All contingencies have been met and the parties are ready to close. CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION (. Real and Personal Property transfer documents at closing. A-Z Construction Company was organized on May 1 of the current year. A novation may occur when a contract that has been marked up with many changes is replaced with a clean copy. 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. An agreement between two or more parties to do something or to refrain from doing something. Default remedies and their results - page 137 4. Terms that are not covered in the standard contract forms or addenda. 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. ________ law is a body of law based on "common sense" and local custom. deed restriction. A missing link or break in the chain of title. Conventional loans are generally not assumable. A history or list of all recorded owners back to the sovereignty of the soil. Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. 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. What additional amendments, contingencies, or addenda may be used if Lin and the seller decide to proceed with the sale at the lower sales price? One sole owner. 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. A lease with a definite beginning date and definite ending date. 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. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. The Sources of Contract Law Traditionally, Contracts was a common law course. Fred is a truck owner. Leases and "right of first refusal" - page 19 Leasee has the right to match or outbid 3. -TREC does not have promulgated forms for this. The premium is 1.35% of the base loan amount. Check that you have the correct examination in front of you. The seller told Elmer that he wanted to stay in the property for at least a week after closing. 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. 5. 1. The market research team decides to investigate whether there are differences across the product lines with respect to customer characteristics. Also, a contract is valid if all parties are of age, sane, and sober (at the time of executing the contract). A business in which two or more persons combine their assets and skills. return over the next year? A claim, lien, charge, or liability attached to and binding real property. Modification After a mechanical inspection, Gary agrees to buy the truck at $20,000. - Changes to the sales price, down payment and/or amount financed. Law of Contracts Practice Exam Champions 2018 Flashcards | Quizlet Law of Contracts Practice Exam Champions 2018 4.5 (32 reviews) Term 1 / 83 In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. Deed given by court order in connection with sale of property to satisfy a judgment or foreclosure. Prepare a retained earnings statement for the year assuming net income is $10,400. __________ is the process by which a lender exercises its power of sale under a mortgage that is in default. In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. - Mineral Reservations The lender transfers title back to the borrower when the loan is repaid. 1-4 family residential properties with federally related financing. Competent Parties - Bid Bond This guarantees a contractor will . A ________ is the borrower's unconditional promise to repay the lender. CONTRACTS CON124 - Fall 2017 Register Now exam-missed (2).pdf . Knowing the seller's "bottom line," what should Joe do with the offer? 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 . Real Estate Exam: Law of Contracts 4.7 (15 reviews) Term 1 / 60 This requires a contract for the conveyance of real estate to be in writing to be enforceable Click the card to flip Definition 1 / 60 Statute of Frauds Click the card to flip Flashcards Learn Test Match Created by jcburks5 Terms in this set (60) The ability to use extracted resources such as stone, gravel, and limestone. A person under the age of 18 cannot enter into a contract. Gives the tenant occupancy in the present time and the right to purchase at a future date. Stitus, Refers to the fact that land cannot be destroyed. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. __________ extend above the surface without limitation. C)permitted only if the parties have consulted an attorney. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders Reject These trees are examples of what? 4. Jake never delivered the disclosure as promised. Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. 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. - Zoning: d. encroachments. - Taxation A buffer zone is an area of land separating one land use from another, such as residential from commercial. 2. A license holder must not prepare which documents? O = Offer and acceptance (mutual agreement) B. belief in God. - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? Non-payment of property taxes Law of Contracts - Champions School of Real E, Champion School of Real Estate-Law of Contrac, Law of Contracts Practice Exam Champions 2018, **Champions-Law of Contracts Course Exam** No, Texas "Principles 1" (study & HW) Champions S, Principles of Real Estate 1- Champions School, Organizational Communication-Final Exam (Hind, Fundamentals of Financial Management, Concise Edition. The most common form of financing used by buyers is: A(n) __________ is a provision in a contract that requires that a certain act or event happens in order for the contract to be binding on the party. what is law? A(n) __________ is an entity created for the benefit of another. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Posted: February 12, 2023. At Advisor Group, we support more than 11,000 financial professionals, the people who help everyday Americans achieve their dreams. Furnished condominiums in resort areas are often sold this way. 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. Real property conveyed by will is called a ________. 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. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. It is also used to grant an easement. The benefit of this type of loan is a lower interest rate. - Death of buyer will likely discharge the contract. A more broad term that foes beyond the physical real estate and includes rights that a person has in the land. An agreement between a buyer and seller or landlord and tenant. Time - Owners must acquire their interest at the same time. 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. (behavior). We recommend that you take this exam only after you have completed your study of unconscionable contracts. 3. Specific performance is the only remedy that would possibly result in the full execution (closing) of the transaction. 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. One who receives property through a will. __________ implements the Real Estate Settlement Procedures Act. She went to the US without appointing any administrator on the apartment . 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 . Joe should present the offer to the seller. A contract wherein both sides must perform. The corporate entity is comprised of three components: When a party to a contract fails to perform under the contract, also known as breach of contract. d. Barring special circumstances, an increase in price will always lead to an increase in quantity. A leasehold in which a tenant occupies real estate with the permission of the owner for and uncertain or unspecified length of time; this is a very loose agreement. - Eminent Domain 2. FHA loans include two mortgage insurance premiums that must be paid by the borrower. Transferred rule making authority for the SAFE Act to the CFPB, effective July 21, 2011. Contracts Course Information You Need To Know 02-05-2021 by: TREC Staff As of February 1, 2021 sales agents and brokers are required to complete at least three hours in contract-related coursework as part of the 18 hours of continuing education (CE) required to renew a license or activate a license. The annual premium is paid monthly and is added to the borrower's monthly payment. Buyer's temporary residential lease - for use with the buyer occupies the property for no more than 90 days prior to closing. Ongoing expenses such as property taxes and property owner association fees that are divided between the buyer and the seller at closing are called __________. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. 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" Bill is determined to complete the purchase and acquire the property. An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. CSLB CONTRACTOR'S LAW & BUSINESS EXAM 2024 SOLUTION TOP PRACTICED An employer remits State disability taxes withheld from an employee's wages to what agency? c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of Contracts created by our behavior. - Financing 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. An example of a void contract would be one to have somebody killed or to deliver illegal drugs. He/she must present all offers to the client. Built to emulate law school and MEE exams. Administered by TREC to protect aggrieved individual who suffer a monetary loss due to illegal acts of license holders. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. Requires proof that the act or omission was a significant factor in bringing about injury. A contract in which only one party is obligated to perform is a________ contract. Counteroffer. b. \text{1}&10\% \\ \hline 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 . Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. 3. All of the following are examples of nonmaterial culture 2.Immobility (can't move) - Fax They are considered personal property. A transfer of ownership made for love and affection. - Ex: On the other hand, if somebody came to your door and offered to mow your lawn for $30.00, your acceptance of the offer created an express contract. 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. If the borrower fails to repay the note, the mortgage allowed the lender to foreclose the property. The buyer's primary duty is to show up at closing and pay the agreed consideration (sales price). Religious Preference An offer can be terminated prior to acceptance by the offeree due to: 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. 9. - Lead-based paint Paragraph 11 - legal vs illegal entries - page 135 5. When an individual owns real property, he or she is said to have a (n) __________ in that property. The right of the government to take private land for public use. The position focuses on the following main business and personnel responsibilities: formulating and monitoring budgets, strategic planning, staff supervision, compliance with regulations and policies, hiring and onboarding, interactions with . A contract that must have competent parties, offer and acceptance, legal purpose, consideration, and be in writing. Non-payment of mechanic's and materialman's Ownership of real estate by two or more entities in undivided interests. The annual premium is based on the loan-to-value ratio (LTV), and is utilized for 30-year loans with an LTV greater than 95%. The property has sold and closing is July 30th. Gives one possession and use of a property without ownership. Back. Refers to the fact that land, and additions to the land, such as buildings, take long periods to pay for themselves. In this case, the parties should use the Buyer's Temporary Residential Lease form. Contract B. In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. I = In writing a. Broker Bernardo has a signed sales contract that has not yet gone to the closing table. -TREC does not have promulgated forms for this. The balance in Retained Earnings is the balance as of January 1. expectations are accurate, what will the pure yield curve (that is, the yields to maturity In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. The TM195 sells for $1,500. Cindy Franklin started a whole-life insurance policy for $250,000\$ 250,000$250,000 when she was 232323 years old. - Implied Grant The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. Phoenix, AZ. All contingencies have been met and the parties are ready to close. He gets a $150,000 offer on a property that is listed for $199,500. Contract B. A(n) __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. The general partner is most often the "promoter" who brought the limited partners into the venture. Which of the following statements is true? The marginal costs, average variable costs (AVC), and average total costs (ATC) for a firm are shown in Figure 13P-3. 1. ENGINEERING,ECONOMICS,NURSING . Civil Law Law of Contracts - CHAMPIONS TEST 4.4 (8 reviews) Term 1 / 261 The TREC residential contract forms are: Click the card to flip Definition 1 / 261 Drafted by the Broker Lawyer Committee Click the card to flip Flashcards Learn Test Match Created by Janet_Brode5 Teacher Janet Brode Terms in this set (261) These rods should be laid before the altar, and on the sacred relics, after which God was to be supplicated to indicate the culprit. Exam (elaborations) - Law of contracts questions and answers 3. 1. Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. Means - work, labor, or repair of goods. A contract formed in whole or in part from the conduct of the parties. a term applied to a contract that one or both parties have the ability to either withdraw from or enforce. Personal property that has become attached to the land in such a way as to become real property. When a party is considering consulting an attorney for advice in a transaction an agent should: Created by the Legislature in the 1970s to collect and compile data about real estate in Texas. It is as depend- able as other models offered by CardioGood Fitness, but with fewer programs and features. 1929 c. 1949 d. 1993 Click the card to flip Definition 1 / 83 c. 1949 Click the card to flip For this set of variables: Which variables in the survey are categorical ? Bill is the buyer purchasing a property from Sally. A seller, in exchange for some form of consideration ($), 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. (Use a 365-day year, round to the nearest dollar and the seller pays for closing day.). The law of contracts is state law, and the common law varies from state to state. The 61-year-old actor was joined by his wife, Laura Louie, 55 . The borrower can NEVER be forced to sell the home. In the case of foreclosure, this deed is used to correct an error in a previously executed deed. - The borrower (mortgagor) and Advertising in real estate should not have what in it? Refers to the fact that value is affected by man-made changes to the land. Barabar should keep Lin informed of her option as well as the approaching deadlines. Lead is found in paint and pipes and soil. - The lender (Mortgagee) Any man-made additions to the land that are permanent. Legal Purpose In Texas, financing information is now on a separate addendum. Paralegal & Law Clerk; Property Law; Manufacturing, Transport & Logistics. This is a (a) A suit for specific performance (b) Money damages (c) Liquidated damages (d) Mutual rescission Liquidated damages. A lease in which, in addition to rent, the tenant pays expenses such as taxes, insurance, and maintenance. Insurance policy against losses resulting from defects in title. RMLOs in Texas are licensed through: Jake never delivered the disclosure as promised. Exam (elaborations) - Law of contracts questions and answers 3. 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.". In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. Real property conveyed by will is called a ________. b. - Mechanics and Materialman's (M&M) liens. . This would be an award of monetary damages by the court. 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.
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