Constitute constructive notice of buyer option rights

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Reference no: EM132183715

1. The owner of the property with the larger amount of equity will receive _______________ as consideration for adjusting the equities.

a) cash

b) a carryback note

c) personal property with a dollar amount of value.

d) Any of the above.

2. To communicate an intention to exercise an option, a buyer:

a) is required to give notice to the seller in writing.

b) may use any means to give notice, unless a particular manner for exercising the option is specified in the option agreement.

c) does not need to give the seller any notice.

d) needs to wait for the seller to contact them first.

3. A recorded option ceases to constitute constructive notice of a buyer's option rights when:

a) six months have run after the expiration date stated in the recorded option agreement.

b) if the date of the option cannot be determined from the recorded agreement, six months have run after the option was recorded.

c) Either a or b.

d) Neither a nor b.

4. The creation of a joint tenancy requires the conveyance of four unities, which are:

a) title, possession, space and ownership.

b) interest, title, vesting and ownership.

c) time, interest, possession and quiet enjoyment.

d) title, time, interest and possession.

5. To begin an analysis of income property, a buyer's agent may ask the seller's agent to produce:

a) information regarding security arrangements on or near the property during the past year.

b) a copy of exclusions to the owner's policy of title insurance.

c) the lender's name and the balance, payments, interest rates and due date on each existing mortgage.

d) Any of the above.

Reference no: EM132183715

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