What is a Contract For Deed? - Definition & Procedure


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question 1 of 3

Which of the following is incorrect about a contract for deed?

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1. A _____ sells the real estate while a _____ buys it.

2. A _____ is a large payment that is due at the conclusion of some land contracts that often require a vendee to seek refinancing to make the payment.

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About This Quiz & Worksheet

Contract for deed transactions are commonplace yet complicated facets of real estate business, and this quiz/worksheet combo will help check your comprehension of the process and where it is used. Quiz questions will ask about necessary steps and appropriate situations for contracts and deeds.

Quiz & Worksheet Goals

These practice assessments will quiz you on:

  • The legal implications of a contract for deed
  • Terms involved in real estate contracts
  • Alternate names for contract for deed
  • Clauses involved in contracts for deeds

Skills Practiced

  • Reading comprehension - ascertain if you understood key concepts from the related contract for deed lesson
  • Information recall - access the knowledge you've gained regarding contract terms in real estate
  • Knowledge application - employ your knowledge to answer questions about elements of a contract for deed

Additional Learning

If you want to find out more about contracts for deeds, check out the corresponding lesson titled What is a Contract For Deed? - Definition & Procedure. The lesson will also cover:

  • Bank financing and its relation to contracts for deeds
  • Forfeiture potential and process
  • Financial explanations of potential contract for deed situations