California Real Estate Practice Exam

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What must a real property land contract include in addition to the usual elements of a contract?

The number of years to complete the contract
The interest rate
The names of the parties
The property boundaries

The correct answer is: The number of years to complete the contract

A real property land contract must also include the number of years to complete the contract in addition to the usual elements of a contract such as the names of the parties, the property boundaries, and the interest rate. This is important because the duration of the contract can impact the rights and responsibilities of both parties, and it is necessary for both parties to have a clear understanding of their obligations and timeline. Options B, C, and D are all important elements of a contract, but they do not necessarily need to be specified in relation to real property contracts. Option A is the only answer that specifically addresses an important aspect that is unique to real property land contracts.