The tax and insurance portion of the payment is held in a special account called an escrow account. (Not used in Texas), A right given by law to certain creditors to have debts paid out of the property of a defaulting debtor, usually through a court sale. Then, receives a second offer at 3 p.m. (before the seller has accepted the first offer), the license holder has the duty to submit the later offer to the seller. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. 2. What if you purchase a three-year zero-coupon bond? Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. Which of the following statements is true? Refers to the location of the property or land from an economic, not geographic view point. __________ is the process by which a lender exercises its power of sale under a mortgage that is in default. - Repairs that the seller agrees to perform. a set of rules creating order and expectations. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. A mortgage is an actual transfer of ownership from the borrower to the lender. In most cases, a person seeking to void a contract on such a basis must show that the other contracting party used the drugs or alcohol as an inducement to sign. Involves ownership of real estate by two or more entities. Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies. The primary benefit of a sole proprietorship is that the owner has total control of the business. I = In writing A person who enters into a contract under the influence of drugs or alcohol could be considered mentally impaired. 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. An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. A(n) __________ is one that combines some of the elements of a sale with a lease. A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. - Bid Bond This guarantees a contractor will . A claim, lien, charge, or liability attached to and binding real property is a(n) ________. The offer is not yet a contract because agent Jay's clients have not accepted it. The estimated amount of the property tax for the current year (May 1 to December 31) is$45,000. She went to the US without appointing any administrator on the apartment . 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. - E-mail Includes both real and personal property (fixtures and furnishings). Default remedies and their results - page 137 4. An agreement that gives a potential buyer the right for a specified period of time to purchase a property at predetermined price and terms. Which kind of rights extend above the surface of property without limitation? - Zoning: This would be an award of monetary damages by the court. In Texas, real estate contracts are subject to satisfactory inspections. 1 pages. - Answer- true A(n) __________ is one that combines some of the elements of a sale with a lease. If a buyer has concerns about possible contamination of potential property, the buyer or the lender may opt to have an Environmental Sit Assessment. Use 202020-year level term rates to estimate the number of years of extended term insurance she has using a non-tobacco rate. \text{1}&10\% \\ \hline A lease in which the landlord pays taxes, insurance, utilities, and maintenance. Ownership of real estate by two or more entities in undivided interests. 4. How can Gary help Simon evaluate the offers? Law of Contracts - CHAMPIONS TEST Wrongful or criminal deception intended to result in financial or personal gain is called: fraud The Buyer and Seller Temporary Residential Lease forms may be used f Stuvia customers have reviewed more than 700,000 summaries. Upon the death of one spouse, the survivor becomes the owner of the property. The TM195 is an entry-level treadmill. A claim, lien, charge, or liability attached to and binding real property is a(n) ________. May take place when a seller is unable to sell his or her property at or above what the seller owes the lender. The communication or submission of an offer should be done promptly because the license holder's duty is to keep the principal or client informed at all times of material information. An agreement between two or more parties to do something or to refrain from doing something. In many states, lease agreements for one year or less are the exception to the Statute of Frauds. Therefore, license holders should ensure that any special provisions added to a contract are factual statements that do not change the legal effect of the contract. When an individual owns real property, he or she is said to have a (n) __________ in that property. 9. Prepare a retained earnings statement for the year assuming net income is $10,400. Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. Champions School of Real Estate Provider #4530 3. Established by TREC to write mandatory residential contract forms for license holders. The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase. A business in which two or more persons combine their assets and skills. Consumer Financial Protection Bureau (CFPB). If market 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 License holders should pay special attention to the following problem areas in advertising: Contracts must convey an interest in real estate or leases for a term of more than 1 year - must be in writing. A contract formed in whole or in part from the conduct of the parties. Exam (elaborations) - Law of contracts questions and answers 3. A deed used to convey title to property sold by the government for nonpayment of taxes. Bilateral Contract C. Broker Lawyer Committee D. Statue of Frauds E. Option 2. An offer by a prospective purchaser can be terminated prior to acceptance due to: expiration of a specified time period, bankruptcy of either party, a change in the law that renders the contract illegal. The Texas Real Estate License Act- passed by legislation to protect the public. 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. Thank you. He/she must present all offers to the client. Which disclosure is provided to comply with federal requirements for properties built before 1978? After a mechanical inspection, Gary agrees to buy the truck at $20,000. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. Five Elements of a Valid and Enforceable Contract: 1. An offer can be terminated prior to acceptance by the offeree due to: CSLB CONTRACTOR'S LAW & BUSINESS EXAM 2024 SOLUTION TOP PRACTICED An employer remits State disability taxes withheld from an employee's wages to what agency? A corporation is regarded under the law as a distinct legal entity with the right to own real estate and other assets. A contract between buyer and seller where the buyer agrees to make regular payments to the seller. Personal property that is inherited through a will. Deed given by court order in connection with sale of property to satisfy a judgment or foreclosure. 5. c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of - Ex: On the other hand, if somebody came to your door and offered to mow your lawn for $30.00, your acceptance of the offer created an express contract. #1. This type of will is only legal for personal property, not real property. 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) An opinion regarding the state of the title and its ability to be transferred. The body of laws and regulations enacted by federal and state legislatures. 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." What is the standard for determining whether a restriction on a religious practice is constitutional under the First Amendment? What conditions are present that give Kristina the right to file a lawsuit against Myra and Dirt Cheap Realty? Jake never delivered the disclosure as promised. 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. What can Gary do to look out for his client's best interest? The ________ ensures that all consumers are given an equal chance to obtain credit. The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. 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. Many states recognizes statutory estates, including: Community property, homestead, tenancy by the entirety, (all of the above). Another possible financing scenario would be the assumption of the seller's existing mortgage. Take the course exam. A contract in which only one party is obligated to perform is a________ contract. CSLB Law & Business Practice Test 2024 SOLUTION A+ RATED Bonds can be purchased from bonding companies for ___% of the original contract price. 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. CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION (. Familial status (cannot discriminate on marital status or with children). 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. Continuous use of the land overtime without the permission of the owner establishes the right to use the land. Was designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators, and the establishment of a nationwide mortgage licensing system and registry for the residential mortgage industry. 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. 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 rejection, a new offer, able to be withdrawn prior to acceptance. One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. Quiz yourself on Contracts, Exam 1 of 30 law essay practice questions and writing exercises by Quimbee. 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. It is called, liquidated damages. (Must have a plat map to find the property). RESPA prohibits ________, which is considered an abusive practice. If personal property is being transferred along with real property, a bill of sale is generally used to accomplish the transfer, which would normally accompany the deed. $85,000 to $90,000 Yearly. What does an agent have to do with contracts? Any property, whether real or personal, that is capable of being inherited. A deed in which the grantor fully warrants good, clear title to the premises. Title remains with the lender until the loan is repaid. Popular books. Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. 4. A deed executed by a court-appointed guardian to convey title to property owned by a minor, insane person, or the aged. ( Champions School Of Real Estate Review) - YouTube 0:00 / 10:30 Watch This Before You Spend $1000 Bucks ! A(n) ________ is a business venture that is owned by one individual. Indestructibility or durability (cannot be destroyed) Belongs to a person or corporation and does not belong to the land. Borrowers are rated A-F with a prime borrower having an A rating. 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 . C = Consideration. If a person dies intestate (without a will) and without heirs, the government will take title to his real property under this right. Law of Contracts Final Exam Flashcards | Chegg.com Law of Contracts Final Exam. Things of a temporary or movable nature are not part of the real property. - Destruction of property unless done so by the seller. - Reservation The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. \text{3}& 12 \\ \hline Scarcity Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? All oral negotiations are voluntary and do not become binding until committed in writing. A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. In this case, the parties should use the Buyer's Temporary Residential Lease form. 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. L = Legal purpose 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 federal requirement for residential property built prior to 1978. Exam CSLB Law & Business Practice . A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. An individual who inherits property by intestate succession acquires title by descent and is known as this. 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) on one- and two-year zero-coupon bonds) be next year? 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. a. 2.Immobility (can't move) The right of the government to regulate and control the way land is used. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . 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. when can a company recall shares,