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Money or anything worth money exchanged in a contract is classified as unilateral
consideration.
Typically there is no specific educational requirement for obtaining a salesperson
license.
Prior to enactment of the Statute of Frauds in 1677 a landowner gave notice to the
world of his claim to ownership by visibly occupying the land.
Section II of a homeowner insurance policy provides liability protection for the named
insured but not the members of the named insured's family who lives with the insured.
Because it is implied, a granting clause is not necessary in most states for a deed to be
valid.
Violations of fair housing laws may involve fines up to $100,000 in addition to civil
damages, potential injunctions, reasonable attorney's fees and costs.
In a real estate transaction financed with a deed of trust, the grantee on the deed of trust
is the borrower.
Usually, the borrower of a FHA loan is also responsible for the mortgage insurance
premium.
In most residential purchase agreements, the purchaser has the right to withdraw from
the purchase without forfeiture of the earnest money if he cannot obtain necessary
financing.
A(n) ____________________ clause allows the lender to call the entire balance due if
the borrower sells or conveys the mortgaged property.
A conventional mortgage is neither insured nor guaranteed by the government.
The ____________________ is added to the index rate for the lender's cost of doing
business.
Money paid upon signing of a contract of sale by the offeror is called earnest money.
The concept of timesharing started in the U. S. and is limited to use in this country.
Typically, an owner of real estate is not exposed to losses by other persons being injured
on his property.
Proceeds from a foreclosure sale go first to the lender, then to the borrower and then to
the expenses of the sale.
A lease wherein the owner receives a percentage of the tenant's gross receipts as rent is
called a ____________________ lease.
With a ____________________ mortgage, the lender makes monthly payments to the
homeowner.
