The seller told Elmer that he wanted to stay in the property for at least a week after closing. 18, Sane, and Sober - at the execution of the contract. If the contract is not in writing, it would be valid, but not enforceable. Who will inherit her estate? Gene made a will naming his oldest daughter as executor. FHA loans include two mortgage insurance premiums that must be paid by the borrower. CONTRACTS CON124 - Fall 2017 Register Now exam-missed (2).pdf . An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. Full-Time. Fixity A claim, lien, charge, or liability attached to and binding real property is an encumbrance. In Texas, financing information is not a separate addendum. Broker Bernardo has a signed sales contract that has not yet gone to the closing table. 2. have legitimate gov't. 3. vote in legislature. An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land. A federal requirement for residential property built prior to 1978. - Impossibility of performance. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. Bryan's client shows up to his closing after drinking three beers at a baseball game. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. - The operation of law. Texas Law of Contracts, Second Edition d. they are created by a deed and a lease. Common Examples include: What is the standard for determining whether a restriction on a religious practice is constitutional under the First Amendment? A license holder must not prepare which documents? This space is where terms can be addressed that are not covered in standard contracts or addenda forms. Things of a temporary or movable nature are not part of the real property. The team decides to collect data on individuals who purchased a treadmill at a CardioGood Fitness retail store during the prior three months. - Removal or waiver of contingencies, An attachment to a contract that adds or further describes the rights and duties of the parties. A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. Contracts Practice Exam Instructions: Read the following fact pattern, and answer the question. Those who live in the cooperative buy shares in the co-op and receive a proprietary lease to their unit. Lin can terminate the contract, but she will forfeit her earnest money - This is not true. The rates are not published on these loans. This type of mortgage is considered the most expensive home equity loan because the debt continues to accrue or grow with interest, and heirs will inherit the property with a lien on it. - A change in the law that makes performance illegal. A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? A more broad term that foes beyond the physical real estate and includes rights that a person has in the land. __________ extend above the surface without limitation. Which of the following statements is true? A/An _____ can be money or another thing of value in exchange for performance by the other party. The transfer of some or all of the tenant's rights and/or leased space to another with liability remaining with the leasee. (Hint: Compute the current and expected future prices.) **Champions-Law of Contracts Course Exam** No, Principles of Real Estate 1- Champions School, Law of Contracts Practice Exam Champions 2018, Sectionalism to civil war and reconstruction, Texas Promulgated Contracts-CHAMPIONS STUDY, Champions Law of Contracts September 2018 Tes, Operations Management: Sustainability and Supply Chain Management, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. Exam CSLB Law & Business Practice . The offer is not yet a contract because agent Jay's clients have not accepted it. 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. - Prescription Details Select delivery location Only 1 left in stock - order soon. Because this is a refund of the buyer's earnest money, this cannot be considered liquidated damages. - The lender (Mortgagee) Which kind of rights extend above the surface of property without limitation? 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 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.". A license holder has a duty to communicate or submit offers to his or her client. The injured party files a court action seeking an order of the court directing the defaulting party to perform according to the terms of the contract. Possession - Possession of the property must be shared equally. We are seeking an Administrative Manager. Handicapped. 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. The loan becomes due upon the sale of the property or the death of the owner. - Title Texas Law of Contracts - 3rd edition ISBN13: 9781475446715 ISBN10: 1475446713 by Kaplan Cover type: Paperback Edition: 3RD 18 Copyright: 2018 Publisher: Dearborn Financial Pub. (Must have a plat map to find the property). Defined as something given in exchange for a promisie. A person under the age of 18 cannot enter into a contract. (behavior). Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. - E-mail on one- and two-year zero-coupon bonds) be next year? Much od what was once embodied in common law is now codified in statutes passed at the sate and federal level, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Minimum of 1 year of experience practicing immigration law, which should include representation of clients in humanitarian immigration claims such as asylum, Special Immigrant Juvenile Status, U . Administered by TREC to protect aggrieved individual who suffer a monetary loss due to illegal acts of license holders. Law of Contracts - CHAMPIONS TEST 5.0 (1 review) Term 1 / 124 The TREC residential contract forms are: Click the card to flip Definition 1 / 124 Drafted by the Broker Lawyer Committee Click the card to flip Flashcards Learn Test Match Created by alexiswolfe1 Terms in this set (124) The TREC residential contract forms are: 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 After a mechanical inspection, Gary agrees to buy the truck at $20,000. Exam (elaborations) - Law of contracts exam 2. Armida owns an apartment house that she rents to tenants. In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. At least one general partner is required in a limited partnership. License holders should pay special attention to the following problem areas in advertising: What should Barbara do to make sure she is fulfilling her fiduciary responsibilities to Lin? 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. In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. An addition or amendment to an existing will. A missing link or break in the chain of title. An easement created to benefit adjacent land. Originally passed in 1974, ensures that all consumers are given an equal chance to obtain credit. 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) If a deed does not make the type of joint ownership clear, Texas courts will always assume that the owners are tenants in common. Agent Jay has received an offer on his client's property, but they are still considering it. Annual crops that are considered personal property ever though they are attached to the land. A meeting of the minds between the parties to a transaction. Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? A life estate is a ownership for the duration of someone's life. Nonhomogeneity, 1. The destruction of property. 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" These changes cna be on the land itself of off-site. A contract created by offer and acceptance. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. - $12.45 Add to Cart. return over the next year? What is true in this situation? An agreement between two or more parties to do something or to refrain from doing something. \text{1}&10\% \\ \hline A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. Real property conveyed by will is called a ________. Upon the death of one spouse, the survivor becomes the owner of the property. Familial status (cannot discriminate on marital status or with children). When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. Bill is determined to complete the purchase and acquire the property. Mental disability. Generally a borrower must pay PMI if their equity is less than 20% of the home's value. Related to financing contingencies due to maximum loan amount being a percentage of the lesser of the sale price or appraised value. When listing and selling cooperatives, a real estate license is often not required because the sale of a cooperative is the sale of stock rather than real property, - Gross Lease Its unique fea- tures include a bright blue backlit LCD console, quick speed and incline keys, a wireless heart rate monitor with a telemetric chest strap, remote speed and incline controls, and an anatomical figure that specifies which muscles are minimally and maxi mally activated. The body of laws and regulations enacted by federal and state legislatures. A seller, in exchange for some form of consideration ($), 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. a. Texas Real Estate Commission In this circumstance, Gene is referred to as the _______. 9. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. C = Consideration. The ability to use extracted resources such as stone, gravel, and limestone. - Downzoning: Changing the zoning of a property to lower a value. In all states, license holders are barred from the unlawful practice of law. Do nothing __________ is not a requirement of a valid contract. Liquidated damages are damages that are established in the contract. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. An option is an agreement between a buyer and seller or landlord and tenant. 2. 1. we have the ability to change them. 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. A seller is going to continue to occupy a property for two days after closing. Gary can make sure that all offers know that this is a multiple offer situation, so they can all make their highest and best offer. How much will be owed at closing for taxes? A claim, lien, charge, or liability attached to and binding real property is a(n) ________. - Lead-based paint An active sales agent license may only be issued under what conditions? 1 pages. 3. -TREC does not have promulgated forms for this. A claim, lien, charge, or liability attached to and binding real property. The premium is 1.35% of the base loan amount. Covers more than one piece of property. The right of the government to regulate and control the way land is used. Deed given by court order in connection with sale of property to satisfy a judgment or foreclosure. b. Its products include treadmills, fitness bikes, elliptical machines, and e-glides. All of the following are examples of nonmaterial culture 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. -TREC does not have promulgated forms for this. No. An offer can be terminated prior to acceptance by the offeree due to: 2. The grantor does not even claim to own the property. Gives one possession and use of a property without ownership. Her childrenstandard succession laws apply. All exams for Real Estate QE/SAE and Inspections are closed book/closed notes. 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. - Seller Financing Top Texas Laws Of Contracts Flashcards Ranked by Quality Texas Law of Contracts Texas Law of Contracts Flashcard Maker: Carie Dallmann 1,398 Cards - 16 Decks - 222 Learners Sample Decks: Chapter 1, Chapter 2, Chapter 3 Show Class Paralegal Course Paralegal Course Flashcard Maker: Martha Bonin 1,501 Cards - 29 Decks - 92 Learners CardioGood Fitness sells three different lines of tread- mills. Exam (elaborations) - Law of contracts exam 2. The wraparound is seller financing, in which a new loan takes a secondary lien position, and the original mortgage is not repaid. Bill is the buyer purchasing a property from Sally. c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of breach of an express or implied warranty. The seller's primary duty is to show up at closing and sign a deed conveying ownership to the buyer. Belongs to a person or corporation and does not belong to the land. A person appointed by a testator to carry out the terms of the will. Means - "to make known by open declaration; publish." A lease in which, in addition to rent, the tenant pays expenses such as taxes, insurance, and maintenance. 1. deed restriction. Buyers' and sellers' marital status is not required in the contract. A "Section 502 Loan" is insured by the ________. If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. 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. The team identifies the following customer variables to study: product purchased TM195, TM498, or TM798; gender; age, in years; education, in years; relationship status, single or partnered; annual household income ($); mean number of times the customer plans to use the treadmill each week; mean number of miles the customer expects to walk/run each week; and self-rated fitness on a 1-to-5 scale, where 1 is poor shape and 5 is excellent shape. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. 4. Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. Property management, listing agreement, lease agreement - all of the above. The Election Transparency Initiative is a project, in part, of Susan B. Anthony Pro-Life America, which works to elect anti-abortion lawmakers. -must be unconditional 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. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? Gary. A contract in which only one party is obligated to perform is a________ contract. Gives the tenant occupancy in the present time and the right to purchase at a future date. The five essential elements of a valid and enforceable contract are, Consideration, Offer and Acceptance, Legal purpose, In writing and __________. 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: National Mortgage Bankers Association Offer and Acceptance (Mutual Agreement) Only a ________ may earn a commission, and only a ________ may sue to collect a commission. It is also used to grant an easement. Gerald and Finn are selling their classic 1959 mid century modern home. Because these interests are undivided, all co-owners share the right of possession of the property. If the loan factor is $4.49 and the loan amount is $357,500, taxes are $7300/year and the insurance is $3103 per year, what is the monthly PITI payment? Texas Veteran's Housing Assistance Program loans can be: The least common form of mortgage financing is. Do not go over the time limit. C)permitted only if the parties have consulted an attorney. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. A deed that carries no guarantees or warranties. 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. Insurance policy against losses resulting from defects in title. Contract B. A deed in which the grantor fully warrants good, clear title to the premises. The term __________ is synonymous with contingent. Special Provisions(What can and Agent Write?). Which kind of rights extend above the surface of property without limitation? A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. "We need to have more examination of what this means. 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 law prevents the forced sale of the homestead for payment of all debts, with five exceptions: