A transfer of ownership made for love and affection. One of the four essential elements of a contract. Which of the following is a requirement of a Texas real estate sales agent license? If the borrower fails to repay the note, the mortgage allowed the lender to foreclose the property. Gerald and Finn are selling their classic 1959 mid century modern home. Everything's an Argument with 2016 MLA Update University Andrea A Lunsford, University John J Ruszkiewicz. Includes all that is encompassed in land, with the addition of all man-made additions to the land (improvements) such as roads, houses, and commercial buildings. A(n) ________ occurs when a new contract is substituted for an existing one. Wrongful or criminal deception intended to result in financial or personal gain is called: The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: __________ extend above the surface without limitation. A seller of coastal property abutting tidally influenced water must provide the ________. 2. The offer is not yet a contract because agent Jay's clients have not accepted it. We are seeking an Administrative Manager. (2 years - disclosure). The buyer's acceptance of an earnest money refund terminates the contract, releasing both parties from any further obligation under the contract. 3. Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. -Ex: When ordering a meal in a restaurant, a contract is created. This type of mortgage is considered the most expensive home equity loan because the debt continues to accrue or grow with interest, and heirs will inherit the property with a lien on it. 60 cards Real Estate Real Estate Principles Practice all cards Substitution of a new contract for an existing contract is A)an assignment. A seller cannot intentionally destroy a property. A contract formed in whole or in part from the conduct of the parties. - Mineral Reservations A deed in which the grantor fully warrants good, clear title to the premises. An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. Accept, reject, Counteroffer, or do nothing. Lead is found in paint and pipes and soil. Texas Law of Contracts: Doris Barrell: 9781427741332: Amazon.com: Books Buy new: $32.99 $4.59 delivery Thursday, August 4. In Texas, financing information is not a separate addendum. This activity includes collecting data on clients' actual sales and on the customers who make the purchases, with the goal of determining whether there is a distinct profile of the typical customer for a particular prod- uct or service. Things of a temporary or movable nature are not part of the real property. Bill is the buyer purchasing a property from Sally. Who will inherit her estate? What type of ownership do the siblings have? 18, Sane, and Sober - at the execution of the contract. However, due to its informal language, are easily contested. Gives the tenant occupancy in the present time and the right to purchase at a future date. __________ extend above the surface without limitation. d. Texas Savings and Loan Board. Non-payment of property taxes If a lawsuit is filed, all of the following defenses could potentially help Myra EXCEPT what? Is deposited in an escrow account when the contract is signed by all parties, and acceptance is communicated. - Texas is a community property state. The formal judicial proceeding to prove the validity of a will and to distribute the assets of a decedent's estate is called: A ________ is a deed with no guarantees or warranties. C. the commandment thou shalt not kill. 1. They are the: ________ are changes that are made to the original contract, such as changes to the closing date or changes to the sales price, down payment and/or the amount financed. -TREC does not have promulgated forms for this. In a participation loan, two or more lenders own a share, allowing lenders to share or distribute the risk. When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. 2. A provision in a contract that requires a specific act or event happens for the contract to be binding on the party and must be specific as to what action needs to take place, who must complete the action, and when it will be completed. The seller told Elmer that he wanted to stay in the property for at least a week after closing. The legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. Allows a tenant to buy the property at a preset price and terms for a given period. The team decides to collect data on individuals who purchased a treadmill at a CardioGood Fitness retail store during the prior three months. \hline CardioGood Fitness is a developer of high-quality cardiovascu- lar exercise equipment. In such cases, an oral lease for one year or lease is valid and enforceable. Published: 2018 International: No Summary Author bio Table of contents Digital rights eBOOK $45.00 $45.00 ADD to Cart Format: Vitalsource Use for 365 days List price: $45.00 In the case of foreclosure, this deed is used to correct an error in a previously executed deed. Lin can terminate the contract, but she will forfeit her earnest money - This is not true. 2. Graph the area that defines the firm's profit (or loss) at this rate of output. what makes law voluntarily enforceable? The potential downside of this form of ownership is that the owner also has full liability for the financial and personal obligations of the business. Consumer Financial Protection Bureau (CFPB). All exams for Real Estate QE/SAE and Inspections are closed book/closed notes. In many states, lease agreements for one year or less are the exception to the Statute of Frauds. - All parties have performed A contract created by offer and acceptance. Interest - They must hold equal shares. Do not go over the time limit. If a broker receives more than one offer on a property: All must be presented to the seller unless the seller has instructed the broker otherwise. A buffer zone is an area of land separating one land use from another, such as residential from commercial. The term __________ is synonymous with contingent. The man . The buyer's primary duty is to show up at closing and pay the agreed consideration (sales price). Wrongful or criminal deception intended to result in financial or personal gain is called: Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. O = Offer and acceptance (mutual agreement) What is true in this situation? If the loan factor is $5.53 on a $200,000 loan, taxes are $2400/year and insurance is $1800/year, what is the monthly PITI payment? \textbf{Maturity (years)} &\textbf{YTM} \\ \hline 2. What are the 3 physical characteristics of land? Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. When Myra told Kristina that the roofing contractor only uses "top-of-the-line material" and that the roof should last a very long time, she was most likely guilty of what? employment contract between the agent (broker) and the buyer. Also, a contract is valid if all parties are of age, sane, and sober (at the time of executing the contract). Law of Contracts - CHAMPIONS TEST - Law of Contracts - Stuvia US ir rights An example(s) of an appurtenance would be: - Answer- easements There is no upper limit on the value of a Texas homestead. Its products include treadmills, fitness bikes, elliptical machines, and e-glides. Contracts Practice Exam Instructions: Read the following fact pattern, and answer the question. Dower is the interest a wife has in the property of her husband. It is also used to grant an easement. Mutual consent is often referred to as mutual consent or a "meeting of the minds." The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. Because monetary damages are awarded by the court, one never knows what they will be until the court rules. ________ is evidence an individual has of his or her right to possess land. The seller's agent informed the buyer's agent that the sellers had made a(n) _____________ of $359,900.00 instead. A(n) __________ is a provision in a contract that requires that a certain act or event happens in order for the contract to be binding on the party. - Percentage Lease. An opinion regarding the state of the title and its ability to be transferred. As a first step, the market research team at AdRight is assigned the task of identifying the profile of the typical cus- tomer for each treadmill product offered by CardioGood Fitness. b. encumbrances.c. Is responsible for the day-to-day operations of the business and has full liability. A third possibility is seller financing, with the seller agreeing to accept a portion of the sales price in the form of a promissory note, which usually calls for the payment of monthly principal and interest. A(n) __________ is an entity created for the benefit of another. Bilateral Contract C. Broker Lawyer Committee D. Statue of Frauds E. Option 2. You may not spend more than 12 hours per day on the course, and you cannot begin your exam until the third day after registration and beginning the course. SCHOOL OF LAW L120 - LAW OF CONTRACT FINAL EXAMINATION 8 TH DECEMBER 2011 TIME ALLOWED: 3 HOURS plus 5 minutes to read through the paper Instructions to Candidates: 1. A contract used in real estate that combines some of the elements of a sale with a lease. $85,000 to $90,000 Yearly. Exam (elaborations) - Law of contracts questions and answers 3. - Net Lease - Ex: A contract of sale between a buyer and seller because both parties have duties to perform. It is also called an impound, trust, or reserve account. When a party to a contract fails to perform under the contract, also known as breach of contract. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. FHA loans include two mortgage insurance premiums that must be paid by the borrower. If a person has been judged to be incompetent, a contract is __________ because the person never had the capacity to enter into a contract in the first place. Involves ownership of real estate by one individual or entity. Counteroffer. The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. In this case, the parties should use the Buyer's Temporary Residential Lease form. Belongs to a person or corporation and does not belong to the land. The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender. Law of Contracts - Practice Exam If a person has been judged to be incompetent, a contract is _________ because the person never had the capacity to enter into a contract in the first place. - Police Power Knowing the seller's "bottom line," what should Joe do with the offer? 2015 Kaplan, Inc. May be reproduced for educational uses only. 5. Joe is an agent at Tried and True Realty. University of New York. The middle-line TM498 adds to the features of the entry-level model two user programs and up to 15% elevation upgrade. The TM195 is an entry-level treadmill. Property management, listing agreement, lease agreement - all of the above. - Answer- lease purchase agreement A seller choosing to receive a buyer's earnest money after the buyer defaults on a contract is an example of: The most common form of financing used by buyers is: The Special Provisions paragraph of the contract allows license holders to insert: Factual business details, Statements not addressed in the contract, Information for which there is no TREC-promulgated addendum, lease or mandatory form. Insurance policy against losses resulting from defects in title. Taxes for the year that have not been paid will be deducted from the seller's proceeds, usually through the day of closing. Texas Veteran's Housing Assistance Program loans can be: The least common form of mortgage financing is. Is and interest in leased property created when the holdover tenant is occupying the leased property against the owner's will. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. An active sales agent license may only be issued under what conditions? Law of Contracts Final Exam Flashcards | Chegg.com Law of Contracts Final Exam. Gives one possession and use of a property without ownership. A person who acquires title to property under a will. A builder may buy more than one lot in a new subdivision; he will do so with one loan. Can also be called a lease with an option to buy. A contract in which only one party is obligated to perform is a________ contract. 1. The deceased is said to have died intestate, and his or her property will be disposed of under the provisions of the laws of the state regarding descent and distribution. An oral or deathbed will. A __________ is an employment agreement between the seller and the broker. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. 1. Fixity Recalculate and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios: Management (1) does not eliminate any department, (2) eliminates departments with expected net losses, and (3) eliminates departments with sales dollars that are less than avoidable expenses. b. FHA loans include two mortgage insurance premiums that must be paid by the borrower. deed restriction. Thank you. The owner of surface rights has the ability to develop (improve) the surface and to use resources extracted from or near the surface, including stone, gravel, water, and limestone. Contracts is another law school classic, so to succeed in law school and ace your exams, you'll need to get past this class. The Election Transparency Initiative is a project, in part, of Susan B. Anthony Pro-Life America, which works to elect anti-abortion lawmakers. If one or both of the parties are represented by an attorney, the attorney's contact information is generally included in the contract. Refers to the location of the property or land from an economic, not geographic view point. Top Texas Laws Of Contracts Flashcards Ranked by Quality Texas Law of Contracts Texas Law of Contracts Flashcard Maker: Carie Dallmann 1,398 Cards - 16 Decks - 222 Learners Sample Decks: Chapter 1, Chapter 2, Chapter 3 Show Class Paralegal Course Paralegal Course Flashcard Maker: Martha Bonin 1,501 Cards - 29 Decks - 92 Learners Assume that the pure expectations hypothesis of the term structure is correct. The determination of mutual consent is usually a question of fact and is completed by this process. The injured party files a court action seeking an order of the court directing the defaulting party to perform according to the terms of the contract. The limited partner has no involvement in the day-to-day operation of the business. When a sole individual or entity acquire real estate the owner is set apart from all others. When an individual owns real property, he or she is said to have a (n) __________ in that property. The new agreeement may include new parties, which becomes a novation of the parties. Exam CSLB Law & Business Practice . One who receives property through a will. Consummation of a contractual real estate transaction in which all appropriate documents are signed and the proceeds of the loan are disbursed by the lender. Buyer's temporary residential lease - for use with the buyer occupies the property for no more than 90 days prior to closing. Reject A(n) ________ occurs when a new contract is substituted for an existing one. D)not permitted under Texas law. Occurs when a new contract is substituted for an existing one. Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. ________ law is a body of law based on "common sense" and local custom. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . For use when the seller occupies the property for no more than 90 days after closing. Joe is an agent at Tried and True Realty. Elmer said that would be no problem and entered the following text to Paragraph 11: "Seller and Buyer agree that Seller will remain in the Property for 7 days after closing and funding." An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land. a. - Financing According to Carlill v. Carbonic, an offer can come in the form of a letter . 1 pages. void The five essential elements of a valid and enforceable contract are, Consideration, Offer and competent partires Contract B. An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. keep order, influence conduct, promote equality, honor expectations, and offer compromises. Occurs at closing when a all parties have performed the contract becomes "fully executed". A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. Scarcity Personal property is also known as personalty or chattel. Conventional loans are generally not assumable. The type of law that deals with the relationship between the parties to a transaction, sales agents and brokers is: __________ is the body of laws and regulations enacted by federal and state legislative bodies. Check that you have the correct examination in front of you. When a party is considering consulting an attorney for advice in a transaction an agent should: Created by the Legislature in the 1970s to collect and compile data about real estate in Texas. A deed with no guarantees, warranties, or covenants. The initiative, established in early 2021, targeted . The estimated amount of the property tax for the current year (May 1 to December 31) is$45,000. U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. After a mechanical inspection, Gary agrees to buy the truck at $20,000. ENGINEERING,ECONOMICS,NURSING . Which disclosure is provided to comply with federal requirements for properties built before 1978? - Bid Bond This guarantees a contractor will . Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). The formal judicial proceeding to prove the validity of a will and to distribute the assets of a decedent's estate is called: A ________ is a deed with no guarantees or warranties. A contract in which only one party is obligated to perform is a________ contract. Located at Texas A&M University. Job Description. It refers to the fact that value is affected by man-made changes to the land. A "Section 502 Loan" is insured by the ________. Are beneficial to some borrowers, especially those who do not plan to stay in their homes for an extended period. Ownership of real estate by two or more entities in undivided interests. - Reservation B) novation. For this set of variables: Which variables in the survey are categorical ? __________ of RESPA prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value for the referral of settlement business. Rule P-53 of the Texas Department of Insurance states that Title Companies: Cannot provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a single firm, Cannot provide continuing education classes unless they charge the market rate for those classes, A yearly tax bill is $2400 and has not been paid. d. encroachments. - The acts of the parties Remember "L" - Littoral/Lake. A body of law developed in England and based upon "common sense" and local custom. The general partner is most often the "promoter" who brought the limited partners into the venture. The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else The four ECONOMIC characteristics of land are: 1) Scarcity 2) Modification 3) Situs 4) Fixity GIVES LAND ITS VALUE The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: A deed that carries no guarantees or warranties. 3. The AdRight Agency plans to identify particular market segments that are most likely to buy their clients' goods and services and then locate advertising outlets that will reach that market group. If the loan factor is $4.49 and the loan amount is $357,500, taxes are $7300/year and the insurance is $3103 per year, what is the monthly PITI payment? The current yield curve for default-free zero-coupon bonds is as follows: Maturity(years)YTM110%211312\begin{array}{|c|c|} RMLOs in Texas are licensed through: For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. In the figure, mark the quantity the firm will choose to produce in the short run given this cost structure and the market price. A(n) ________ is a business venture that is owned by one individual. Default remedies and their results - page 137 4. - Hand Delivery, 1. Real property conveyed by will is called a ________. Administered by TREC to protect aggrieved individual who suffer a monetary loss due to illegal acts of license holders. What is the standard for determining whether a restriction on a religious practice is constitutional under the First Amendment? Competent Parties Question 1-Contracts Practice Test for the Real Estate License Exam. It is as depend- able as other models offered by CardioGood Fitness, but with fewer programs and features. A(n) __________ is one that combines some of the elements of a sale with a lease. -must be unconditional However, assuming no one took action to void the agreement, the contract is said to be valid and binding when the contract closes or when the minor achieves legal age. Do nothing A federal requirement for residential property built prior to 1978. - Grant \text{2}& 11 \\ \hline Study Aids By product Case Briefs(view casebooks) Courses Essay Practice Exams Flashcards Key Terms Multiple-Choice Questions Outlines By subject Administrative Law Bankruptcy Business Associations A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. Common amendments include: 1. In addition to specific performance, the injured party may "seek such other relief as may be provided by law."
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