FREE RES Law Questions and Answers

Question 1

Which of the following is true about the statute of frauds as it relates to real estate transactions?

Accepted Answer

Contracts for the sale of real estate must be in writing to be enforceable.

Answer

Oral agreements for the sale of land are legally binding.

Answer

Real estate contracts can be informal and still enforceable.

Answer

The statute of frauds does not apply to real estate transactions.

Question 2

What is the primary purpose of a deed in a real estate transaction?

Accepted Answer

To convey ownership of real property from one party to another

Answer

To outline the terms of a mortgage agreement

Answer

To determine the property’s market value

Answer

To set the conditions for property insurance

Question 3

In real estate law, what is the term for an individual who has died without a will?

Accepted Answer

Intestate

Answer

Testator

Answer

Decedent

Answer

Executor

Question 4

Which type of ownership allows for the property to automatically pass to the surviving co-owner(s) upon the death of an owner?

Accepted Answer

Joint tenancy with right of survivorship

Answer

Tenancy in common

Answer

Tenancy by the entirety

Answer

Life estate

Question 5

What is a lien in the context of real estate?

Accepted Answer

A legal claim against a property as security for a debt

Answer

A type of property ownership

Answer

A method of property appraisal

Answer

A type of zoning regulation