GAMLS Practice Review

Front

COLD AC is an acronym for duties owed to clients. The A stands for

Back

Accountability

Front

Two parties have entered an agreement where one has the right to buy a property at a specific price within a certain amount of time. This is a(n)

Back

Option contract

Front

A lease that allows for rental increase based on inflation is a(n)

Back

index lease

Front

Every six months, Paul's mortgage loan payment changes because the loan is

Back

An adjustable rate mortgage

Front

Of the following contracts, which one would be void? A contract with a minor, A contract for the sale of illegal drugs, A contract entered into under duress, An oral contract to sell real estate

Back

A contract for the sale of illegal drugs

Front

Which of the following is correct regarding expressed and implied contracts? Only written contracts are expressed, Implied contracts are indicated by actions, Only expressed contracts are valid, Both expressed and implied contracts must be oral

Back

Implied contracts are indicated by actions

Front

Which leasehold estate terminates on a stated date? Options: Estate at sufferance, Periodic estate, Estate at will, Estate for years

Back

Estate for years

Front

Mental capacity involves all but which of the following: sanity, being under the influence of drugs or alcohol, duress?

Back

non-english speaking person

Front

A contract in which fraud, duress, or misrepresentation occurred is voidable by

Back

The injured party

Front

All of these are considered real property EXCEPT: Trees and timber growing on land, Buildings that have been erected on land, Water that flows below the land

Back

Crops such as corn and potatoes that grew on land