- Texas is a community property state. The Reeve's agent submitted an offer of$349,500.00 on a property priced at $365,000.00. In this circumstance, Gene is referred to as the _______. A meeting of the minds between the parties to a transaction. In a budget mortgage, the monthly house payment includes principal, interest, taxes, and insurance (known as PITI). Specific performance is the only remedy that would possibly result in the full execution (closing) of the transaction. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. The offer is not yet a contract because agent Jay's clients have not accepted it. The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. Includes all that is encompassed in land, with the addition of all man-made additions to the land (improvements) such as roads, houses, and commercial buildings. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. 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. A claim, lien, charge, or liability attached to and binding real property is a(n) ________. - Title Religious Preference A builder may buy more than one lot in a new subdivision; he will do so with one loan. License holders should pay special attention to the following problem areas in advertising: - $12.45 Add to Cart. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. (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. The difference is that the loan is sold to the Texas Veterans Land Board (VLB), as opposed to a secondary market purchaser such as Fannie Mae or Freddie Mac. 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. An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. - Zoning: All contingencies have been met and the parties are ready to close. 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. Use of racial or ethnic terms. Personal property that is inherited through a will. void The five essential elements of a valid and enforceable contract are, Consideration, Offer and competent partires 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. Easement acquired by the government under the right of Eminent Domain- for use by the government, utilities or railroads. UC Berkeley is taking steps to address issues raised by an eight-month, $2 million investigation that led to the firing of Golden Bears women's swimming head coach Teri McKeever, the most . The right of the government to take private land for public use. A(n) __________ is one that combines some of the elements of a sale with a lease. D)not permitted under Texas law. The Sources of Contract Law Traditionally, Contracts was a common law course. 4. A venture that is owned by one individual. 1. 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 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. A corporation owns the entire cooperative complex. His other children are noted as heirs. Because this is a refund of the buyer's earnest money, this cannot be considered liquidated damages. The sole proprietorship is the simplest business form under which one can operate a business. We are seeking an Administrative Manager. He/she must present all offers to the client. 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. In spite of this exception, to avoid confusion and misunderstanding, all lease agreements should be in writing. Biology Mary Ann Clark, Jung Choi, Matthew Douglas. Nonhomogeneity, 1. 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? Refers to the fact that no two parcels of land are the same. 18, Sane, and Sober - at the execution of the contract. Joe should present the offer to the seller. Because these interests are undivided, all co-owners share the right of possession of the property. 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. inSync Staffing. Which of the following statements is true? These contracts are said to be unilateral because only one party is obligated to perform and is said to lack mutuality. When a sale is closed, the contract has been fully executed. A seller is going to continue to occupy a property for two days after closing. This type of deed is most often used to clear up a cloud on the title. 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. An offer may be withdrawn at any time prior to its acceptance by the offeree. Prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value (including payments, commissions, fees, gifts, or special privileges) for the referral of settlement business. Time - Owners must acquire their interest at the same time. Who will inherit her estate? In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. Counteroffer. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. It is also used to grant an easement. Capacity is measure of the borrower's ability to repay the debt and is demonstrated through current earnings and job stability. Responsibility of Agents when Receiving an Offer. Gerald and Finn are selling their classic 1959 mid century modern home. 2015 Kaplan, Inc. May be reproduced for educational uses only. A certificate showing the Myra took an online class about visual roof inspections. Graph the area that defines the firm's profit (or loss) at this rate of output. This type of contract is said to lack maturity. A-Z Construction Company was organized on May 1 of the current year. b. The primary benefit of a sole proprietorship is that the owner has total control of the business. Employment agreement for the listing broker. Contracts is another law school classic, so to succeed in law school and ace your exams, you'll need to get past this class. Be a part of the team behind our success! All that is encompassed in land, with the addition of all man-made additions to the land (improvements) such as roads, houses, and commercial buildings. Its products include treadmills, fitness bikes, elliptical machines, and e-glides. Knowing the seller's "bottom line," what should Joe do with the offer? 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. 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. Those who live in the cooperative buy shares in the co-op and receive a proprietary lease to their unit. 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. Barring special circumstances, an increase in price will always lead to a decrease in quantity. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. Default remedies and their results - page 137 4. Refers to the fact that land cannot be moved. Law of Contracts Final Exam Flashcards | Chegg.com Law of Contracts Final Exam. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. keep order, influence conduct, promote equality, honor expectations, and offer compromises. Champions School of Real Estate Provider #4530 3. Exam CSLB Law & Business Practice . Indestructibility or durability (cannot be destroyed) Can be one of two formes, depending on state law and custom. Contracts Course Information You Need To Know 02-05-2021 by: TREC Staff As of February 1, 2021 sales agents and brokers are required to complete at least three hours in contract-related coursework as part of the 18 hours of continuing education (CE) required to renew a license or activate a license. 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) An offer can be terminated prior to acceptance by the offeree due to: RMLOs in Texas are licensed through: What is done when a seller receives multiple offers? One sole owner. On May 2, A-Z Construction prepaid $18,480 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. In Writing (when required by law) Real property conveyed by will is called a ________. What does a real estate agent do with multiple offers on a property? According to Carlill v. Carbonic, an offer can come in the form of a letter . A claim, lien, charge, or liability attached to and binding real property. In the case of foreclosure, this deed is used to correct an error in a previously executed deed. Established by TREC to write mandatory residential contract forms for license holders. A ________ is the borrower's unconditional promise to repay the lender. - E-mail Maturity(years)123YTM10%1112. The law of contracts is state law, and the common law varies from state to state. RESPA prohibits ________, which is considered an abusive practice. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. - Letter
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