The __________ is the percentage of the lesser of the appraised value or sales price that the lender will loan. Law of Contracts Practice Exam Champions 2018 Flashcards | Quizlet Law of Contracts Practice Exam Champions 2018 4.5 (32 reviews) Term 1 / 83 In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. Include the rights to oil, gas, and other minerals and are commonly conveyed through a lease, mineral deed, or by reservation. If a buyer has concerns about possible contamination of potential property, the buyer or the lender may opt to have an Environmental Sit Assessment. 18, Sane, and Sober - at the execution of the contract. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. He/she must present all offers to the client. Buyer Default (Remedies) In the event of default by the buyer, the seller may have several options which include: -Liquidated Damages -Monetary Damages -Specific Performance Liquidated Damages What if you purchase a three-year zero-coupon bond? What is true in this situation? A U.S. government agency that helps protect consumers by regulating financial products and services, like An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. A life estate is a ownership for the duration of someone's life. the use or employment by any person of an act or practice in violation of the Texas Insurance Code. 9 member commission whose primary purpose is to carry out the provision of the License Act Click the card to flip Flashcards Learn Test Match Can also be called a lease with an option to buy. A seller of coastal property abutting tidally influenced water must provide the ________. Under _______, Lynne has the right to construct a boat dock and anchor her pontoon boat on the water. Which disclosure is provided to comply with federal requirements for properties built before 1978? -must be legally communicated to the offeror( in writing). 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 . The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. This model features a nonfolding platform base that is designed to handle rigorous, frequent running; the TM798 is therefore appealing to someone who is a power walker or a runner. An agreement that transfers the right to possess a property for a period of time. If a seller wants to continue to occupy the property for two days after the closing and the bu (a) this can be written into the special provisions paragraph of the contract (b) because it is for only two days, the parties should just enter into an oral agreement (c) the buyer and seller should negotiate a periodic tenancy agreement (d) the Seller's Temporary Residential Lease form should . A(n) __________ is a type of seller financing wherein the owner retains title to the property while the purchaser takes possession of the premises and pays on the principal. This would be an award of monetary damages by the court. 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. These contracts are said to be unilateral because only one party is obligated to perform and is said to lack mutuality. Because these interests are undivided, all co-owners share the right of possession of the property. The unique aspect of joint tenancy is the right of survivorship of the tenants. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . __________ is the process by which a lender exercises its power of sale under a mortgage that is in default. The term __________ is synonymous with contingent. Definition of Contract Law Noun The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties. Stitus, Refers to the fact that land cannot be destroyed. 4. (behavior). b. encumbrances.c. A less popular type of ownership by more than one is joint tenancy. A contract between buyer and seller where the buyer agrees to make regular payments to the seller. Gives a potential buyer or tenant the right to purchase or lease a property. Accept What form must they complete when they list their property? - Seller Financing Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). Mutual consent is often referred to as mutual consent or a "meeting of the minds." A claim, lien, charge, or liability attached to and binding real property is a(n) ________. In a budget mortgage, the monthly house payment includes principal, interest, taxes, and insurance (known as PITI). A buffer zone is an area of land separating one land use from another, such as residential from commercial. A transfer of ownership made for love and affection. A valid contract must be based upon the consent of the parties. 2. have legitimate gov't. 3. vote in legislature. 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. mortgages, credit cards, and student loans. It prohibits redlining, which is the practice of refusing to provide financing in a particular area because of the location. Involves ownership of real estate by one individual or entity. The government retains the right to tax real property. Popular books. A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the note. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. Identifying In which three ways might government spending impact the economy? Covers more than one piece of property. #1. A licenced Real Estate holder could have his or her license suspended or revoked if he or she is found to have advised or counseled a person as to the validity or legal sufficiency of an instrument or the validity of title to real estate. 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. A history or list of all recorded owners back to the sovereignty of the soil. - Repairs that the seller agrees to perform. ________ of an offer means that the accepting party does so with no change to the contract whatsoever. Capacity is measure of the borrower's ability to repay the debt and is demonstrated through current earnings and job stability. Which of the following is an example of a contract used often in the real estate business? Refers to the fact that no two parcels of land are the same. For this set of variables: Which variables in the survey are categorical ? Gene made a will naming his oldest daughter as executor. The selling price is $2,500. These are non-conforming loans. Time - Owners must acquire their interest at the same time. The transfer of some or all of the tenant's rights and/or leased space to another with liability remaining with the leasee. You must answer as follows: Section A : Answer 2 out of 3 Questions Section B: Answer 3 out of 5 Questions 3. - National Labor Relat An oral or deathbed will. I = In writing Contract B. It is suitable for individuals who thrive on minimal programming and the desire for sim- plicity to initiate their walk or hike. Title remains with the lender until the loan is repaid. 2. A contract wherein both sides must perform. Joe should present the offer to the seller. These rights are often referred to as the "bundle of rights.". In Texas, real estate contracts are subject to satisfactory inspections. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. 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 Lynne purchased a lake front lot in order to build her dream home. A person under the age of 18 cannot enter into a contract. 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. Full-Time. 4. 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. The most common type of financing is obtained from a third party, such as a mortgage company or bank. A method of financing that preserves the low, existing interest rate on the original note. Any man-made additions to the land that are permanent. A contract created by offer and acceptance. 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. Conventional loans are generally not assumable. Leases and "right of first refusal" - page 19 Leasee has the right to match or outbid 3. Comes from the theory of supply and demand. requires proof that the act or omission was a significant factor in bringing about injury. The corporate entity is comprised of three components: "We need to have more examination of what this means. Some residential leases contain a right of first ___________, giving the tenant the right to purchase the leased property by matching or bettering any offer before the property will be sold to someone else. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. d. Texas Savings and Loan Board. Continuous use of the land overtime without the permission of the owner establishes the right to use the land. 9. What does an agent have to do with contracts? Similarly, the bar exam tests general principles rather than . A(n) __________ description of property is a requirement for a valid deed. Involves ownership of real estate by two or more entities. Use 202020-year level term rates to estimate the number of years of extended term insurance she has using a non-tobacco rate. ________ law is a body of law based on "common sense" and local custom. - Death of buyer will likely discharge the contract. The right of the government to regulate and control the way land is used. - Inspection, As a transaction progresses, amendments to the original contract may be needed. Champions School of Real Estate Provider #4530 3. Gender Preference 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. College Physics Raymond A. Serway, Chris Vuille. Rights or privileges in land that are less than ownership, but exits. Arian Carlo Rubio, originally from Somerset, New Jersey, is a J.D. 4. 2. Mental disability. ________ is evidence an individual has of his or her right to possess land. An agreement between two or more parties to do something or to refrain from doing something. Explain your answers to parts 2 and 3. - Answer- lease purchase agreement Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. They are considered personal property. A __________ is a pledge of real estate as security for the repayment of a debt. Specific performance is the only remedy that would possibly result in the full execution (closing) of the transaction. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. (2 years - disclosure). CSLB. We recommend that you take this exam only after you have completed your study of unconscionable contracts. A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. Is responsible for the day-to-day operations of the business and has full liability. Contracts is another law school classic, so to succeed in law school and ace your exams, you'll need to get past this class. Furnished condominiums in resort areas are often sold this way. The destruction of property. Exam (elaborations) - Law of contracts exam 2. For Correspondence-Online: The course will take 30 hours to complete. The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. 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? B. belief in God. 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. The TM498 sells for$1,750. Phoenix, AZ. Is and interest in leased property created when the holdover tenant is occupying the leased property against the owner's will. __________ occurs when an individual dies, leaving no valid will. 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. An active sales agent license may only be issued under what conditions? 2015 Kaplan, Inc. May be reproduced for educational uses only. Taxes for the year that have not been paid will be deducted from the seller's proceeds, usually through the day of closing. 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. Do nothing 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. Partial adjusted trial balance data for Ravine Corporation are presented in BE4-10. 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. Bill is determined to complete the purchase and acquire the property. Agent Jay has received an offer on his client's property, but they are still considering it. Her childrenstandard succession laws apply. The benefit of this type of loan is a lower interest rate. Job Description. Sell. A contract may be discharged due to _______________________. Joe is an agent at Tried and True Realty. c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of Texas Law of Contracts: Doris Barrell: 9781427741332: Amazon.com: Books Buy new: $32.99 $4.59 delivery Thursday, August 4. Upon the death of one spouse, the survivor becomes the owner of the property. One sole owner. Its unique fea- tures include a bright blue backlit LCD console, quick speed and incline keys, a wireless heart rate monitor with a telemetric chest strap, remote speed and incline controls, and an anatomical figure that specifies which muscles are minimally and maxi mally activated. return over the next year? An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. Special Provisions(What can and Agent Write?). In order to comply with the _________, contracts for the conveyance of an interest in real estate or leases for a term of more than one year must be in writing. A body of law developed in England and based upon "common sense" and local custom. 3. Non-payment of mechanic's and materialman's University of New York. In a participation loan, two or more lenders own a share, allowing lenders to share or distribute the risk. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. In Texas, financing information is not a separate addendum. __________ 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.