Many hard money loans are made by private investors, generally in their local areas. In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. Champions School of Real Estate Provider #4530 3. Do nothing Familial Status, Hearing Refers to the fact that no two parcels of land are the same. Belongs to a person or corporation and does not belong to the land. Senior Data Analyst. National Mortgage Bankers Association A "Section 502 Loan" is insured by the ________. May take place when a seller is unable to sell his or her property at or above what the seller owes the lender. 2.Immobility (can't move) Capacity is measure of the borrower's ability to repay the debt and is demonstrated through current earnings and job stability. 4. D)not permitted under Texas law. These rights are often referred to as the "bundle of rights.". - Title A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. 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 Bill is determined to complete the purchase and acquire the property. - Setback: The amount of space required between the lot line and the building line. Details Select delivery location Only 1 left in stock - order soon. The selling price is $2,500. 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. Lynne purchased a lake front lot in order to build her dream home. In Writing (when required by law) 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. Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. Administered by TREC to protect aggrieved individual who suffer a monetary loss due to illegal acts of license holders. A contract requiring both parties to perform certain duties. - Buffer Zone: An area of land separating one land use from another, such as residential from commercial. In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. CardioGood Fitness is a developer of high-quality cardiovascu- lar exercise equipment. Lead is found in paint and pipes and soil. Because these interests are undivided, all co-owners share the right of possession of the property. Maturity(years)123YTM10%1112. A lead paint form must be filled out and provided when selling a home before what year? Created by the Legislature in 1949 to carry out the provisions of TRELA. 2. have legitimate gov't. 3. vote in legislature. A deed executed by a court-appointed guardian to convey title to property owned by a minor, insane person, or the aged. 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. If a deed does not make the type of joint ownership clear, Texas courts will always assume that the owners are tenants in common. The contract is a unilateral contract because only one party is obligated to perform. An examination by ProPublica of Thomas More's 2020 election-law initiative shows it helped fuel skepticism over President Joe Biden's victory and the fairness of elections in numerous states. A mortgage is an actual transfer of ownership from the borrower to the lender. FHA loans include two mortgage insurance premiums that must be paid by the borrower. - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? 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. When a sole individual or entity acquire real estate the owner is set apart from all others. This overview will let you know what to expect from the Promulgated Contract Forms course specifically. A contract for an illegal purpose is void, and the law treats the contract as if it were never created. The buyer's acceptance of an earnest money refund terminates the contract, releasing both parties from any further obligation under the contract. A ________ is the borrower's unconditional promise to repay the lender. Liquidated damages are damages that are established in the contract. What can Gary do to look out for his client's best interest? All drilling of oil and gas in the state and regulates all drilling activity in the state. An offer can be terminated prior to acceptance by the offeree due to: 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. - Death of buyer will likely discharge the contract. The grantor implies ownership or the right to transfer title but does not provide a warranty of title. A certificate showing the Myra took an online class about visual roof inspections. - A change in the law that makes performance illegal. - Property owners association information. Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. Familial status (cannot discriminate on marital status or with children). SevenBlueSeven Oct 30, 2020 @ 9:06pm. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . 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) The most common type of financing is obtained from a third party. **Champions-Law of Contracts Course Exam** No, Law of Contracts Practice Exam Champions 2018, Champion School of Real Estate-Law of Contrac, Physical and Human Geography of Colonial Regi, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. Immobility After a mechanical inspection, Gary agrees to buy the truck at $20,000. The ________ ensures that all consumers are given an equal chance to obtain credit. A method of financing that preserves the low, existing interest rate on the original note. - The borrower (mortgagor) and The Sources of Contract Law Traditionally, Contracts was a common law course. Her childrenstandard succession laws apply. An easement created to benefit adjacent land. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders 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 . These contracts are said to be unilateral because only one party is obligated to perform and is said to lack mutuality. Paragraph 11 - legal vs illegal entries - page 135 5. 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. \text{3}& 12 \\ \hline This type of deed is most often used to clear up a cloud on the title. A novation may occur when a contract that has been marked up with many changes is replaced with a clean copy. He gets a $150,000 offer on a property that is listed for $199,500. An offer may be withdrawn at any time prior to its acceptance by the offeree. A seller is going to continue to occupy a property for two days after closing. Which of the following is a physical characteristic of land? Property management, listing agreement, lease agreement - all of the above. At Advisor Group, we support more than 11,000 financial professionals, the people who help everyday Americans achieve their dreams. The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. a. Enough for one more free-play run during an event for your chosen champion. b. To participate in the program, the veteran obtains an FHA, VA, or conventional loan from a participating lender. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. Stitus, Refers to the fact that land cannot be destroyed. 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. d. Barring special circumstances, an increase in price will always lead to an increase in quantity. Types: A license holder has a duty to communicate or submit offers to his or her client. C = Competent Employment agreement for the selling broker. Show competency by passing the licensing exam. Dower is the interest a wife has in the property of her husband. Any man-made addition to land that is permanent, and is considered to become part of the land is known as a(n) __________. The ability to use extracted resources such as stone, gravel, and limestone. - Fax In a participation loan, two or more lenders own a share, allowing lenders to share or distribute the risk. In Texas, financing information is not a separate addendum. Contains covenants in which the grantor formally guarantees that good and marketable title is being conveyed. any unconscionable action or course of action by any person. In Texas, real estate contracts are subject to satisfactory inspections. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? Gerald and Finn are selling their classic 1959 mid century modern home. Contracts is another law school classic, so to succeed in law school and ace your exams, you'll need to get past this class. Sellers can _______________, the oil, gas, and minerals associated with their property. In order to comply with the Statue of Frauds, contracts must be what? A lease in which, in addition to rent, the tenant pays expenses such as taxes, insurance, and maintenance. A contract used in real estate that combines some of the elements of a sale with a lease. Question 1-Contracts Practice Test for the Real Estate License Exam. Fred is a truck owner. A __________ is a pledge of real estate as security for the repayment of a debt. When a party is considering consulting an attorney for advice in a transaction an agent should: Created by the Legislature in the 1970s to collect and compile data about real estate in Texas. A. deed restriction. 1939 b. At closing, prorations for property taxes and property owner association fees will be calculated. An oral or deathbed will. Bryan's client shows up to his closing after drinking three beers at a baseball game. Use of Racial and Ethnic Terms 3. 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. 1. Take the course exam. A(n) __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. Jake never delivered the disclosure as promised. What form must they complete when they list their property? Consideration. d. encroachments. This would be an award of monetary damages by the court. Full-Time. RESPA prohibits ________, which is considered an abusive practice. Which of the following is NOT considered a common addenda form? 18, Sane, and Sober - at the execution of the contract. The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. Good practice in advertising is to ensure that the advertisement describes the property as opposed to describing the occupant or owner. Paralegal & Law Clerk; Property Law; Manufacturing, Transport & Logistics. 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. - Removal or waiver of contingencies, An attachment to a contract that adds or further describes the rights and duties of the parties. The communication or submission of an offer should be done promptly because the license holder's duty is to keep the principal or client informed at all times of material information. Another possible financing scenario would be the assumption of the seller's existing mortgage. ________ is the right of the government to regulate and control the way land is used. Contracts in which both parties are obligated to perform. Any change, no matter how trivial, turns the offer into a counteroffer. When an individual owns real property, he or she is said to have a (n) __________ in that property. When a party to a contract fails to perform under the contract, also known as breach of contract. - Reservation Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. A lease in which the landlord pays taxes, insurance, utilities, and maintenance. The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. A claim, lien, charge, or liability attached to and binding real property is an encumbrance. Non-payment of property owner association fees or dues Law of Contracts Real Estate Finance Promulgated Contract Forms Each course takes 30 classroom hours to complete. lender, home, alert. 2. An option is an agreement between a buyer and seller or landlord and tenant. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. 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" - Repairs that the seller agrees to perform. If a lender collects principal and interest and shares in the profits when the property is sold, then it is called a shared appreciation mortgage. Occurs when an individual dies, leaving no valid will. Gives a potential buyer or tenant the right to purchase or lease a property. They are considered personal property. 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. a. 3. ________ law is a body of law based on "common sense" and local custom. 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. what makes law voluntarily enforceable? Have risk-based pricing. \text{1}&10\% \\ \hline As a first step, the market research team at AdRight is assigned the task of identifying the profile of the typical cus- tomer for each treadmill product offered by CardioGood Fitness. Involves ownership of real estate by two or more entities. 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. ________ law is a body of law based on "common sense" and local custom. Any property, whether real or personal, that is capable of being inherited. Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. Means that the accepting party does so with no change to the contract whatsoever. Possession - Possession of the property must be shared equally. Is deposited in an escrow account when the contract is signed by all parties, and acceptance is communicated. The team decides to use both business transactional data and the results of a personal profile survey that every purchaser completes as their sources of data. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. 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. It simply refers to a person who owns the business and is personally responsible for its debts. 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. Means - "to make known by open declaration; publish." Allows a tenant to buy the property at a preset price and terms for a given period. 4. Refers to the fact that value is affected by man-made changes to the land. Identifying In which three ways might government spending impact the economy? A(n) __________ is an entity created for the benefit of another. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? - Texas is a community property state. Check that you have the correct examination in front of you. If a lawsuit is filed, all of the following defenses could potentially help Myra EXCEPT what? Exam (elaborations) - Law of contracts questions and answers 3. The determination of mutual consent is usually a question of fact and is completed by this process. Occurs when a new contract is substituted for an existing one. Its products include treadmills, fitness bikes, elliptical machines, and e-glides. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. Exam (elaborations) - Law of contracts exam 2. The sole proprietorship is not a legal entity. This how you know that you are buying the best documents. All FHA and VA loans are assumable. Similarly, the bar exam tests general principles rather than . The grantor does not even claim to own the property. Details Or fastest delivery August 1 - 3. These trees are examples of what? 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. Include the rights to oil, gas, and other minerals and are commonly conveyed through a lease, mineral deed, or by reservation. Related to financing contingencies due to maximum loan amount being a percentage of the lesser of the sale price or appraised value. A less popular type of ownership by more than one is joint tenancy. Exam CSLB Law & Business Practice . Modification College Physics Raymond A. Serway, Chris Vuille. 1. 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. 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. 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. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . She went to the US without appointing any administrator on the apartment . 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. - Changes to the sales price, down payment and/or amount financed. He gives a report of a verbal examination of Aymar which is interesting. You must answer as follows: Section A : Answer 2 out of 3 Questions Section B: Answer 3 out of 5 Questions 3. 3. One of the four essential elements of a contract. A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. Nonhomogeneity, 1. The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. According to Carlill v. Carbonic, an offer can come in the form of a letter . A U.S. government agency that helps protect consumers by regulating financial products and services, like 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. The government's right to regulate land usage. Any man-made additions to the land that are permanent. Seller's temporary residential lease - for use when the seller occupies the property for no more than 90 days after closing. A body of law developed in England and based upon "common sense" and local custom. For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. - Taxation O = Offer and acceptance (mutual agreement) A body of law developed in England and based upon "common sense" and local custom. They each own a third of the estate. Which of the following is a requirement of a Texas real estate sales agent license? Gene made a will naming his oldest daughter as executor. A contract wherein both sides must perform. What is true in this situation? 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. It is also called an impound, trust, or reserve account. Interest - They must hold equal shares. Employment agreement for the listing broker. 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 grantor states, "Whatever interest I have, if any, I do hereby grant and convey." It is generally used to accomplish the transfer, which would normally accompany the deed. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Lin can terminate the contract, but she will forfeit her earnest money - This is not true. b. encumbrances.c. - The lender (Mortgagee) 1. No. Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. Competent Parties \textbf{Maturity (years)} &\textbf{YTM} \\ \hline Owners within a cooperative do not own a specific unit. 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. __________ extend above the surface without limitation. Mental disability. The grantor may add warranties to the deed at his or her discretion, The combination of two or more properties into one. Chapter 6 - Law of Agency and Real estate.docx. 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. $60. The most common example of this is a utility easement. What is done when a seller receives multiple offers? Non-payment of property taxes 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 . A buffer zone is an area of land separating one land use from another, such as residential from commercial. A corporation owns the entire cooperative complex. A(n) ________ is a business venture that is owned by one individual. The seller's primary duty is to show up at closing and sign a deed conveying ownership to the buyer. - Tax Liens The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. When a party to a contract fails to perform under the contract, also known as breach of contract. The limited partner has no involvement in the day-to-day operation of the business. ENGINEERING,ECONOMICS,NURSING . Essential Environment: The Science Behind the Stories Jay H. Withgott, Matthew Laposata. In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. #1. The buyer's primary duty is to show up at closing and pay the agreed consideration (sales price). Buyers' and sellers' marital status is not required in the contract. A lease that renews itself automatically for like periods. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. Annual crops that are considered personal property ever though they are attached to the land. A __________ is an employment agreement between the seller and the broker. Was designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators, and the establishment of a nationwide mortgage licensing system and registry for the residential mortgage industry. a term applied to a contract that one or both parties have the ability to either withdraw from or enforce. - The operation of law. Common Examples include: **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. A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. Another form of participation loan allows the lenders to share in the profitability of the property, in addition to collecting principal and interest on the loan. Examples include fires, earthquakes, acts of war, or hurricanes. 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. The seller told Elmer that he wanted to stay in the property for at least a week after closing. Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. The restaurant agrees to deliver the meal, and the customer implicitly agrees to pay for it. Bill is the buyer purchasing a property from Sally. - Building Codes: All residential structures must conform to code, whether they are site-built homes or modular homes. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. Knowing the seller's "bottom line," what should Joe do with the offer? When two or more parties join together to create and operate a real estate investment. Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? Involves ownership of real estate by one individual or entity. Contract B. An agreement between a buyer and seller or landlord and tenant. One who receives property through a will. 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 deed that carries no guarantees or warranties. A(n) ________ mortgage covers more than one piece of property. Broker Bernardo has a signed sales contract that has not yet gone to the closing table. keep order, influence conduct, promote equality, honor expectations, and offer compromises. A(n) __________ is one that combines some of the elements of a sale with a lease. In such cases, an oral lease for one year or lease is valid and enforceable. (Must have a plat map to find the property). Contracts Practice Exam Instructions: Read the following fact pattern, and answer the question. 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.". Special Provisions(What can and Agent Write?). -must be legally communicated to the offeror( in writing). - All parties have performed 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. You an make an offer by: phone, fax, email, letter, hand delivery. Regardless of representation, all buyers should be provided with a(n) ___________________ disclosure of representation af first contract. CSLB Law & Business Practice Test 2024 SOLUTION A+ RATED Bonds can be purchased from bonding companies for ___% of the original contract price.
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