Question 1

Trystan and Nia enter into a contract for the sale of a tiny house. Trystan is 17. Closing is supposed to occur in two weeks. This contract is:

Options :

A : executed and voidable

B : executory and void

C : executory and voidable

D : executed and void

Answer: C

Question 2

What would make claims based on a contract unenforceable?

Options :

A : specific performance, rescission, and forfeiture

B : the statute of limitations and doctrine of laches

C : assignment, mediation, and arbitration

D : mutual assent, lawful objective, and reality of consent

Answer: B

Question 3

Which of the following is NOT an option that a seller has after receiving a counteroffer?

Options :

A : discharge the contract

B : allow the offer to expire

C : accept the offer

D : reject the offer in writing

Answer: A

Question 4

What is one way that a contract for deed differs from a standard real estate sales contract?

Options :

A : A contract for deed has the purchase price in it.

B : A contract for deed includes a financing clause.

C : A contract for deed's purchase price section details the buyer's payment plan to the seller.

D : A contract for deed includes a section about a flip tax.

Answer: C

Question 5

Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

Options :

A : clean title

B : dirty title

C : naked title

D : skinny title

Answer: C