Civil Law 2022 Exam Questions and Answers
A man named Troy lives in California, but owns property across the U.S. He owns property in cities like
... [Show More] Pittsburgh, Philadelphia, and D.C. Troy decides he wants to sell his property in D.C. Instead of traveling all the way to D.C. to complete all the paperwork, he calls up his buddy Tony. Troy authorizes Tony, who lives in D.C., to sell his property for him. Troy gives Tony a/an:
A. Affidavit
B. Attorney in fact
C. Promissory Note
D. Power of attorney -Correct Answers= D.
An attorney-in-fact is someone authorized to act on behalf of another person, the legal document that authorizes that person is called a power of attorney
The statute of frauds, applies to
A. all real estate contracts of any sort.
B. all real estate sales agreements
C. bilateral contracts only
D. all contracts -Correct Answers= B.
The statute of frauds is a common law concept that requires written contracts for certain agreements to be legally binding. The statute applies to land sales and most purchases of goods over $500 (this includes real estate sales agreements). This is a bit of a trick question. There are some circumstances in real estate where a written contract is not required, so it is not ALL real estate contracts, but it is ALL real estate sales agreements
Appraiser Leo was hired to prepare a feasibility study for a 12-unit apartment complex in which the owner is considering putting in a swimming pool. Which basic principle of appraising should Leo use?
A. Condemnation
B. Reconciliation
C. Contribution
D. Closing -Correct Answers= C.
Leo should use Contribution. Contribution is most commonly applied to determine how renovation and property changes may affect the property's overall cost. In this case, since the owner wants a feasibility study, contribution would need to be used. Swimming pools are a common contribution example. It's worth noting the cost doesn't always equal the value to the home. For example, a pool could add $5000 to the value of a home but cost $10,000 to build. [Show Less]