Professional Documents
Culture Documents
SAMPLE ONLY Topic - Legal Aspect of Sales, Mortgage and Lease
SAMPLE ONLY Topic - Legal Aspect of Sales, Mortgage and Lease
1. A type of listing where the seller also list the property with other and competing brokers on
the belief that this type of arrangement best serves his/her single listing.
a. Check list
b. Minutes
c. Open listing agreement
3. The seller lends the buyer the difference between the existing loan and the purchase price.
a. Net loan
b. Wrap around loan
c. Deductable loan
4. Lessee does not transmit absolutely his right and obligations to the sub lessee.
a. Contract of Lease
b. Assignment of Lease
c. Contract of Sublease
6. Characteristic of sale where thing sold is considered the equivalent of the price paid and vice-
versa.
a. Priced
b. Commutative
c. Paid
7. Is the right to be subrogated, upon the same terms and conditions stipulated in the contract.
a. Legal redemption
b. Subrogation
c. stipulated
1
Legal Aspect of Sales, Mortgage and Lease
9. The compensation either in money, provisions, chattels, or labor, received by the lessor from the
lessee.
a. Allowance
b. Lease
c. Rent
10. A mortgage issued to the borrower by the seller of the home as part of the purchase
transaction.
a. Purchase money mortgage
b. Sellers mortgage
c. Borrowers mortgage
11. A loan borrowed to finance the construction of a home and typically only interest is paid
during the construction period.
a. Construction mortgage
b. Finance mortgage
c. Interest mortgage
12. A right to use adjoining property that transfers with the land.
a. Easement in gross
b. Easement by prescription
c. Appurtenant Easement
2
Legal Aspect of Sales, Mortgage and Lease
ANSWER KEYS
1 C 43 A 85 A
2 A 44 A 86 C
3 B 45 C 87 A
4 C 46 C 88 A
5 B 47 B 89 B
6 B 48 A 90 A
7 A 49 A 91 C
8 B 50 C 92 A
9 C 51 B 93 A
10 A 52 B 94 B
11 A 53 A 95 B
12 C 54 A 96 C
13 B 55 C 97 A
14 A 56 B 98 C
15 C 57 C 99 C
16 A 58 B 100 B
17 B 59 A 101 C
18 B 60 B 102 A
19 A 61 C 103 A
20 C 62 A 104 B
21 B 63 A 105 C
22 C 64 A 106 A
23 B 65 B 107 B
24 A 66 C
25 B 67 C
26 C 68 A
27 A 69 A
28 A 70 B
29 A 71 C
30 B 72 B
31 C 73 B
32 C 74 A
33 B 75 B
34 A 76 C
35 C 77 A
36 A 78 B
37 B 79 A
38 B 80 B
39 A 81 A
40 B 82 C
41 C 83 A
42 B 84 B