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  • SAMPLE ONLY Topic - Legal Aspect of Sales, Mortgage and Lease

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    Joshua Armesto
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    The document discusses various legal aspects of sales, mortgages, and leases. It provides definitions for terms like open listing agreement, mortgagee/mortgagor, wrap around loan, purchase money mortgage, construction mortgage, and appurtenant easement. It also lists characteristics of contracts of sale and similarities between mortgages and pledges. The document is accompanied by an answer key to a multiple choice test on these topics.

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    Legal Aspect of Sales, etc

    Original Title

    SAMPLE ONLY Topic- Legal Aspect of Sales, Mortgage and Lease

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    The document discusses various legal aspects of sales, mortgages, and leases. It provides definitions for terms like open listing agreement, mortgagee/mortgagor, wrap around loan, purchase money mortgage, construction mortgage, and appurtenant easement. It also lists characteristics of contracts of sale and similarities between mortgages and pledges. The document is accompanied by an answer key to a multiple choice test on these topics.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    142 views3 pages

    SAMPLE ONLY Topic - Legal Aspect of Sales, Mortgage and Lease

    Uploaded by

    Joshua Armesto
    The document discusses various legal aspects of sales, mortgages, and leases. It provides definitions for terms like open listing agreement, mortgagee/mortgagor, wrap around loan, purchase money mortgage, construction mortgage, and appurtenant easement. It also lists characteristics of contracts of sale and similarities between mortgages and pledges. The document is accompanied by an answer key to a multiple choice test on these topics.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 3

    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

    2.      An investor that lends money secured by a mortgage on real estate.


    a.       Lender/mortgagee
    b.       Borrower/mortgagor
    c.       Mortgage

    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

    5.      Obligation of seller


    a.       Pay the price
    b.       Transfer ownership of property sold
    c.       Accept delivery of possession

    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

    8.      The followings are characteristics of a contract of sale are except


    a.       Bilateral
    b.       Binomial
    c.       Onerous

    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

    13.       Unlike an easement, the license can be rescinded at any time.


    a.       False
    b.       True
    c.       None of the above

    14.      Similarity of mortgage and pledge.


    a.       In both cases, the creditor cannot appropriate the property to himself
    b.       Both constituted on immovables
    c.       Both guaranty future obligations

    15.      It is also known as Realty Installment Buyer Protection law


    a.       Real Factato Montaoo
    b.       Pactum Reservati Domini
    c. Maceda Law

    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

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