Question 1

Ortiz agreed to sell Patton her house for $50,000, but they did not sign a contract of sale. Later, Ortiz changed her mind and refused to go through with the sale. Is Ortiz legally obligated to sell her house to Patton for $50,000?

Accepted Answer

The answer of Ortiz agreed to sell Patton her house...

Question 2

The document that transfers title to real property from seller to buyer is the ____________________.

Accepted Answer

The answer of The document that transfers title to real...

Question 3

Insurance that protects the purchaser of property from outstanding claims is called ____________________ insurance.

Accepted Answer

The answer of Insurance that protects the purchaser of property...

Question 4

The legal interest an owner has in real property is called the ____________________.

Accepted Answer

The answer of The legal interest an owner has in...

Question 5

Fram signed a contract to sell his home to Mills, with possession to be given on May 1. If Mills cannot obtain a mortgage by May 1 and the contract is silent about this, can Fram force Mills to close the transaction on May 1?

Accepted Answer

The answer of Fram signed a contract to sell his...

Question 6

An examination of property records to determine whether there are any liens, mortgages, or restrictions on the property is called a(n) ____________________.

Accepted Answer

The answer of An examination of property records to determine...

Question 7

Litton signed a listing contract with Monroe, a real estate broker, allowing Monroe to sell his (Litton's) house for $60,000. Monroe found a buyer who was willing to pay $65,000. May Monroe keep the extra $5,000?

Accepted Answer

The answer of Litton signed a listing contract with Monroe,...

Question 8

The ____________________ allows the mortgagor to pay the balance due on the mortgage before the end of the mortgage term without a penalty.

Accepted Answer

The answer of The ____________________ allows the mortgagor to pay...

Question 9

Crane sold a house to O'Brien, unaware that there was asbestos in the walls. May O'Brien sue Crane for fraud or to rescind the contract of sale?

Accepted Answer

The answer of Crane sold a house to O'Brien, unaware...

Question 10

Tovin sold his house to Lake in the morning. Later the same day, Tovin sold the same house to Andre. Andre recorded the deed at once. Lake did not record the deed he received until two days later. Who legally owns the property?

Accepted Answer

The answer of Tovin sold his house to Lake in...

Quiz 31: Buying and Selling Real Property