REED 315 Westmont College Requirements for a Valid Real Estate Contract Questions InstructionsAttached is Assignment 3 for Week 7. This Assignment 3 is a r

REED 315 Westmont College Requirements for a Valid Real Estate Contract Questions InstructionsAttached is Assignment 3 for Week 7. This Assignment 3 is a review of Chapters 6, 7 and 8, concepts of which we have already been discussing for the past few weeks. Please read the directions, as well as each question carefully and provide appropriate responses that fully respond to the questions as they are asked. For example, although the first 2 questions may sound like the same response, and while they may overlap, there are some remarkable differences. You will note that the questions are separated by the Chapter where the information will be for ease of completion. I wish you well on Assignment 3. Prof. Green University of Baltimore
Real Property Law/REED 315.WB1
Spring 2020
ASSIGNMENT 3 -Chapters 6, 7 and 8-Review (100 Points)
DUE 3/16
(Chapters 6, 7 & 8-Hinkel, Practical Real Estate Law Textbook)
Directions: Please read the following questions carefully and answer as fully as possible. There is no
need to go to any resource other than your textbook and the discussion forums for the answers. I have
given you each chapter from which to find the answer above each set of questions in which it
corresponds.
Chapter 6 (5 points each)
1. Please list the requirements for a contract in general, and explain each requirement.
2. Please list the requirements for a valid real estate contract, and explain each requirement.
3. Why is the contract of a mental incompetent unenforceable?
4. Explain the three (3) remedies available for the breach of a real estate contract.
Chapter 7 (10 points each)
5. Describe the various methods of payment for real property.
6. What does “time is of the essence” mean in a real estate contract? Discuss fully.
7. Explain the difference between marketable title and insurable title.
8. What warranties are commonly required of a purchaser in a real estate contract?
9. What warranties are commonly required of a seller in a real estate contract?
10. What is a short sale?
Chapter 8 (5 points each)
11. A general warranty deed contains which of the following covenants or warranties:
a) Quiet enjoyment and warranty, seisin, against encumbrances, right to convey, title, transfer
b) Right to convey, quiet enjoyment, seisin, transfer, title, against encumbrances
c) Against encumbrances, seisin, right to convey, further assurance, quiet enjoyment, warranty
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d) All of the above
e) None of the above
12. Presumptions regarding delivery of a deed are:
a) Possession of the deed by the grantor is a presumption of non-delivery
b) Possession of the deed by the grantee is a presumption of delivery
c) Recordation of a deed in the public records is presumption of delivery
d) b & c only
e) All of the above
f) None of the above
13. The difference between a general warranty deed and a limited warranty deed includes:
a) A general warranty deed is an absolute warranty regarding the property
b) A general warranty deed is an absolute warranty regarding the property which includes
warranties against what prior owners may have done
c) A limited warranty deed warrants only against lawful claims of parties by, through, or
under the grantor
d) In a limited warranty deed, the grantor does not warrant against the actions of any prior
owners
e) b & c only
f) All of the above
g) None of the above
14. Which state’s law will control the legal requirements for a deed?
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