after the environment comes up with the measures on how to take care of the environment and advises Congress and the president on how to do so. They offer advice on how to protect and save the environment from harm. They also compose laws that occur to be implemented to protect the environment.
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Question 8 of 10
8. Question
Which of the following statements well defines externalities as used in real estate?
Correct
Government activities are examples of externalities. For instance, when the government wants homeowners to afford and buy houses, they may reduce the mortgage interest, attracting more purchases. The value of a property can also be influenced by the life cycle for individual properties and the surrounding houses.
Incorrect
Government activities are examples of externalities. For instance, when the government wants homeowners to afford and buy houses, they may reduce the mortgage interest, attracting more purchases. The value of a property can also be influenced by the life cycle for individual properties and the surrounding houses.
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Question 9 of 10
9. Question
Below are phases of the environmental assessment conducted by scientists in real estate. choose out the stage that is not correctly explained.
Correct
When a person suspects the existence of a dangerous material on his/her piece of real estate property, an evaluation of the environment is conducted by scientists to find about the material. The evaluation is usually done in 4 phases.
Incorrect
When a person suspects the existence of a dangerous material on his/her piece of real estate property, an evaluation of the environment is conducted by scientists to find about the material. The evaluation is usually done in 4 phases.
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Question 10 of 10
10. Question
Which of the following is not a way of dealing with asbestos in a building?
Correct
Both commercial and residential buildings use Asbestos during construction. Asbestos does not transfer heat, and it’s fireproof; hence it is preferred by builders for pipes insulators. It is also used in building floors and roofing. The main problem with Asbestos is that when it breaks down, it releases harmful materials such as dust and fibers that are harmful to the human when inhaled.
Incorrect
Both commercial and residential buildings use Asbestos during construction. Asbestos does not transfer heat, and it’s fireproof; hence it is preferred by builders for pipes insulators. It is also used in building floors and roofing. The main problem with Asbestos is that when it breaks down, it releases harmful materials such as dust and fibers that are harmful to the human when inhaled.