KVV Inc. Training Centre Test - Instalment Sale Agreements

Instalment Sale Agreements
This is a Multiple Choice questionnaire of 10 questions.

Please read each question carefully and provide your answers as indicated.

Good Luck!

T&C's apply.

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* 1. Kindly provide your full details to begin with test.

Full Name

Company

Email Address

Contact Number

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* 2. Which Act governs Instalment Sale Agreements?

Land Reform Act

Alienation of Land Act

Deeds Registries Act

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* 3. What type of property can be sold by way of an Instalment Sale Agreement?

Only Agricultural Property

Only Residential Property

Only Commercial Property

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* 4. How many instalments must an Instalment Sale Agreement have?

More than 10

More than 20

More than 2

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* 5. Transfer Duty is payable within how many months?

Within 6 months

Within 3 months

Within 12 months

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* 6. How is the purchaser's right secured?

Contract is recorded against the Title Deed in the Deeds Office

By way of protection afforded in the Act

Both a and b above

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* 7. Within how many days must the contract be recorded?

Within 100 days

Within 90 days

Within 80 days

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* 8. When does purchaser become owner?

Once full purchase price is paid

Once contract is signed

When he chooses to

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* 9. What type of creditor is the purchaser should the seller become insolvent?

Preferent

Concurrent

Non existent

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* 10. What other Act must be considered when drafting an Instalment Sale Agreement?

National Homes Act

National Debt Act

National Credit Act

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* 11. As what must the Seller register if he awards Credit?

Reckless Lender

Reckless Creditor

Credit Provider