Test your knowledge about Real Estate Contracts with these TRIVIA questions on Real Estate Contracts!

1) What is “Absolute ownership of real property” called?

  1. Owner’s Policy
  2. Fee Simple
  3. Common Interest Ownership
  4. Concurrent Ownership

See the answers here:

2) What is “Dual Agency”?

  1. Same real estate broker represents both the Buyer and the Seller
  2. Two different real estate brokers form the same office, one represents the Buyer and the other represents the Seller
  3. Two different real estate brokers from different offices but work for the same principal broker; one represents the Buyer and the other represents the Seller.
  4. All of the Above!

 

3) What is an Estoppel Letter?

  1. A Cease and Desist letter
  2. Letter of Intent to Exercise an Option
  3. Establishes specific amounts owed at the time it is signed by the party owing
  4. All of the Above!

 

4) What is a Facilitator?

  1. Someone who negotiates for another
  2. Someone who writes contracts for another
  3. Someone who does not have a fiduciary responsibility, but does have a confidentiality responsibility.
  4. All of the Above!

 

5) What needs to be in a contract to be assignable?

  1. And/or Assigns (as part of the buyer’s name)
  2. An Assignability Clause
  3. Both of the Above!
  4. Nothing at all in Oregon

 

6) What does the “Right of First Refusal” mean?

  1. You have the same right to purchase a property at the same terms as a seller may have accepted from another party.
  2. You have the right to refuse an offer.
  3. You have the first right to exercise an option.
  4. All of the Above!

 

Check your answers, go here…  Contracts Trivia Answers