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Multiple Choice Quiz
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1
If no sufficient writing exists in a land transaction, then neither party may enforce the agreement against the other.
A)True
B)False
2
Whether buying or selling, parties involved in real estate transactions typically employ brokers.
A)True
B)False
3
The buying and selling of real estate is accomplished by virtue of a handshake.
A)True
B)False
4
Most jurisdictions allow oral leases of land for terms of less than five years.
A)True
B)False
5
A disclosure statement covers matters that are within the personal knowledge of the seller as well as matters that could be made known through a reasonable inspection of the property in question.
A)True
B)False
6
When making a contract, a mutual agreement means a "shaking of the hand".
A)True
B)False
7
To meet the statutory requirements of the Statute of Frauds, a contract should contain:
A)a damages clause
B)actions to be taken by the parties
C)regulations affecting the parties
D)all the essential terms of the agreement.
8
If a seller fails to provide a marketable title to real property, the purchaser may be able to __________ the contact.
A)sue the seller
B)rescind
C)ask for double damages
D)stare decisis
9
Most lenders typically require that a borrower purchase ___________ insurance.
A)broken promise
B)equitable remedy
C)title
D)closing
10
___________ means that the parties to an agreement may legally be bound by the agreement.
A)equitable title
B)legal capacity
C)local connections
D)federal interaction





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