Use of racial or ethnic terms. A federal requirement for residential property built prior to 1978. 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" 4. 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) 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. Agent Jay has received an offer on his client's property, but they are still considering it. 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. - Grant You may not spend more than 12 hours per day on the course, and you cannot begin your exam until the third day after registration and beginning the course. 100% Money Back Guarantee Immediately available after payment Both online and in PDF No strings attached. What should Barbara do to make sure she is fulfilling her fiduciary responsibilities to Lin? You an make an offer by: phone, fax, email, letter, hand delivery. 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. - Ex: A contract of sale between a buyer and seller because both parties have duties to perform. The unique aspect of joint tenancy is the right of survivorship of the tenants. A seller of coastal property abutting tidally influenced water must provide the ________. Any property, whether real or personal, that is capable of being inherited. 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 sole proprietorship is not a legal entity. 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. 8. How can Gary help Simon evaluate the offers? Annual crops that are considered personal property ever though they are attached to the land. In the case of foreclosure, this deed is used to correct an error in a previously executed deed. 2. What options does Simon have when responding to the offers? Gender Preference A seller of coastal property abutting tidally influenced water must provide the ________. Exam (elaborations) - Law of contracts exam 2. What additional amendments, contingencies, or addenda may be used if Lin and the seller decide to proceed with the sale at the lower sales price? Contracts in which both parties are obligated to perform. 2. All contingencies have been met and the parties are ready to close. \end{array} A seller, in exchange for some form of consideration ($), gives the buyer the right to purchase the property for a period of time, but they can back out during that time period should they need to. Requires proof that the act or omission was a significant factor in bringing about injury. It prohibits redlining, which is the practice of refusing to provide financing in a particular area because of the location. FHA loans include two mortgage insurance premiums that must be paid by the borrower. In all states, license holders are barred from the unlawful practice of law. CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION (. The grantor implies ownership or the right to transfer title but does not provide a warranty of title. The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase. The wraparound is seller financing, in which a new loan takes a secondary lien position, and the original mortgage is not repaid. Posted: January 10, 2023. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. Is limited to the amount he or she invested in the partnership. - Sale of Other Property 1. we have the ability to change them. Due to his consumption of alcohol, the closing cannot take place because Bryan's client is not legally _____ to sign. The most common form of financing used by buyers is: 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. Foreclosure occurs when a ____ seizes and sells a borrower's ____ after the borrower has failed to ____ the lender. 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. 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. \textbf{Maturity (years)} &\textbf{YTM} \\ \hline The tax and insurance portion of the payment is held in a special account called an escrow account. An oral or deathbed will. Which of the following is a physical characteristic of land? - Answer- lease purchase agreement RMLOs in Texas are licensed through: Barring special circumstances, an increase in price will always lead to a decrease in quantity. A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. Any consumer can bring an action against a provider of services when the consumer can prove that the servicer was the producing cause of any of the following: If one or both of the parties are represented by an attorney, the attorney's contact information is generally included in the contract. 4. 2. C = Consideration. A provision in a contract that requires a specific act or event happens for the contract to be binding on the party and must be specific as to what action needs to take place, who must complete the action, and when it will be completed. return over the next year? Buyers' and sellers' marital status is not required in the contract. a term applied to a contract that one or both parties have the ability to either withdraw from or enforce. These rods should be laid before the altar, and on the sacred relics, after which God was to be supplicated to indicate the culprit. In this circumstance, Gene is referred to as the _______. Bilateral Contract C. Broker Lawyer Committee D. - Destruction of property unless done so by the seller. 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. Defined as something given in exchange for a promisie. - Downzoning: Changing the zoning of a property to lower a value. These trees are examples of what? A novation may occur when a contract that has been marked up with many changes is replaced with a clean copy. A person who acquires title to property under a will. 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. Much to her six children's dismay, single mom Nancy died without making a will. - Buffer Zone: An area of land separating one land use from another, such as residential from commercial. 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? Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. The determination of mutual consent is usually a question of fact and is completed by this process. C. the commandment thou shalt not kill. Chapter 6 - Law of Agency and Real estate.docx. 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. Study Aids By product Case Briefs(view casebooks) Courses Essay Practice Exams Flashcards Key Terms Multiple-Choice Questions Outlines By subject Administrative Law Bankruptcy Business Associations 2. 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. Contracts is another law school classic, so to succeed in law school and ace your exams, you'll need to get past this class. The selling price is $2,500. 1-4 family residential properties with federally related financing. It would seem that providing clients with alcohol before writing a contract could be a risky marketing strategy. A seller is going to continue to occupy a property for two days after closing. Which of the following statements is true? Lynne purchased a lake front lot in order to build her dream home. 3. A mortgage is an actual transfer of ownership from the borrower to the lender. Contracts must convey an interest in real estate or leases for a term of more than 1 year - must be in writing. Check that you have the correct examination in front of you. The balance in Retained Earnings is the balance as of January 1. Responsibility of Agents when Receiving an Offer. A more broad term that foes beyond the physical real estate and includes rights that a person has in the land. Knowing the seller's "bottom line," what should Joe do with the offer? The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. - Flood Hazards 3. - Implied Grant 1. 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. College Physics Raymond A. Serway, Chris Vuille. Gives the tenant the right to purchase the leased property by matching or bettering any offer before the property will be sold to someone else. 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. In many states, lease agreements for one year or less are the exception to the Statute of Frauds. The initiative, established in early 2021, targeted . 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. As a social entrepreneur, researcher and community servant, I'm committed to a lifestyle of creative thinking, cognitive learning & volunteering. Real property conveyed by will is called a ________. The type of law that deals with the relationship between the parties to a transaction, sales agents and brokers is: __________ is the body of laws and regulations enacted by federal and state legislative bodies. Only a ________ may earn a commission, and only a ________ may sue to collect a commission. The lender transfers title back to the borrower when the loan is repaid. A license holder must not prepare which documents? Non-payment of property owner association fees or dues Back. An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. 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. When a party to a contract fails to perform under the contract, also known as breach of contract. Non-payment of a home equity loan. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. What an agent should do if a client needs legal advice: An agent should never discourage a party from consulting an attorney for advice in a transaction. Arian most recently served as Special Advisor for Legislative Affairs at the . - Phone ________ is the right of the government to regulate and control the way land is used. A. Remember "L" - Littoral/Lake. Terms that are not covered in the standard contract forms or addenda. A person appointed by a testator to carry out the terms of the will. \text{2}& 11 \\ \hline The __________ is the percentage of the lesser of the appraised value or sales price that the lender will loan. This type of will is only legal for personal property, not real property. - Appraisal Texas Principles 2 Exam Practice Questions - Champions School of Real Estate.docx. Do nothing If the agent representing the second buyer is aware that multiple offers have been received, then the listing agent should notify the agent representing the first buyer that multiple offers have been received. The annual premium is paid monthly and is added to the borrower's monthly payment. c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of Definition of Contract Law Noun The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties. Taxes for the year that have not been paid will be deducted from the seller's proceeds, usually through the day of closing. A leasehold in which a tenant occupies real estate with the permission of the owner for and uncertain or unspecified length of time; this is a very loose agreement. UNEP LAW - Obligations & Contracts , MID TERMS May 21, 2022. The market research team decides to investigate whether there are differences across the product lines with respect to customer characteristics. The position focuses on the following main business and personnel responsibilities: formulating and monitoring budgets, strategic planning, staff supervision, compliance with regulations and policies, hiring and onboarding, interactions with . The ________ ensures that all consumers are given an equal chance to obtain credit. The government retains the right to tax real property. 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. any unconscionable action or course of action by any person. D)not permitted under Texas law. 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.". 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. Upon the death of one spouse, the survivor becomes the owner of the property. Accept The TM195 sells for $1,500. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. Handwritten wills which are also used in some states, including Texas. Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. . Real and Personal Property transfer documents at closing. 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. - Condemnation. In Texas, real estate contracts are subject to satisfactory inspections. lender, collateral, repay. ________ of an offer means that the accepting party does so with no change to the contract whatsoever. A U.S. government agency that helps protect consumers by regulating financial products and services, like In a budget mortgage, the monthly house payment includes principal, interest, taxes, and insurance (known as PITI). What type of ownership do the siblings have? It is a very basic deed and does nothing to protect the grantee. ENGINEERING,ECONOMICS,NURSING . CardioGood Fitness is a developer of high-quality cardiovascu- lar exercise equipment. Which kind of rights extend above the surface of property without limitation? 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. They each own a third of the estate. A-Z Construction Company was organized on May 1 of the current year. Texas Law of Contracts, Second Edition d. they are created by a deed and a lease. A contract that must have competent parties, offer and acceptance, legal purpose, consideration, and be in writing. A contract created by offer and acceptance. Religion A life estate is a ownership for the duration of someone's life. This type of contract is said to lack maturity. 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 He decides to sell 1 of his trucks for $20,000 since business is going down. Details Or fastest delivery August 1 - 3. In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. The man . In order to comply with the Statue of Frauds, contracts must be what? Senior Data Analyst. -TREC does not have promulgated forms for this. The key to determining whether a conveyance is voluntary is the ____________. One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. Employment agreement for the listing broker. Transfers all of the rights related to the contract to another party known as an assignee. 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. Property management, listing agreement, lease agreement - all of the above. 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) If the contract is not in writing, it would be valid, but not enforceable. A. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? Texas Law of Contracts: Doris Barrell: 9781427741332: Amazon.com: Books Buy new: $32.99 $4.59 delivery Thursday, August 4. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. Which of the following is an example of a contract used often in the real estate business? Any man-made addition to land that is permanent, and is considered to become part of the land is known as a(n) __________. 1. Exam (elaborations) - Law of contracts questions and answers 3. -must be legally communicated to the offeror( in writing). The loan becomes due upon the sale of the property or the death of the owner. The Reeve's agent submitted an offer of$349,500.00 on a property priced at $365,000.00. Also, a contract is valid if all parties are of age, sane, and sober (at the time of executing the contract). 2. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. -Ex: , if a license holder receives an offer at 9 a.m. and presents it to the seller. what makes law voluntarily enforceable? A balloon loan is a partially amortized loan with a final payment substantially larger than the others. 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? When a party is considering consulting an attorney for advice in a transaction an agent should: Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract.