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Chapter 26 Quiz
Business Opportunities
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A real estate license is required to engage in the sale of a business opportunity if:
1 point
(A) the sale involves an assignment of the seller's lease.
(B) the sale involves negotiation of a new lease with the landlord.
(C) the sale involves the sale of the land and building.
(D) All of the above.
Clear selection
A clause in the agreement of sale providing that the buyer has inspected the business and takes goods, fixtures and other property "as is":
1 point
(A) protects the seller completely in the future.
(B) will not protect the seller against a clear showing of fraudulent misrepresentation
(C) is required under the Bulk Transfer Act.
(D) is for the protection of the vendee.
Clear selection
A clause in a sales agreement in which a seller of a business agrees not to compete with the buyer in that same business under the terms specified. 26-505
1 point
Goodwill
Bulk Transfer Act
Stock in Trade
Covenant Not to Compete
Clear selection
Under the Bulk Transfer Act the buyer may record the list of the seller's existing creditors with the:
1 point
(A) county clerk's office.
(B) Secretary of HUD.
(C) seller's attorney.
(D) buyer's attorney.
Clear selection
A buyer of a business may insist that the seller sign a restrictive covenant not to:
1 point
(A) compete in a specified territory.
(B) compete for a specified time.
(C) sell certain goods.
(D) All of the above.
Clear selection
Title of inventory and equipment are transferred by:
1 point
(A) mortgage.
(B) bill of sale.
(C) security agreement.
(D) debenture.
Clear selection
A section of the Uniform Commercial Code designed to protect business creditors when a significant portion of inventory is sold, not in the ordinary course of business. Such sales are called "bulk sales" or "bulk transfers". 26-506
1 point
Covenant Not to Compete
Bulk Transfer Act
Stock in Trade
Goodwill
Clear selection
The Uniform Commercial Code:
1 point
(A) primarily covers real property transactions.
(B) resulted in repeal of the Bulk Transfer Act.
(C) does not cover transactions involving an interest in land.
(D) requires a written contract if the transaction involves the sale of goods of $500 or more.
Clear selection
An intangible asset arising from the reputation of a business. 26-505
1 point
Goodwill
Covenant Not to Compete
Bulk Transfer Act
Stock in Trade
Clear selection
Goods used in carrying on a trade or business.
1 point
Stock in Trade
Bulk Transfer Act
Covenant Not to Compete
Goodwill
Clear selection
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