champions law of contracts exam champions law of contracts exam

The term __________ is synonymous with contingent. No offer has a priority of presentation over another. - Tax Liens Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: Enter into a Seller's Temporary Residential Lease. Ignore taxes. bank, property, notify. C = Competent a. These forms help to expedite the real estate transaction. Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. All FHA and VA loans are assumable. Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. What does a real estate agent do with multiple offers on a property? Refers to the fact that no two parcels of land are the same. ENGINEERING,ECONOMICS,NURSING . If the agent representing the second buyer is aware that multiple offers have been received, then the listing agent should notify the agent representing the first buyer that multiple offers have been received. Refers to the fact that land cannot be moved. All drilling of oil and gas in the state and regulates all drilling activity in the state. Time - Owners must acquire their interest at the same time. If the contract is not in writing, it would be valid, but not enforceable. I = In writing Good practice in advertising is to ensure that the advertisement describes the property as opposed to describing the occupant or owner. An agreement between a buyer and seller or landlord and tenant. Sellers can _______________, the oil, gas, and minerals associated with their property. Law of Contracts Study Guide - Exam 1 1. Cities and municipalities have the right to regulate the type of buildings constructed in an area through _______________. How can Gary help Simon evaluate the offers? In this case, the parties should use the Buyer's Temporary Residential Lease form. Financing information may be incorporated entirely in a separate addendum or maybe a part of the contract form. It is generally used to accomplish the transfer, which would normally accompany the deed. According to Carlill v. Carbonic, an offer can come in the form of a letter . The selling price is $2,500. The most common example of this is a utility easement. \text{1}&10\% \\ \hline If a distinct profile emerges, efforts are made to match that profile to advertising outlets known to reflect the particular profile, thus targeting advertising directly to high-potential customers. a set of rules creating order and expectations. Assume that the pure expectations hypothesis of the term structure is correct. License holders should pay special attention to the following problem areas in advertising: A claim, lien, charge, or liability attached to and binding real property is a(n) ________. #1. 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. Bill is the buyer purchasing a property from Sally. In a participation loan, two or more lenders own a share, allowing lenders to share or distribute the risk. Texas Principles 2 Exam Practice Questions - Champions School of Real Estate.docx. When listing and selling cooperatives, a real estate license is often not required because the sale of a cooperative is the sale of stock rather than real property, - Gross Lease I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . In Texas, real estate contracts are subject to satisfactory inspections. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. - Zoning: The new agreeement may include new parties, which becomes a novation of the parties. A contract wherein both sides must perform. Jake never delivered the disclosure as promised. Back. Exam (elaborations) - Law of contracts questions and answers 3. The act of removing fixtures (by detaching them) from real property is called severance. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. A(n) __________ description of property is a requirement for a valid deed. Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. A leasehold in which a tenant occupies real estate with the permission of the owner for and uncertain or unspecified length of time; this is a very loose agreement. $85,000 to $90,000 Yearly. In addition to specific performance, the injured party may "seek such other relief as may be provided by law." What is Contract Law Contract law governs the legality of agreements made between two or more parties when there is an exchange of some sort intended to take place. Contracts in which both parties are obligated to perform. Check that you have the correct examination in front of you. What type of ownership do the siblings have? One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. The lender transfers title back to the borrower when the loan is repaid. Therefore, Bernardo has a(n) ______ contract. Mobility and visual impairments In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. Located at Texas A&M University. CardioGood Fitness is a developer of high-quality cardiovascu- lar exercise equipment. Real Estate Exam: Law of Contracts 4.7 (15 reviews) Term 1 / 60 This requires a contract for the conveyance of real estate to be in writing to be enforceable Click the card to flip Definition 1 / 60 Statute of Frauds Click the card to flip Flashcards Learn Test Match Created by jcburks5 Terms in this set (60) Champion School of Real Estate-Law of Contracts 4.9 (7 reviews) Term 1 / 168 Texas Real Estate Commission Click the card to flip Definition 1 / 168 TREC-created by the Legislature in 1949. You must answer as follows: Section A : Answer 2 out of 3 Questions Section B: Answer 3 out of 5 Questions 3. Personal property is also known as personalty or chattel. A builder may buy more than one lot in a new subdivision; he will do so with one loan. (behavior). The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. Is limited to the amount he or she invested in the partnership. In order to create a joint tenancy, four unities are required. A corporation is regarded under the law as a distinct legal entity with the right to own real estate and other assets. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. Many states recognizes statutory estates, including: Community property, homestead, tenancy by the entirety, (all of the above). 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. A contract in which only one party is obligated to perform is a________ contract. Interest - They must hold equal shares. A property may be placed in a trust, with ownership conveyed to a trustee for the benefit of others. Seller's temporary residential lease - for use when the seller occupies the property for no more than 90 days after closing. Chronic mental illness 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. b. Texas Veteran's Housing Assistance Program loans can be: The least common form of mortgage financing is. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. Non-payment of mortgage Leases and "right of first refusal" - page 19 Leasee has the right to match or outbid 3. - Death of buyer will likely discharge the contract. He/she must present all offers to the client. The wraparound is seller financing, in which a new loan takes a secondary lien position, and the original mortgage is not repaid. In the retail environment, this lease obligates the tenant to pay a base rent and a percentage of the gross sales. - Removal or waiver of contingencies, An attachment to a contract that adds or further describes the rights and duties of the parties. A seller, in exchange for some form of consideration ($), gives the buyer the right to purchase the property for a period of time, but they can back out during that time period should they need to. The grantor does not even claim to own the property. Similarly, the bar exam tests general principles rather than . The estimated amount of the property tax for the current year (May 1 to December 31) is$45,000. This type of contract is said to lack maturity. The Reeve's agent submitted an offer of$349,500.00 on a property priced at $365,000.00. Due to his consumption of alcohol, the closing cannot take place because Bryan's client is not legally _____ to sign. Gives a potential buyer or tenant the right to purchase or lease a property. These rods should be laid before the altar, and on the sacred relics, after which God was to be supplicated to indicate the culprit. A person under the age of 18 cannot enter into a contract. - Mortgages and Trust Deeds a. - Changes to the sales price, down payment and/or amount financed. Mental disability. This overview will let you know what to expect from the Promulgated Contract Forms course specifically. The market research team decides to investigate whether there are differences across the product lines with respect to customer characteristics. Can be one of two formes, depending on state law and custom. Contract B. Involves ownership of real estate by two or more entities. FHA loans include two mortgage insurance premiums that must be paid by the borrower. A transfer of ownership made for love and affection. Much to her six children's dismay, single mom Nancy died without making a will. - Lead-based paint The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. 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. Screen Shot 2022-03-29 at 5.08.40 PM.png - Setback: The amount of space required between the lot line and the building line. Borrowers are rated A-F with a prime borrower having an A rating. In a residential lease with a "right of first refusal" provision: The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else. Give yourself 30 minutes to complete this exam. Responsibility of Agents when Receiving an Offer. 4. When an individual owns real property, he or she is said to have a (n) __________ in that property. An examination by ProPublica of Thomas More's 2020 election-law initiative shows it helped fuel skepticism over President Joe Biden's victory and the fairness of elections in numerous states. \hline When two or more parties join together to create and operate a real estate investment. Is responsible for the day-to-day operations of the business and has full liability. Creditors of the donor could still use the property for payment of the grantor's debts if it can be shown that the donor was insolvent and transferred the property to evade creditors. 4. 2. have legitimate gov't. 3. vote in legislature. We recommend that you take this exam only after you have completed your study of unconscionable contracts. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. A __________ is a pledge of real estate as security for the repayment of a debt. The TM195 is an entry-level treadmill. It operates within the Chinese Communist Party (CCP) under the name "Central Military Commission of the Communist Party of China", and as the military branch of the central government under the name "Central Military Commission . Bryan's client shows up to his closing after drinking three beers at a baseball game. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? In order to comply with the Statue of Frauds, contracts must be what? 1929 c. 1949 d. 1993 Click the card to flip Definition 1 / 83 c. 1949 Click the card to flip 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? In this circumstance, Gene is referred to as the _______. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. The destruction of property. 1939 b. A(n) ________ is a business venture that is owned by one individual. Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. Gary can make sure that all offers know that this is a multiple offer situation, so they can all make their highest and best offer. Joe is an agent at Tried and True Realty. The position focuses on the following main business and personnel responsibilities: formulating and monitoring budgets, strategic planning, staff supervision, compliance with regulations and policies, hiring and onboarding, interactions with . The government retains the right to tax real property. 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? This type of will is only legal for personal property, not real property. Law of Contracts Final Exam Flashcards | Chegg.com Law of Contracts Final Exam. A life estate is a ownership for the duration of someone's life. The right of the government to take private land for public use. Civil Law Law of Contracts - CHAMPIONS TEST 4.4 (8 reviews) Term 1 / 261 The TREC residential contract forms are: Click the card to flip Definition 1 / 261 Drafted by the Broker Lawyer Committee Click the card to flip Flashcards Learn Test Match Created by Janet_Brode5 Teacher Janet Brode Terms in this set (261) Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. A. The grantor may add warranties to the deed at his or her discretion, The combination of two or more properties into one. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. -must be unconditional 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." \text{2}& 11 \\ \hline He owns 3 trucks. Even though a corporation may have many stockholders, when the corporation is the sole owner of a parcel of land, the ownership is considered to be an estate in severalty. In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. The law prevents the forced sale of the homestead for payment of all debts, with five exceptions: - Financing c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of Accept, reject, Counteroffer, or do nothing. The ________ ensures that all consumers are given an equal chance to obtain credit. Requires proof that the act or omission was a significant factor in bringing about injury. 2. - Condemnation. Non-payment of property taxes 3. These changes cna be on the land itself of off-site. Occurs when a new contract is substituted for an existing one. This type of deed is most often used to clear up a cloud on the title. Chronic alcoholism - All parties have performed Any property, whether real or personal, that is capable of being inherited. He gives a report of a verbal examination of Aymar which is interesting. It prohibits redlining, which is the practice of refusing to provide financing in a particular area because of the location. A lease that renews itself automatically for like periods. The unique aspect of joint tenancy is the right of survivorship of the tenants. Jake never delivered the disclosure as promised. Buyers' and sellers' marital status is not required in the contract. ________ is the right of the government to regulate and control the way land is used. The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. - Hand Delivery, 1. Definition of Contract Law Noun The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties. Essential Environment: The Science Behind the Stories Jay H. Withgott, Matthew Laposata. Law of Contracts Practice Exam/Law of Contracts - CHAMPIONS TEST/Law of Contract Final exam/Real Estate Exam: Law of Contracts/Law of contracts Questions And Answers/LAW OF CONTRACTS EXAM $ 67.94 $ 30.49 6 items 1. The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders In such cases, an oral lease for one year or lease is valid and enforceable. Many hard money loans are made by private investors, generally in their local areas. A ________ is the borrower's unconditional promise to repay the lender. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. A method of financing that preserves the low, existing interest rate on the original note. b. encumbrances.c. In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. You an make an offer by: phone, fax, email, letter, hand delivery. C. the commandment thou shalt not kill. CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION (. A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (2 years - disclosure). - E-mail How much will be owed at closing for taxes? 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. Lead is found in paint and pipes and soil. An addition or amendment to an existing will. Stitus, Refers to the fact that land cannot be destroyed. A federal requirement for residential property built prior to 1978. FHA loans include two mortgage insurance premiums that must be paid by the borrower. A person who acquires title to property under a will. Knowing the seller's "bottom line," what should Joe do with the offer? A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. - Fax RESPA prohibits ________, which is considered an abusive practice. Offer and Acceptance (Mutual Agreement) All oral negotiations are voluntary and do not become binding until committed in writing. Barabar should keep Lin informed of her option as well as the approaching deadlines. The initiative, established in early 2021, targeted . The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase. Bill is the buyer purchasing a property from Sally. mortgages, credit cards, and student loans. College Physics Raymond A. Serway, Chris Vuille. In Texas, financing information is not a separate addendum. A contract is considered discharged when all parties have have performed. Belongs to a person or corporation and does not belong to the land. The seller told Elmer that he wanted to stay in the property for at least a week after closing. An offer can be terminated prior to acceptance by the offeree due to: 3. - A change in the law that makes performance illegal. 1-4 family residential properties with federally related financing. Chapter 6 - Law of Agency and Real estate.docx. In order to comply with the Statute of Frauds, contracts for the conveyance of an interest in real estate or leases for a term of more than one year must be in writing. Graph the area that defines the firm's profit (or loss) at this rate of output. If a person dies intestate (without a will) and without heirs, the government will take title to his real property under this right. Exam (elaborations) - Law of contracts exam 2. - Texas is a community property state. 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. 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. An example of a void contract would be one to have somebody killed or to deliver illegal drugs. Is and interest in leased property created when the holdover tenant is occupying the leased property against the owner's will.