Built to emulate law school and MEE exams. A(n) __________ is one that combines some of the elements of a sale with a lease. A history or list of all recorded owners back to the sovereignty of the soil. - Financing addendum When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. a. A balloon loan is a partially amortized loan with a final payment substantially larger than the others. Barring special circumstances, an increase in price will always lead to a decrease in quantity. The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: A seller's disclosure notice is not required. 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. - Police Power However, your Contracts course likely involves the study of general principles rather than the law of a particular state. The main disadvantage is the high cost of refinancing, Collateral-Dependent Loans(Hard Money Loans). 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. Who will inherit her estate? Upon the death of one spouse, the survivor becomes the owner of the property. Identifying In which three ways might government spending impact the economy? Belongs to a person or corporation and does not belong to the land. Paralegal & Law Clerk; Property Law; Manufacturing, Transport & Logistics. Bryan's client shows up to his closing after drinking three beers at a baseball game. The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. Contracts created by our behavior. Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). - Title A license holder has a duty to communicate or submit offers to his or her client. Sellers can _______________, the oil, gas, and minerals associated with their property. If a seller wants to continue to occupy the property for two days after the closing and the bu (a) this can be written into the special provisions paragraph of the contract (b) because it is for only two days, the parties should just enter into an oral agreement (c) the buyer and seller should negotiate a periodic tenancy agreement (d) the Seller's Temporary Residential Lease form should . The TM498 sells for$1,750. 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. Any man-made additions to the land that are permanent. A deed with no guarantees, warranties, or covenants. Gen Bus 301 Exam 1 Study Guide Addendum: Contracts Zach Sikora Introduction to Contracts Contracts are primarily governed state common law, found in the Restatements of the Law of Contracts Uniform Commercial Code (UCC): governs sales of personal property, which consist of the passing of title to goods from sell to buyer for a price (specifically A seller is going to continue to occupy a property for two days after closing. In such cases, an oral lease for one year or lease is valid and enforceable. This activity includes collecting data on clients' actual sales and on the customers who make the purchases, with the goal of determining whether there is a distinct profile of the typical customer for a particular prod- uct or service. - $12.45 Add to Cart. A federal requirement for residential property built prior to 1978. The limited partners are the investors in the venture. Many hard money loans are made by private investors, generally in their local areas. Buyers' and sellers' marital status is not required in the contract. ________ of an offer means that the accepting party does so with no change to the contract whatsoever. use or employment by any person of a false, misleading, or deceptive act or practice that is specifically identified in the act. A contract formed in whole or in part from the conduct of the parties. Immobility Is and interest in leased property created when the holdover tenant is occupying the leased property against the owner's will. A buffer zone is an area of land separating one land use from another, such as residential from commercial. 5. 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. -TREC does not have promulgated forms for this. 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. - Texas is a community property state. 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. 4. A certificate showing the Myra took an online class about visual roof inspections. 2.Immobility (can't move) 1. Familial Status, Hearing UNEP LAW - Obligations & Contracts , MID TERMS May 21, 2022. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. An offer can be terminated prior to acceptance by the offeree due to: D)not permitted under Texas law. Contains covenants in which the grantor formally guarantees that good and marketable title is being conveyed. The most common example of this is a utility easement. A contract for an illegal purpose is void, and the law treats the contract as if it were never created. Cindy Franklin started a whole-life insurance policy for $250,000\$ 250,000$250,000 when she was 232323 years old. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. lender, collateral, repay. What conditions are present that give Kristina the right to file a lawsuit against Myra and Dirt Cheap Realty? Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. Phoenix, AZ. Dower is the interest a wife has in the property of her husband. This space is where terms can be addressed that are not covered in standard contracts or addenda forms. A person who enters into a contract under the influence of drugs or alcohol could be considered mentally impaired. If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. CardioGood Fitness looks to increase the sales of its treadmill products and has hired The AdRight Agency, a small advertising firm, to create and implement an advertising program. One of the four essential elements of a contract. A person under the age of 18 cannot enter into a contract. The limited partner has no involvement in the day-to-day operation of the business. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. For Correspondence-Online: The course will take 30 hours to complete. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. The body of laws and regulations enacted by federal and state legislatures. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? The key to determining whether a conveyance is voluntary is the ____________. ________ is the right of the government to regulate and control the way land is used. Handicapped Persons An individual who inherits property by intestate succession acquires title by descent and is known as this. \text{1}&10\% \\ \hline Contract B. 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. 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. When a sole individual or entity acquire real estate the owner is set apart from all others. A __________ is a pledge of real estate as security for the repayment of a debt. Legal Purpose - Changes to the closing date The law of contracts is state law, and the common law varies from state to state. It is a very basic deed and does nothing to protect the grantee. All FHA and VA loans are assumable. - The acts of the parties If the borrower fails to repay the note, the mortgage allowed the lender to foreclose the property. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. A ________ is the borrower's unconditional promise to repay the lender. The ________ ensures that all consumers are given an equal chance to obtain credit. Then, receives a second offer at 3 p.m. (before the seller has accepted the first offer), the license holder has the duty to submit the later offer to the seller. c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of 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. A claim, lien, charge, or liability attached to and binding real property. A claim, lien, charge, or liability attached to and binding real property is a(n) ________. 2. Secure transaction Ships from TEXTBOOKPLAZA Sold by TEXTBOOKPLAZA Ships from TEXTBOOKPLAZA Sold by TEXTBOOKPLAZA A less popular type of ownership by more than one is joint tenancy. The primary benefit of a sole proprietorship is that the owner has total control of the business. A legal description of land having a point of beginning, using terminal points and angles, degrees and minutes to outline a property, A method of land description frequently used after land has been subdivided into building lots; also referred to as the recorded plat method. In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. (Hint: Compute the current and expected future prices.) A license holder must not prepare the option agreement, title commitment, and will. Details Or fastest delivery August 1 - 3. But the law exempted many users because they already provided information to the government in other ways, and after a stretch of relatively wet years, the legislative . The Election Transparency Initiative is a project, in part, of Susan B. Anthony Pro-Life America, which works to elect anti-abortion lawmakers. The grantor states, "Whatever interest I have, if any, I do hereby grant and convey." An easement created to benefit adjacent land. The TM498 is suitable for individuals who are walk- ers at a transitional stage from walking to running or midlevel runners. EXCEPT: A. a belief in atheism. Includes both real and personal property (fixtures and furnishings). Advertising in real estate should not have what in it? 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. __________ occurs when an individual dies, leaving no valid will. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders Insurance policy against losses resulting from defects in title. What form must they complete when they list their property? 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 __________ implements the Real Estate Settlement Procedures Act. 1. Its unique fea- tures include a bright blue backlit LCD console, quick speed and incline keys, a wireless heart rate monitor with a telemetric chest strap, remote speed and incline controls, and an anatomical figure that specifies which muscles are minimally and maxi mally activated. A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. c. Barring special circumstances, a decrease in price will always lead to a decrease in quantity. A contract in which only one party is obligated to perform is a________ contract. He owns 3 trucks. Because monetary damages are awarded by the court, one never knows what they will be until the court rules. 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 $2400 and has not been paid. A person who acquires title to property under a will. National Mortgage Bankers Association The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. Law of Contracts - Practice Exam If a person has been judged to be incompetent, a contract is _________ because the person never had the capacity to enter into a contract in the first place. If personal property is being transferred along with real property, a bill of sale is generally used to accomplish the transfer, which would normally accompany the deed. A seller, in exchange for some form of consideration (an option fee), gives the buyer the right to purchase the property at some present price and terms for a period. In Writing (when required by law) A seller, in exchange for some form of consideration ($), 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. He decides to sell 1 of his trucks for $20,000 since business is going down. $60. No. Because these interests are undivided, all co-owners share the right of possession of the property. Possession - Possession of the property must be shared equally. Are beneficial to some borrowers, especially those who do not plan to stay in their homes for an extended period. In this case, the parties should use the Buyer's Temporary Residential Lease form. 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. A deed in which the grantor fully warrants good, clear title to the premises. 2. The government's right to regulate land usage. Consideration. - Fax Therefore, Bernardo has a(n) ______ contract. Question 1-Contracts Practice Test for the Real Estate License Exam. 2. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. requires proof that the act or omission was a significant factor in bringing about injury. - Setback: The amount of space required between the lot line and the building line. 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 If one or both of the parties are represented by an attorney, the attorney's contact information is generally included in the contract. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Agent Jay has received an offer on his client's property, but they are still considering it. Leases and "right of first refusal" - page 19 Leasee has the right to match or outbid 3. Civil Law Law of Contracts - CHAMPIONS TEST 4.4 (8 reviews) Term 1 / 261 The TREC residential contract forms are: Click the card to flip Definition 1 / 261 Drafted by the Broker Lawyer Committee Click the card to flip Flashcards Learn Test Match Created by Janet_Brode5 Teacher Janet Brode Terms in this set (261) Real property conveyed by will is called a ________. Bill is determined to complete the purchase and acquire the property. 2. have legitimate gov't. 3. vote in legislature. Examples include fires, earthquakes, acts of war, or hurricanes. What can Gary do to look out for his client's best interest? - Percentage Lease. Owners within a cooperative do not own a specific unit. Real and Personal Property transfer documents at closing. Bill is the buyer purchasing a property from Sally. Occurs when an individual dies, leaving no valid will. Covers more than one piece of property. 1. The sole proprietorship is the simplest business form under which one can operate a business. A valid contract must be based upon the consent of the parties. 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. 3. Real property conveyed by will is called a ________. Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. - Hand Delivery, 1. Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies. 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. the use or employment by any person of an act or practice in violation of the Texas Insurance Code. In the retail environment, this lease obligates the tenant to pay a base rent and a percentage of the gross sales. An offer may be withdrawn at any time prior to its acceptance by the offeree. Does the firm earn positive or negative profits? He gets a $150,000 offer on a property that is listed for $199,500. Is deposited in an escrow account when the contract is signed by all parties, and acceptance is communicated. - Net Lease Wrongful or criminal deception intended to result in financial or personal gain is called: The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: __________ extend above the surface without limitation. In a participation loan, two or more lenders own a share, allowing lenders to share or distribute the risk. The seller told Elmer that he wanted to stay in the property for at least a week after closing. C)permitted only if the parties have consulted an attorney. Property management, listing agreement, lease agreement - all of the above. The ________ ensures that all consumers are given an equal chance to obtain credit. In Texas, real estate contracts are subject to satisfactory inspections. 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. A ________ is the borrower's unconditional promise to repay the lender. These forms help to expedite the real estate transaction. The borrower can NEVER be forced to sell the home. When a party to a contract fails to perform under the contract, also known as breach of contract. A deed that carries no guarantees or warranties. ENGINEERING,ECONOMICS,NURSING . A seller choosing to receive a buyer's earnest money after the buyer defaults on a contract is an example of: The most common form of financing used by buyers is: The Special Provisions paragraph of the contract allows license holders to insert: Factual business details, Statements not addressed in the contract, Information for which there is no TREC-promulgated addendum, lease or mandatory form. -TREC does not have promulgated forms for this. A/An _____ can be money or another thing of value in exchange for performance by the other party. 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. Any change, no matter how trivial, turns the offer into a counteroffer. Common forms: An individual who receives property through intestate succession. Any man-made additions to the land that are permanent. The qualification process is the same as for any other FHA, VA, or conventional loan. - Inspection, As a transaction progresses, amendments to the original contract may be needed. - Changes to the sales price, down payment and/or amount financed. The transfer of some or all of the tenant's rights and/or leased space to another with liability remaining with the leasee. How much will be owed at closing for taxes? All of the following are examples of nonmaterial culture B. belief in God. If property violates zoning, the owners must request a __________, which is permission to violate the rules. A deed used to convey title to property sold by the government for nonpayment of taxes. Contracts must convey an interest in real estate or leases for a term of more than 1 year - must be in writing. 4. 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. Bilateral Contract C. Broker Lawyer Committee D. Statue of Frauds E. Option 2. It is also used to grant an easement. 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. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. - National Labor Relat Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. Similarly, the bar exam tests general principles rather than . Consummation of a contractual real estate transaction in which all appropriate documents are signed and the proceeds of the loan are disbursed by the lender. What are the implied one-year forward rates? Comes from the theory of supply and demand. The unique aspect of joint tenancy is the right of survivorship of the tenants. The man . Mutual consent is often referred to as mutual consent or a "meeting of the minds." a. What should Barbara do to make sure she is fulfilling her fiduciary responsibilities to Lin? - Death of buyer will likely discharge the contract. What is true in this situation? Screen Shot 2022-03-29 at 5.08.40 PM.png - Buffer Zone: An area of land separating one land use from another, such as residential from commercial. FHA loans include two mortgage insurance premiums that must be paid by the borrower. 3. If the contract is not in writing, it would be valid, but not enforceable. 2. b. encumbrances.c. A license holder must not prepare which documents? A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. He gets a $150,000 offer on a property that is listed for $199,500. What does a real estate agent do with multiple offers on a property? Jake never delivered the disclosure as promised. 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. Easement acquired by the government under the right of Eminent Domain- for use by the government, utilities or railroads. The loan becomes due upon the sale of the property or the death of the owner. - Destruction of property unless done so by the seller. It is also called an impound, trust, or reserve account. All oral negotiations are voluntary and do not become binding until committed in writing. 2. 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. Broker Bernardo has a signed sales contract that has not yet gone to the closing table. Gender Preference The initiative, established in early 2021, targeted . Armida owns an apartment house that she rents to tenants. -must be unconditional bank, property, notify. Lin can terminate the contract, but she will forfeit her earnest money - This is not true. Because this is a refund of the buyer's earnest money, this cannot be considered liquidated damages. The five essential elements of a valid and enforceable contract are, Consideration, Offer and Acceptance, Legal purpose, In writing and __________. b. 3. Refers to the fact that value is affected by man-made changes to the land. 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. 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, a rejection, a new offer, able to be withdrawn prior to acceptance. -Ex: When ordering a meal in a restaurant, a contract is created. 2. A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. ________ law is a body of law based on "common sense" and local custom. A(n) ________ mortgage covers more than one piece of property. License holders should pay special attention to the following problem areas in advertising: In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. The ECOA covers all creditors who regularly extend credit and impacts professionals, such as mortgage originators who are involved in granting credit and prohibits discrimination. A transfer of ownership made for love and affection. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. A seller of coastal property abutting tidally influenced water must provide the ________.
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