Real Estate and Legal Procedures - WEBXAM

What is a key characteristic that distinguishes commercial real estate settlement from residential real estate settlement?

• Commercial settlements involve only cash transactions.

• Residential settlements are typically more complex and involve more parties.

• Commercial settlements often involve more due diligence and legal scrutiny.

• Residential settlements do not require a title search.

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DOK Level 1: Recall

Which of the following is a legal document related to the purchase of residential property?

• Employment contract

• Purchase agreement

• Business license

• Patent application

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DOK Level 1: Recall

What is a primary duty of a landlord?

• To ensure the property is insured

• To maintain the property in a habitable condition

• To pay the utilities for tenants

• To decorate the property

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DOK Level 1: Recall

Which form of bankruptcy allows a business to remain operational while repaying creditors under a court-approved plan?

• Chapter 7

• Chapter 11

• Chapter 13

• Chapter 9

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DOK Level 2: Skill/Concept

What is a CODICIL in relation to legal documents associated with estates?

• A new will that replaces an old one

• A legal document that amends a will

• A trust document

• A power of attorney

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DOK Level 2: Skill/Concept

What is the primary purpose of conducting legal research?

• To prepare for a job interview

• To find relevant laws and precedents for a legal argument

• To complete a college assignment

• To understand historical laws

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DOK Level 2: Skill/Concept

Which of the following is a common court document?

• Business plan

• Pleading

• Press release

• Marketing strategy

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DOK Level 1: Recall

How do statutes relate to case law?

• Statutes override case law in all instances.

• Case law is used to interpret statutes.

• Statutes are considered less important than case law.

• Case law and statutes are unrelated.

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DOK Level 2: Skill/Concept

What is the role of governance structures in a business?

• To provide a framework for operational tasks

• To ensure the business complies with laws and regulations

• To manage employee benefits

• To oversee marketing strategies

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DOK Level 1: Recall

Which element is part of a governance process in both public and private businesses?

• Stock options

• Minutes of meetings

• Public relations policies

• Customer service guidelines

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DOK Level 2: Skill/Concept