Preview Questions Real Estate Lawyer | Role Specific Skill

Question 1: What is the effect of a "no contest" clause in a real estate contract?

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It grants the right to one party to unilaterally alter the contract

It requires that any disputes be resolved through arbitration

It automatically invalidates any portion of the contract that is challenged in court

It discourages legal challenges by preventing a party from contesting the contract if it is later disputed

Question 2: How does a personal property agreement differ from a real property agreement in real estate law?

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Both agreements involve immovable property only, with no difference in scope

A personal property agreement is legally unenforceable, while a real property agreement is not

A personal property agreement involves renting, while real property agreements are for ownership

A personal property agreement covers movable assets, while a real property agreement covers immovable assets

Question 3: What should a real estate lawyer consider when advising a client on a "freehold transfer" in a property conveyancing transaction?

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Ensure that the property title is clear, and all parties involved understand their rights and responsibilities

Assume that all transfer taxes and fees will be handled automatically

Prioritize the buyer's financing and ignore the title transfer process

Focus solely on the purchase price, disregarding other transaction terms

Question 4: What is the primary purpose of a "deed of bargain and sale" in property conveyancing?

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To transfer property ownership without warranty of title, typically used when the seller does not guarantee the property's title

To create a lease agreement between the buyer and seller until full payment is made

To provide a temporary transfer of property for tax purposes

To transfer property ownership with full warranty of title, ensuring that the seller guarantees clear ownership

Question 5: How should a real estate lawyer approach "property taxes" in a conveyance transaction?

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Focus only on the sale price and ignore the impact of property taxes

Assume the seller will address the property tax payment independently

Ensure that all property taxes are paid up to date, or allocate responsibility for unpaid taxes between the buyer and seller

Ignore property tax obligations, assuming they will be handled by the buyer's mortgage company

Question 6: How does an "overlay district" affect land use and zoning?

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It only applies to areas near schools or parks

It allows unrestricted property use in a designated area

It imposes additional requirements or restrictions on top of the underlying zoning regulations

It removes all zoning requirements for a specific area