REAL Practice Test: Video 1 Answers (20 Questions)

Question 1

When put into the deed, deed restrictions and easements on a property are considered ____.

Accepted Answer

reservations and exceptions

Answer

When deed restrictions or easements are included in a deed, they are typically referred to as 'reservations and exceptions.' A reservation is a right retained by the grantor (seller), such as an easement for access. An exception is something withheld from the grant, meaning it's not being conveyed with the rest of the property, thus limiting the grantee's (buyer's) full enjoyment or ownership rights.

Question 2

A contract signed by a minor for the purchase of real estate is generally considered:

Accepted Answer

Voidable by the minor

Answer

Contracts with minors are voidable at the option of the minor because they lack full legal capacity.

Question 3

Which term describes a contract where one party promises performance in exchange for an act by the other?

Accepted Answer

Unilateral contract

Answer

A unilateral contract binds one party to perform only if the other completes a specific act.

Question 4

Which of the following would make a contract 'void' rather than 'voidable'?

Accepted Answer

An illegal purpose

Answer

A contract for an illegal purpose is void from the start and has no legal effect.

Question 5

Who is in charge of deciding on a property's listing price?

Accepted Answer

the owner of the property

Answer

The property owner ultimately has the right and responsibility to decide the listing price for their property. While a real estate broker can provide professional advice, market analysis, and recommendations, the final decision on the asking price rests with the seller. The broker acts as an agent, carrying out the seller's instructions.

Real Estate License Practice Test

Real Estate License Practice Test

REAL Practice Test: Video 1 Answers (20 Questions)