National Supplemental Exam II

  1. Which of the following is NOT an example of an appurtenance that would transfer when the property is sold?




    D. A license

    A license is not appurtenance; it's a privilege that can be revoked, and it does not run with the land.
  2. The purpose of a deed restriction is to:




    D. control how the property may be used in the future

    Deed restrictions run with the land, which means they are binding on all future owners of the land.
  3. Which of the following is false concerning a land contract?

    A. Equitable title transfer when the deed is signed by the grantor at closing
    B. The contract is also known as an installment contract
    If a time for performance is not stated in a contract, the duties are expected to be performed within a reasonble time
    C. If a time performance is not stated in a contract, the duties are expected to be performed within a reasonable time
    D. The contract may call for liquidated damages an amount the defaulting party will pay the other party for breaching the contract
    A. Equitable title transfer when the deed is signed by the grantor at closing

    Equitable title is a subtantial interest in the real estate that the vendee takes at closing and holds while paying off the land contract. The vendor will convey legal title to the vendee with a deed when the land contract has been paid in full.
Author
happyedi253
ID
18199
Card Set
National Supplemental Exam II
Description
National Rockwell Real Estate Mock exam
Updated