Reference no: EM131611206
1. A buyer makes an offer to purchase a property. The offer is accepted by the sellers. At the time the offer was made, the home had an expensive built-in dishwasher in the kitchen and an antique chandelier in the dining room. Built in equipment is considered to be permenently attaxched to the real property. There was no mention at all of these fixtures in the offer.
BASED ON THE INFORMATION PROVIDED, DO THE SELLERS HAVE THE RIGHT TO TKE THE DISHWASHER AND CHANDELIER WITH THEM ON CLOSING?
A. YES, under the contract law, all fixtures belong to the sellers while chattels belong to the buyer.
B. YES, fixtures only remain with the property if they are specifically identified (named) as chattels in the accepted offer.
C. NO, the fixtures are automatically included in the purchase price unless specifically excluded in the accepted offer.
D. NO, all fixtures and chattels automatically remain with the property, regardless of what is agreed to in the accepted offer.
2. Which one of the following is a correct statement regarding life and future estates?
A. A life estate is the highest form of ownership and allows the holder to do whatever he/she wants to the property
B. The property can be sold by the holder of the future estate only with thw consent of the holdernof the life estate.
C. The person who holds the life estate must be the same person who holds the future estate.
D. The person who holds the future estate can lease the property to someone other than the holder of the life estate, only if the term of the lease is for a definiteperiod of time.
3. Under what circumstances would a real estate salesperson be required to obtain a spousal consent on an Agreement of Purchase and Sale?
A. When a buyer is married but only one name will be put on the deed
B. If only on e of the spouses in a marriage is on title and the property is a matrimonial home
C. If the seller has a "Live-in" relationship with someone
D. If both spouses are on title, either the husband or wife sign the spousal consent.