-Ex: , if a license holder receives an offer at 9 a.m. and presents it to the seller. Which of the following is a requirement of a Texas real estate sales agent license? PDF QUESTIONS & ANSWERS: CONTRACTS - Carolina Academic Press use or employment by any person of a false, misleading, or deceptive act or practice that is specifically identified in the act. Deed given by court order in connection with sale of property to satisfy a judgment or foreclosure. - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? 2. The balance in Retained Earnings is the balance as of January 1. Communication is also referred to as notification. Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. 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. Texas Veterans Loan Assistance Program - a loan program for veterans. LAW OF CONTRACTS EXAM - LAW OF CONTRACTS - Stuvia US Jake never delivered the disclosure as promised. Property management, listing agreement, lease agreement - all of the above. 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. 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. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? . - Inspection, As a transaction progresses, amendments to the original contract may be needed. the use or employment by any person of an act or practice in violation of the Texas Insurance Code. 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(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. - Changes to the sales price, down payment and/or amount financed. Taxes for the year that have not been paid will be deducted from the seller's proceeds, usually through the day of closing. A meeting of the minds between the parties to a transaction. If the contract is not in writing, it would be valid, but not enforceable. An investigation of all the documents that have been recorded about a property. b. Transferred rule making authority for the SAFE Act to the CFPB, effective July 21, 2011. 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 borrower (mortgagor) and The limited partners are the investors in the venture. The grantor states, "Whatever interest I have, if any, I do hereby grant and convey." 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 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. - Flood Hazards 1. FHA loans include two mortgage insurance premiums that must be paid by the borrower. The seller's primary duty is to show up at closing and sign a deed conveying ownership to the buyer. This space is where terms can be addressed that are not covered in standard contracts or addenda forms. For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. The seller told Elmer that he wanted to stay in the property for at least a week after closing. 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. Law of Contracts Practice Exam/Law of Contracts - CHAMPIONS TEST/Law of Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. The 61-year-old actor was joined by his wife, Laura Louie, 55 . Champions School of Real Estate (CSRE) - Course Hero 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. Handicapped Persons Refers to the location of the property or land from an economic, not geographic view point. The government retains the right to tax real property. 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 . You an make an offer by: phone, fax, email, letter, hand delivery. The marginal costs, average variable costs (AVC), and average total costs (ATC) for a firm are shown in Figure 13P-3. He gets a $150,000 offer on a property that is listed for $199,500. Indestructibility or durability -must be unconditional Is responsible for the day-to-day operations of the business and has full liability. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. 1. A lead paint form must be filled out and provided when selling a home before what year? 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. In order to create a joint tenancy, four unities are required. The restaurant agrees to deliver the meal, and the customer implicitly agrees to pay for it. CardioGood Fitness sells three different lines of tread- mills. Law of Contracts Final Exam Flashcards | Chegg.com The Texas Real Estate Commission- 6 broker members and 3 public members- created to administer the provisions of the license act- they promulgated contract forms for licensees. A claim, lien, charge, or liability attached to and binding real property. 2. This would be an award of monetary damages by the court. 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. Law of Contracts Study Guide Law Exams Guide An easement created to benefit adjacent land. - Building Codes: All residential structures must conform to code, whether they are site-built homes or modular homes. 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. This type of loan is likely to contain a release clause, allowing the borrower to obtain partial releases of specific lots by making required lump sum payments. 1. 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. - Financing A seller of coastal property abutting tidally influenced water must provide the ________. Involves ownership of real estate by two or more entities. $60. void The five essential elements of a valid and enforceable contract are, Consideration, Offer and competent partires SevenBlueSeven Oct 30, 2020 @ 9:06pm. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. keep order, influence conduct, promote equality, honor expectations, and offer compromises. When a party to a contract fails to perform under the contract, also known as breach of contract. The team decides to use both business transactional data and the results of a personal profile survey that every purchaser completes as their sources of data. I love reading, traveling and learning new cultures; I've lived/worked in 3 continents (Africa, Middle East & North America), visited over 25 countries and have friends from more than 100 nations.<br><br>Started my career as an accountant and . \hline Law of Contracts - CHAMPIONS TEST - Law of Contracts - Stuvia US Texas Law of Contracts - 3rd edition ISBN13: 9781475446715 ISBN10: 1475446713 by Kaplan Cover type: Paperback Edition: 3RD 18 Copyright: 2018 Publisher: Dearborn Financial Pub. It is also used to grant an easement. Brand new in unopened box in excellent condition 75887 Porsche 919 Hybrid 163 pcs New Sell 7000 Local Pickup in Canberra or contact me for postage quote See ., 1309269667 Lead is found in paint and pipes and soil. Champions School of Real Estate-Law of Contracts Exam 1 - Quizlet Title - They must acquire their interest from the same source (will, contract, deed, etc.) What conditions are present that give Kristina the right to file a lawsuit against Myra and Dirt Cheap Realty? In Texas, real estate contracts are subject to satisfactory inspections. inSync Staffing. A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise.". Buyer's temporary residential lease - for use with the buyer occupies the property for no more than 90 days prior to closing. Woody Harrelson made a rare red carpet appearance with his family at the premiere of his new movie, "Champions," in New York City. The lender transfers title back to the borrower when the loan is repaid. The __________ is the percentage of the lesser of the appraised value or sales price that the lender will loan. A seller is going to continue to occupy a property for two days after closing. (behavior). return over the next year? Use of Racial and Ethnic Terms As a social entrepreneur, researcher and community servant, I'm committed to a lifestyle of creative thinking, cognitive learning & volunteering. A business in which two or more persons combine their assets and skills. - E-mail bank, property, notify. In the retail environment, this lease obligates the tenant to pay a base rent and a percentage of the gross sales. Law of Contract Final exam - Law of Contract - Stuvia US We are seeking an Administrative Manager. A(n) ________ occurs when a new contract is substituted for an existing one. Fixity Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. 4. lender, collateral, repay. What type of ownership do the siblings have? This overview will let you know what to expect from the Promulgated Contract Forms course specifically. - Taxation Non-payment of mortgage The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. Consideration. 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. Law of Contracts - Practice Exam Flashcards _ Quizlet.pdf An active sales agent license may only be issued under what conditions? 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. In a participation loan, two or more lenders own a share, allowing lenders to share or distribute the risk. At Advisor Group, we support more than 11,000 financial professionals, the people who help everyday Americans achieve their dreams. - A change in the law that makes performance illegal. - 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. The most common example of this is a utility easement. No offer has a priority of presentation over another. A seller is going to continue to occupy a property for two days after closing. Chronic mental illness The team decides to collect data on individuals who purchased a treadmill at a CardioGood Fitness retail store during the prior three months. 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. Do not go over the time limit. The seller told Elmer that he wanted to stay in the property for at least a week after closing. - Property owners association information. Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). Modification 2. Lender Requirements for Properties with Potential Hazardous materials on site: If a buyer has concerns about possible contamination of a potential property, the buyer or the lender may opt to have an Environmental Site Assessment (ESA) performed on the property to determine if it is environmentally challenged. When two or more parties join together to create and operate a real estate investment. A written history of all instruments and happenings that may affect title is called: When the title history of a parcel of land has been researched back to the original conveyance by the government, the history is said to go back to the __________. 1 pages. University of New York. The paper has EIGHT questions. 2. The body of laws and regulations enacted by federal and state legislatures. He owns 3 trucks. Which of the following is a physical characteristic of land? Essential Environment: The Science Behind the Stories Jay H. Withgott, Matthew Laposata. Legal Purpose - 1-2% This acts as an assurance that the contractor will be able to complete the job as described in the contract. 5. 2. 4. ________ is the right of the government to regulate and control the way land is used. Means that the accepting party does so with no change to the contract whatsoever. Title remains with the lender until the loan is repaid. Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. - Financing addendum -TREC does not have promulgated forms for this. 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. Gives a potential buyer or tenant the right to purchase or lease a property. Liquidated damages, monetary damages, specific performance 2. One sole owner. Baltimore, MD. - Zoning: An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. __________ occurs when an individual dies, leaving no valid will. Which of the following is a physical characteristic of land? Continuous use of the land overtime without the permission of the owner establishes the right to use the land. Scarcity A(n) ________ is a listing in which the real estate broker's commission is the difference between the minimum net established by the seller and the price that the buyer is willing to pay. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. Familial status (cannot discriminate on marital status or with children). Transfers all of the rights related to the contract to another party known as an assignee. GB 301 Exam 1 - Study Guide Addendum - Contracts Lynne purchased a lake front lot in order to build her dream home. Exam (elaborations) - Law of contracts exam 2. Broker Bernardo has a signed sales contract that has not yet gone to the closing table.
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