A license holder has a duty to communicate or submit offers to his or her client. Good practice in advertising is to ensure that the advertisement describes the property as opposed to describing the occupant or owner. Question 1-Contracts Practice Test for the Real Estate License Exam. 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. (behavior). -must be unconditional If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are available, The tax proration may be calculated taking into consideration any change in the exemptions that will affect the current year's taxes. Seller's temporary residential lease - for use when the seller occupies the property for no more than 90 days after closing. A federal requirement for residential property built prior to 1978. Contracts created by our behavior. Take the course exam. A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. He/she must present all offers to the client. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. Paragraph 11 - legal vs illegal entries - page 135 5. Allows a tenant to buy the property at a preset price and terms for a given period. 2. The paper has EIGHT questions. The grantor implies ownership or the right to transfer title but does not provide a warranty of title. Refers to the fact that no two parcels of land are the same. 100% Money Back Guarantee Immediately available after payment Both online and in PDF No strings attached. __________ extend above the surface without limitation. Buyers' and sellers' marital status is not required in the contract. Occurs when an individual dies, leaving no valid will. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. Browse Study Resource | Subjects. If market The buyer's acceptance of an earnest money refund terminates the contract, releasing both parties from any further obligation under the contract. This type of contract is said to lack maturity. 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. Transfers all of the rights related to the contract to another party known as an assignee. 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. Which of the following is a physical characteristic of land? Texas Law of Contracts, Second Edition d. they are created by a deed and a lease. Under this type of law, a court looks to the findings of prior courts when regarding a decision. The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. . Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. 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 Gary. TREC has only two promulgated lease forms: For use when the buyer occupies the property for. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . Regardless of representation, all buyers should be provided with a(n) ___________________ disclosure of representation af first contract. Payments in excess of the reasonable value of goods provided or services rendered are considered kickbacks. Common forms: The initiative, established in early 2021, targeted . Gives one possession and use of a property without ownership. 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. CardioGood Fitness is a developer of high-quality cardiovascu- lar exercise equipment. -Ex: , if a license holder receives an offer at 9 a.m. and presents it to the seller. In Writing (when required by law) 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. The owner of surface rights has the ability to develop (improve) the surface and to use resources extracted from or near the surface, including stone, gravel, water, and limestone. Handicapped. Patti, David, and Arthur inherited several acres from their parents. 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. ________ is evidence an individual has of his or her right to possess land. 8. When there is a shortage of something that individuals want, the price goes up. d. Barring special circumstances, an increase in price will always lead to an increase in quantity. The primary benefit of a sole proprietorship is that the owner has total control of the business. The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. Bryan's client shows up to his closing after drinking three beers at a baseball game. A "Section 502 Loan" is insured by the ________. A claim, lien, charge, or liability attached to and binding real property is a(n) ________. 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. A __________ is a pledge of real estate as security for the repayment of a debt. A(n) __________ is an entity created for the benefit of another. License holders should pay special attention to the following problem areas in advertising: A corporation is regarded under the law as a distinct legal entity with the right to own real estate and other assets. The benefit of this type of loan is a lower interest rate. Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. Details Select delivery location Only 1 left in stock - order soon. The seller's primary duty is to show up at closing and sign a deed conveying ownership to the buyer. The sole proprietorship is not a legal entity. employment contract between the agent (broker) and the buyer. The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. Refers to the fact that land cannot be moved. Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. Terms that are not covered in the standard contract forms or addenda. When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. A ________ is the borrower's unconditional promise to repay the lender. In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. Naturally occurring, colorless, and odorless gas produced by the decay of radioactive materials in rocks under the ground. Counteroffer. Fixity ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. It is suitable for individuals who thrive on minimal programming and the desire for sim- plicity to initiate their walk or hike. Also called an installment contract, a land contract or a real estate contract. Employment agreement for the selling broker. requires proof that the act or omission was a significant factor in bringing about injury. They are the: ________ are changes that are made to the original contract, such as changes to the closing date or changes to the sales price, down payment and/or the amount financed. Reject Time - Owners must acquire their interest at the same time. Special Provisions(What can and Agent Write?). They each own a third of the estate. A contract is considered discharged when all parties have have performed. The body of laws and regulations enacted by federal and state legislatures. Texas Law of Contracts: Doris Barrell: 9781427741332: Amazon.com: Books Buy new: $32.99 $4.59 delivery Thursday, August 4. 2. 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. 2015 Kaplan, Inc. May be reproduced for educational uses only. Property management, listing agreement, lease agreement - all of the above. This model features a nonfolding platform base that is designed to handle rigorous, frequent running; the TM798 is therefore appealing to someone who is a power walker or a runner. An individual who inherits property by intestate succession acquires title by descent and is known as this. An agreement between a buyer and seller or landlord and tenant. AIDS and AIDS-Related Complex You an make an offer by: phone, fax, email, letter, hand delivery. What is done when a seller receives multiple offers? Remember "L" - Littoral/Lake. Occurs when a new contract is substituted for an existing one. In Texas, financing information is now on a separate addendum. Non-payment of property owner association fees or dues lender, collateral, repay. (Use a 365-day year, round to the nearest dollar and the seller pays for closing day.). Familial status (cannot discriminate on marital status or with children). - Taxation The right of the government to regulate and control the way land is used. Can also be called a lease with an option to buy. The grantor may add warranties to the deed at his or her discretion, The combination of two or more properties into one. - Buffer Zone: An area of land separating one land use from another, such as residential from commercial. C = Competent The term __________ is synonymous with contingent. #1. An investigation of all the documents that have been recorded about a property. \text{2}& 11 \\ \hline - Answer- lease purchase agreement A(n) ________ mortgage covers more than one piece of property. TREC does not have promulgated contract forms for the sale of co-ops and has no forms for any type of commercial transaction. Any property, whether real or personal, that is capable of being inherited. A-Z Construction Company was organized on May 1 of the current year. A federal requirement for residential property built prior to 1978. An example of a void contract would be one to have somebody killed or to deliver illegal drugs. 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. The act of removing fixtures (by detaching them) from real property is called severance. As a social entrepreneur, researcher and community servant, I'm committed to a lifestyle of creative thinking, cognitive learning & volunteering. 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. What are the 3 physical characteristics of land? A body of law developed in England and based upon "common sense" and local custom. 60 cards Real Estate Real Estate Principles Practice all cards Substitution of a new contract for an existing contract is A)an assignment. In this circumstance, Gene is referred to as the _______. ________ is evidence an individual has of his or her right to possess land. An opinion regarding the state of the title and its ability to be transferred. The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase. The process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss. corporate officers who are responsible for the overall management of the operation of the business. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. He can prepare net sheets on the offers being considered so Simon can compare all of the details and better determine the bottom line for each offer. 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. $60. 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: CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION (. Arian most recently served as Special Advisor for Legislative Affairs at the . 18, Sane, and Sober - at the execution of the contract. 2. Which kind of rights extend above the surface of property without limitation? When a sole individual or entity acquire real estate the owner is set apart from all others. 1-4 family residential properties with federally related financing. Bill is the buyer purchasing a property from Sally. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? __________ of RESPA prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value for the referral of settlement business. Real and Personal Property transfer documents at closing. Handicapped Persons Contracts Practice Exam Instructions: Read the following fact pattern, and answer the question. (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 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. The 61-year-old actor was joined by his wife, Laura Louie, 55 . 4. Phoenix, AZ. However, due to its informal language, are easily contested. - Percentage Lease. The primary benefit to the veteran is that the rate on the Veterans Land Board loan is often up to one percent below prevailing market rates. Use 202020-year level term rates to estimate the number of years of extended term insurance she has using a non-tobacco rate. c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of A seller, in exchange for some form of consideration (an option fee), gives the buyer the right to purchase the property at some present price and terms for a period. Damage or destruction of a property under contract prior to closing: May result in termination of the contract. A. Financing information may be incorporated entirely in a separate addendum or maybe a part of the contract form. At closing, prorations for property taxes and property owner association fees will be calculated. A deed with no guarantees, warranties, or covenants. (Must have a plat map to find the property). 5. 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. Non-payment of mechanic's and materialman's c. Barring special circumstances, a decrease in price will always lead to a decrease in quantity. Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. The premium is 1.35% of the base loan amount. At age 505050 , the policy has a cash value of $12.606\$ 12.606$12.606 and Cindy converts the policy to extended term insurance for the same face value. Means - work, labor, or repair of goods. This space is where terms can be addressed that are not covered in standard contracts or addenda forms. - Removal or waiver of contingencies, An attachment to a contract that adds or further describes the rights and duties of the parties. The property has sold and closing is July 30th. It is as depend- able as other models offered by CardioGood Fitness, but with fewer programs and features. 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. Extend above the surface without limitations. L = Legal purpose If a deed does not make the type of joint ownership clear, Texas courts will always assume that the owners are tenants in common. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. 5. A license holder must not prepare which documents? The middle-line TM498 adds to the features of the entry-level model two user programs and up to 15% elevation upgrade. Advertising in real estate should not have what in it? Dower is the interest a wife has in the property of her husband. Refers to the fact that value is affected by man-made changes to the land. When a party to a contract fails to perform under the contract, also known as breach of contract. Bill is the buyer purchasing a property from Sally. Gives the tenant occupancy in the present time and the right to purchase at a future date. - Fax Screen Shot 2022-03-29 at 5.08.40 PM.png Gender Preference Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. 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.

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