Chapter 3 Multiple Choice Questions

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If, immediately following exchange of contracts, the seller wishes to use the deposit payable by the buyer to pay off the seller's personal debts, the seller's solicitor must ensure that the contract provides for the deposit to be held in which of the following capacities?

By the seller's solicitor as stakeholder. correct incorrect

By the seller's solicitor as agent for the seller's estate agent. correct incorrect

By the seller's solicitor as agent for the buyer. correct incorrect

By the seller's solicitor as agent for the seller. correct incorrect

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You act for a building company who wishes to acquire several parcels of agricultural land with a view to developing an industrial estate. Different people own the parcels of land and a planning application for the proposed development has not yet been made. Which of the following types of contract would be the most suitable for your client?

Unconditional contracts correct incorrect

Conditional contracts correct incorrect

Auction contracts correct incorrect

Option contracts correct incorrect

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You act for a client who is selling his house known as 'Portree' and buying a new home called 'The White House'. The sale monies are being used to help fund the purchase price. Both properties have registered titles. Which of the following would you NOT normally include in the draft contract for Portree?

A reference to Portree's registered title number. correct incorrect

A special condition ensuring that on the day of completion the latest time for completion of the sale is earlier than the corresponding provision in the purchase contract. correct incorrect

That Portree is sold with vacant possession. correct incorrect

That the purchaser of Portree will be responsible for any Stamp Duty Land Tax that is properly payable. correct incorrect

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