Understanding Real Estate Contracts and Deeds

Front

Which of the following is NOT a type of real estate contract? Purchase Agreement, Lease Agreement, Employment Contract, Option Agreement

Back

Employment Contract

Front

What is one of the essential elements of a valid contract?

Back

Mutual consent

Front

Which type of deed offers the greatest protection to the buyer? Quitclaim Deed, Bargain and Sale Deed, General Warranty Deed, Special Warranty Deed

Back

General Warranty Deed

Front

What is the primary purpose of a deed in real estate?

Back

To transfer property rights

Front

Which of the following is NOT an element of a valid contract? Offer and acceptance, Consideration, Legal purpose, Verbal agreement

Back

Verbal agreement

Front

What is a Quitclaim Deed primarily used for?

Back

To transfer interest without warranties

Front

Which of the following is a type of real estate contract? Employment Agreement, Listing Agreement, Service Contract, Partnership Agreement

Back

Listing Agreement

Front

In real estate, what does the term "consideration" refer to?

Back

The price or value exchanged

Front

Which type of deed is often used to correct a title defect? Options: General Warranty Deed, Special Warranty Deed, Quitclaim Deed, Bargain and Sale Deed

Back

Quitclaim Deed

Front

What is required for the legal transfer of property rights?

Back

A written deed