Texas Principles 2 Exam Practice Questions - Champions School of Real Estate.docx. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. If property violates zoning, the owners must request a __________, which is permission to violate the rules. A license holder must not prepare which documents? It is also called an impound, trust, or reserve account. This how you know that you are buying the best documents. Do nothing Naturally occurring, colorless, and odorless gas produced by the decay of radioactive materials in rocks under the ground. When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. 3.Nonhomogeneity (no 2 parcels are the same), What is modification (1 of the 4 economic characteristics of land). At closing, prorations for property taxes and property owner association fees will be calculated. Gene made a will naming his oldest daughter as executor. A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. It prohibits redlining, which is the practice of refusing to provide financing in a particular area because of the location. EXCEPT: A. a belief in atheism. He gives a report of a verbal examination of Aymar which is interesting. 2. 1. Chronic mental illness A life estate is a ownership for the duration of someone's life. Hard money loans are typically issued at much higher interest rates than conventional commercial or residential property loans and are rarely issued by commercial banks or other depository institutions. 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. Cindy Franklin started a whole-life insurance policy for $250,000\$ 250,000$250,000 when she was 232323 years old. Graph the area that defines the firm's profit (or loss) at this rate of output. Civil Law Law of Contracts - CHAMPIONS TEST 4.8 (44 reviews) Term 1 / 68 Wrongful or criminal deception intended to result in financial or personal gain is called: Click the card to flip Definition 1 / 68 fraud Click the card to flip Flashcards Learn Test Created by daniellerivas2016 Terms in this set (68) Gives a potential buyer or tenant the right to purchase or lease a property. The right of the government to take private land for public use. 1929 c. 1949 d. 1993 Click the card to flip Definition 1 / 83 c. 1949 Click the card to flip The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. - Answer- true A(n) __________ is one that combines some of the elements of a sale with a lease. The offer is not yet a contract because agent Jay's clients have not accepted it. - Percentage Lease. rights of a landowner adjacent to a lake A contract may be discharged due to _______________________. While contracts exams are commonly in essay form, it is not infrequent to see a multiple choice or combination essay/multiple choice exam at the end of the semester. Identifying In which three ways might government spending impact the economy? 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. A license holder has a duty to communicate or submit offers to his or her client. Details Or fastest delivery August 1 - 3. 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 mortgage insurance program, premiums are paid into a pool of funds, out of which claims are paid when a borrower defaults on a loan. A-Z Construction Company was organized on May 1 of the current year. Non-payment of property taxes 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. A federal requirement for residential property built prior to 1978. 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. 2. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. TREC has only two promulgated lease forms: For use when the buyer occupies the property for. __________ occurs when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. bank, property, notify. Indestructibility or durability The new agreeement may include new parties, which becomes a novation of the parties. A contract in which only one party is obligated to perform is a________ contract. Also known as a real estate lien note, is the borrower's unconditional promise to repay and includes the amount borrowed, payment amount, due date, and rate of interest. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. A contract for an illegal purpose is void, and the law treats the contract as if it were never created. 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. 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. Joe should present the offer to the seller. 3. . The law prevents the forced sale of the homestead for payment of all debts, with five exceptions: Bill is determined to complete the purchase and acquire the property. Because monetary damages are awarded by the court, one never knows what they will be until the court rules. 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 joint ownership, recognized in some states, of property acquired by husband and wife during marriage. D. a religious cross. The grantor states, "Whatever interest I have, if any, I do hereby grant and convey." How much will be owed at closing for taxes? - E-mail It is as depend- able as other models offered by CardioGood Fitness, but with fewer programs and features. 4. Time - Owners must acquire their interest at the same time. Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). 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 . A(n) __________ is one that combines some of the elements of a sale with a lease. Question 1-Contracts Practice Test for the Real Estate License Exam. - Buffer Zone: An area of land separating one land use from another, such as residential from commercial. CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION (. Types: Consideration. #1. - Reservation Mutual consent is often referred to as mutual consent or a "meeting of the minds." However, your Contracts course likely involves the study of general principles rather than the law of a particular state. The determination of mutual consent is usually a question of fact and is completed by this process. Built to emulate law school and MEE exams. Real property conveyed by will is called a ________. Any change, no matter how trivial, turns the offer into a counteroffer. The body of laws and regulations enacted by federal and state legislatures. At Advisor Group, we support more than 11,000 financial professionals, the people who help everyday Americans achieve their dreams. The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. Oral or in written. CardioGood Fitness is a developer of high-quality cardiovascu- lar exercise equipment. Term: This requires a contract for theconveyance of real estate to be in writing to be enforceable Definition: Statute of Frauds Term: These are drafted by the BrokerLawyer Committee Definition: TREC residential contract forms Term: An example of a unilateral contract Definition: Option Contract Term: In a lease with a "right of first refusal" Under this type of law, a court looks to the findings of prior courts when regarding a decision. CONTRACTS CON124 - Fall 2017 Register Now exam-missed (2).pdf . This type of will is only legal for personal property, not real property. - Impossibility of performance. inSync Staffing. Suresh Co. expects its five departments to yield the following income for next year. Exam (elaborations) - Law of contracts questions and answers 3. Exam (elaborations) - Law of contracts questions and answers 3. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. Does the firm earn positive or negative profits? - Escheat. Lin can terminate the contract, but she will forfeit her earnest money - This is not true. Sell. 3. Champions School of Real Estate Provider #4530 3. - Building Codes: All residential structures must conform to code, whether they are site-built homes or modular homes. The unique aspect of joint tenancy is the right of survivorship of the tenants. 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: The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. Personal property is also known as personalty or chattel. 1939 b. -must be legally communicated to the offeror( in writing). An easement created to benefit adjacent land. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. It is also used to grant an easement. - Texas is a community property state. A contract created by offer and acceptance. - Zoning: 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. ________ is evidence an individual has of his or her right to possess land. The key to determining whether a conveyance is voluntary is the ____________. Can also be called a lease with an option to buy. -Ex: , if a license holder receives an offer at 9 a.m. and presents it to the seller. Everything's an Argument with 2016 MLA Update University Andrea A Lunsford, University John J Ruszkiewicz. Modification Which of the following is a requirement of a Texas real estate sales agent license? The buyer's primary duty is to show up at closing and pay the agreed consideration (sales price). Woody Harrelson made a rare red carpet appearance with his family at the premiere of his new movie, "Champions," in New York City. A(n) ________ is a business venture that is owned by one individual. In Texas, real estate contracts are subject to satisfactory inspections. 1. we have the ability to change them. 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." 2015 Kaplan, Inc. May be reproduced for educational uses only. What does a real estate agent do with multiple offers on a property? A(n) __________ is an area of land separating one land use from another. The annual premium is based on the loan-to-value ratio (LTV), and is utilized for 30-year loans with an LTV greater than 95%. The grantor may add warranties to the deed at his or her discretion, The combination of two or more properties into one. Damage or destruction of a property under contract prior to closing: May result in termination of the contract. Prepare a retained earnings statement for the year assuming net income is $10,400. An example of a void contract would be one to have somebody killed or to deliver illegal drugs. Which of the following is a physical characteristic of land? 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. Any property, whether real or personal, that is capable of being inherited. Include the rights to oil, gas, and other minerals and are commonly conveyed through a lease, mineral deed, or by reservation. A(n) __________ is one that combines some of the elements of a sale with a lease. ________ is evidence an individual has of his or her right to possess land. An active sales agent license may only be issued under what conditions? A person who enters into a contract under the influence of drugs or alcohol could be considered mentally impaired. - Changes to the sales price, down payment and/or amount financed. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders A deed used to convey title to property sold by the government for nonpayment of taxes. Owners within a cooperative do not own a specific unit. University of New York. It is called, liquidated damages. 3. C. the commandment thou shalt not kill. 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 One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. A __________ is an employment agreement between the seller and the broker. The limited partner has no involvement in the day-to-day operation of the business. What can Gary do to look out for his client's best interest? Administered by TREC to protect aggrieved individual who suffer a monetary loss due to illegal acts of license holders. The Sources of Contract Law Traditionally, Contracts was a common law course. - Seller Financing The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. He decides to sell 1 of his trucks for $20,000 since business is going down. Bill is determined to complete the purchase and acquire the property. 4. What are the 3 physical characteristics of land? Any man-made addition to land that is permanent, and is considered to become part of the land is known as a(n) __________. A U.S. government agency that helps protect consumers by regulating financial products and services, like 2. expectations are accurate, what will the pure yield curve (that is, the yields to maturity Posted: February 12, 2023. A mortgage is an actual transfer of ownership from the borrower to the lender. 4. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. The benefit of this type of loan is a lower interest rate. The government's right to regulate land usage. In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. 4. A body of law developed in England and based upon "common sense" and local custom. 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. A history or list of all recorded owners back to the sovereignty of the soil. __________ extend above the surface without limitation. 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) Arian most recently served as Special Advisor for Legislative Affairs at the . Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. 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. The property has sold and closing is July 30th. Annual crops that are considered personal property ever though they are attached to the land. The fourteenth law of the Frisons ordered that the discovery of murders should be made by means of divining rods used in Church. 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. ________ law is a body of law based on "common sense" and local custom. Offer and Acceptance (Mutual Agreement) In many states, lease agreements for one year or less are the exception to the Statute of Frauds. Barring special circumstances, an increase in price will always lead to a decrease in quantity. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. candidate at the University of Michigan Law School. 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. 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. Non-payment of property owner association fees or dues Once all the terms of an offer have been agreed to and signed by the parties, and the acceptance communicated to the offeror, the contract becomes binding on the parties. A. The sole proprietorship is not a legal entity. The TM498 is suitable for individuals who are walk- ers at a transitional stage from walking to running or midlevel runners. Exam (elaborations) - Law of contracts exam 2. A "Section 502 Loan" is insured by the ________. A venture that is owned by one individual.