Which event can generally terminate an agency relationship?
A. The client asks a question about financing
B. The buyer tours a second property
C. Expiration of the agency agreement term
D. The agent prints a property flyer
Source: Cornell Legal Information Institute, Wex — 'agency,' creation, actual/apparent authority, and principal liability; https://www.law.cornell.edu/wex/agency
A subdivision plat identifies a parcel as Lot 8, Block 3 of a named subdivision. What type of legal description is this generally using?
A. Metes and bounds only
B. Informal street nickname
C. Personal-property inventory
D. Lot and block
Source: Cornell Legal Information Institute, Wex — 'deed,' required legal description and examples using lots, blocks, metes, and bounds; https://www.law.cornell.edu/wex/deed
An owner bolts a custom commercial refrigeration unit into a building's structure and connects it permanently to the building's utility systems. Which fact most strongly supports treating the unit as a fixture rather than removable personal property?
A. The unit was expensive when originally purchased
B. The owner financed the unit separately from the building
C. Similar units can sometimes be resold after removal
D. Its method and permanence of attachment indicate that it became part of the real estate
Source: Cornell Legal Information Institute, Wex — 'fixture,' attachment, adaptation, and intent discussion; https://www.law.cornell.edu/wex/fixture
What is the purpose of a legal description in a real estate transaction?
A. To summarize visible improvements without defining parcel boundaries
B. To provide a mailing address for tax notices
C. To identify the specific parcel of real property being transferred
D. To state the property's estimated market value
Source: Cornell Legal Information Institute, Wex — 'deed,' required legal description and examples using lots, blocks, metes, and bounds; https://www.law.cornell.edu/wex/deed
A property description uses distances, directions, and physical monuments to trace the boundary of land. What type of description is this?
A. Government rectangular survey
B. Lot-and-block description
C. Reference to a street address and postal code
D. Metes and bounds
Source: Cornell Legal Information Institute, Wex — 'deed,' required legal description and examples using lots, blocks, metes, and bounds; https://www.law.cornell.edu/wex/deed
