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Module exam: Real Estate Transactions
16 questions · pass mark 70%
1. What does "due diligence" mean?
A neutral account holding funds until conditions are met.
Legal ownership of property, or the document that proves it.
Investigation of a property's legal and physical condition before purchase.
2. Which term matches: "The final step where the transfer is signed and paid."
title
National Registry
closing
3. Who should provide escrow services?
The buyer
The seller's friend
A regulated entity
4. The funds are held in ___ until closing.
escrew
deposit box law
escrow
5. What does "lien" mean?
Any right or restriction affecting property.
A right to use another's land for a specific purpose.
A legal claim on property securing a debt.
6. Which term matches: "A note in the registry warning of a pending matter."
maritime zone
encumbrance
annotation
7. Is the area consistent with the plan?
No
Yes
Not mentioned
8. The neighbour has an ___ to cross the land.
easiness
easement
estate
9. What does "option period" mean?
An event that must occur before an obligation becomes effective.
The time during which the buyer may exercise the option.
To decide to buy under the option.
10. Which term matches: "Able to be returned."
refundable
to forfeit
condition precedent
11. What is the option period?
90 days
60 days
30 days
12. Bank financing is a condition ___ of the agreement.
precedent
preceding of
president
13. What does "transfer deed" mean?
The notarial deed that transfers ownership.
Fees paid to register a document.
Taxes and fees paid at closing.
14. Which term matches: "The owner's declaration of property value to the municipality."
closing costs
municipal declaration
to release funds
15. When was the deed filed?
Not filed yet
3 July
3 June
16. Closing ___ include transfer tax and registry fees.
cost of
costs
coasts
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