champions law of contracts exam
The borrower can NEVER be forced to sell the home. 2. ________ is the right of the government to regulate and control the way land is used. A contract for an illegal purpose is void, and the law treats the contract as if it were never created. What does an agent have to do with contracts? Are created by statute of law. The act of removing fixtures (by detaching them) from real property is called severance. Lynne purchased a lake front lot in order to build her dream home. $60. 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. The premium is 1.35% of the base loan amount. What does a real estate agent do with multiple offers on a property? The term __________ is synonymous with contingent. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. 9. All of the following are examples of nonmaterial culture CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION (. - Mechanics and Materialman's (M&M) liens. Use 202020-year level term rates to estimate the number of years of extended term insurance she has using a non-tobacco rate. The TM498 is suitable for individuals who are walk- ers at a transitional stage from walking to running or midlevel runners. C)permitted only if the parties have consulted an attorney. A seller of coastal property abutting tidally influenced water must provide the ________. 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. 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. -must be unequivocal (definite) A ________ is the borrower's unconditional promise to repay the lender. A(n) __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. 8. 2015 Kaplan, Inc. May be reproduced for educational uses only. Job Description. This type of contract is said to lack maturity. The right of the government to take private land for public use. Fixity A(n) __________ is one that combines some of the elements of a sale with a lease. 1 pages. Woody Harrelson made a rare red carpet appearance with his family at the premiere of his new movie, "Champions," in New York City. - Zoning: d. encroachments. 2. A contract in which only one party is obligated to perform is a________ contract. Comes from the theory of supply and demand. Show competency by passing the licensing exam. Upon the death of one spouse, the survivor becomes the owner of the property. CSLB. 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. __________ implements the Real Estate Settlement Procedures Act. B. belief in God. Texas Law of Contracts, Second Edition d. they are created by a deed and a lease. Arian most recently served as Special Advisor for Legislative Affairs at the . A(n) ________ mortgage covers more than one piece of property. This is a (a) A suit for specific performance (b) Money damages (c) Liquidated damages (d) Mutual rescission Liquidated damages. Mobility and visual impairments Agent Jay has received an offer on his client's property, but they are still considering it. The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. The right of the government to regulate and control the way land is used. A(n) ________ is a business venture that is owned by one individual. RESPA prohibits ________, which is considered an abusive practice. - Title A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the note. Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. - Condemnation. The key to determining whether a conveyance is voluntary is the ____________. RESPA prohibits ________, which is considered an abusive practice. Allows a tenant to buy the property at a preset price and terms for a given period. Responsibility of Agents when Receiving an Offer. The fourteenth law of the Frisons ordered that the discovery of murders should be made by means of divining rods used in Church. - Setback: The amount of space required between the lot line and the building line. Immobility For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. Any man-made additions to the land that are permanent. Any change, no matter how trivial, turns the offer into a counteroffer. - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. To participate in the program, the veteran obtains an FHA, VA, or conventional loan from a participating lender. Related to financing contingencies due to maximum loan amount being a percentage of the lesser of the sale price or appraised value. An individual who inherits property by intestate succession acquires title by descent and is known as this. The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender. Which of the following statements is true? 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 2. Recalculate and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios: Management (1) does not eliminate any department, (2) eliminates departments with expected net losses, and (3) eliminates departments with sales dollars that are less than avoidable expenses. The lender transfers title back to the borrower when the loan is repaid. 1. What type of ownership do the siblings have? A claim, lien, charge, or liability attached to and binding real property is a(n) ________. Exam (elaborations) - Law of contracts exam 2. Todd planted two live oaks and four magnolia trees on his 3-acre property. c. Texas Department of Savings and Mortgage Lending An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. A third possibility is seller financing, with the seller agreeing to accept a portion of the sales price in the form of a promissory note, which usually calls for the payment of monthly principal and interest. Consumer Financial Protection Bureau (CFPB). a. 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: The unique aspect of joint tenancy is the right of survivorship of the tenants. After a mechanical inspection, Gary agrees to buy the truck at $20,000. Occurs at closing when a all parties have performed the contract becomes "fully executed". Texas Law of Contracts: Doris Barrell: 9781427741332: Amazon.com: Books Buy new: $32.99 $4.59 delivery Thursday, August 4. Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. 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. In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. Foreclosure occurs when a ____ seizes and sells a borrower's ____ after the borrower has failed to ____ the lender. Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. Prepare a retained earnings statement for the year assuming net income is $10,400. 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. The process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss. An easement created to benefit adjacent land. All drilling of oil and gas in the state and regulates all drilling activity in the state. Because these interests are undivided, all co-owners share the right of possession of the property. The Texas Real Estate License Act- passed by legislation to protect the public. An agreement that gives a potential buyer the right for a specified period of time to purchase a property at predetermined price and terms. The transfer of some or all of the tenant's rights and/or leased space to another with liability remaining with the leasee. An active sales agent license may only be issued under what conditions? If a lawsuit is filed, all of the following defenses could potentially help Myra EXCEPT what? Chronic mental illness A(n) __________ is an area of land separating one land use from another. TREC does not have promulgated contract forms for the sale of co-ops and has no forms for any type of commercial transaction. Refers to the fact that no two parcels of land are the same. Back. Have risk-based pricing. - 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. Examples include fires, earthquakes, acts of war, or hurricanes. What can Gary do to look out for his client's best interest? Counteroffer. Gives one possession and use of a property without ownership. Refers to the fact that land cannot be moved. Paragraph 11 - legal vs illegal entries - page 135 5. Terms that are not covered in the standard contract forms or addenda. - Inspection, As a transaction progresses, amendments to the original contract may be needed. - Prescription Which of the following statements is true? Definition of Contract Law Noun The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties. The tax and insurance portion of the payment is held in a special account called an escrow account. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. 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. The determination of mutual consent is usually a question of fact and is completed by this process. - Net Lease For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. The 61-year-old actor was joined by his wife, Laura Louie, 55 . - Changes to the sales price, down payment and/or amount financed. The French term __________ means a life estate that is based on the life of another. A. - Eminent Domain \text{1}&10\% \\ \hline 2. Take the course exam. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. \textbf{Maturity (years)} &\textbf{YTM} \\ \hline - Hand Delivery, 1. 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. Also, a contract is valid if all parties are of age, sane, and sober (at the time of executing the contract). The qualification process is the same as for any other FHA, VA, or conventional loan. The general partner is most often the "promoter" who brought the limited partners into the venture. Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. b. 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. 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. ________ law is a body of law based on "common sense" and local custom. C. the commandment thou shalt not kill. Exam (elaborations) - Law of contracts questions and answers 3. Phoenix, AZ. The sole proprietorship is not a legal entity. Created by the Legislature in 1949 to carry out the provisions of TRELA. A less popular type of ownership by more than one is joint tenancy. 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 seller cannot intentionally destroy a property. a set of rules creating order and expectations. Biology Mary Ann Clark, Jung Choi, Matthew Douglas. In the retail environment, this lease obligates the tenant to pay a base rent and a percentage of the gross sales. An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. Paralegal & Law Clerk; Property Law; Manufacturing, Transport & Logistics. (2 years - disclosure). what is law? Exam CSLB Law & Business Practice . $85,000 to $90,000 Yearly. The AdRight Agency plans to identify particular market segments that are most likely to buy their clients' goods and services and then locate advertising outlets that will reach that market group. The paper has EIGHT questions. INSTRUCTIONS: After finishing the exams, please submit your test notebooks at the Dean's Office c/o Margie on or before May 24, 2022. 2. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders 4. He decides to sell 1 of his trucks for $20,000 since business is going down. A contract between buyer and seller where the buyer agrees to make regular payments to the seller. Contract B. The offer is not yet a contract because agent Jay's clients have not accepted it. 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. Which disclosure is provided to comply with federal requirements for properties built before 1978? Include the rights to oil, gas, and other minerals and are commonly conveyed through a lease, mineral deed, or by reservation. A "Section 502 Loan" is insured by the ________. 3. Mia) and horse, hedgehog, puppy full vet practice with x-ray machine, aqaurium, scales, operating table and doctor's examination tools (see images) also check out other LEGO items we are . A person who acquires title to property under a will. Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? Posted: February 12, 2023. When Myra told Kristina that the roofing contractor only uses "top-of-the-line material" and that the roof should last a very long time, she was most likely guilty of what? 2. 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. May take place when a seller is unable to sell his or her property at or above what the seller owes the lender. Thank you. He gets a $150,000 offer on a property that is listed for $199,500. A deed with no guarantees, warranties, or covenants. In such cases, an oral lease for one year or lease is valid and enforceable. \text{3}& 12 \\ \hline Established by TREC to write mandatory residential contract forms for license holders. An investigation of all the documents that have been recorded about a property. Types: Common forms: Personal property that has become attached to the land in such a way as to become real property. Damage or destruction of a property under contract prior to closing: May result in termination of the contract. Many hard money loans are made by private investors, generally in their local areas. At Advisor Group, we support more than 11,000 financial professionals, the people who help everyday Americans achieve their dreams. Gender preference The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. a mortgage whose rate of interest is adjusted periodically to reflect market conditions. Employment agreement for the listing broker. A venture that is owned by one individual. Oral or in written. These rods should be laid before the altar, and on the sacred relics, after which God was to be supplicated to indicate the culprit. Regardless of representation, all buyers should be provided with a(n) ___________________ disclosure of representation af first contract. 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? Involves ownership of real estate by two or more entities. 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. This space is where terms can be addressed that are not covered in standard contracts or addenda forms. - Property owners association information. - Judgements Consideration. In many states, lease agreements for one year or less are the exception to the Statute of Frauds. It is also used to grant an easement. AIDS and AIDS-Related Complex Barring special circumstances, an increase in price will always lead to a decrease in quantity. The sole proprietorship is the simplest business form under which one can operate a business. Defined as something given in exchange for a promisie. - Ex: A contract of sale between a buyer and seller because both parties have duties to perform. His other children are noted as heirs. Joe should present the offer to the seller. **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. The grantor implies ownership or the right to transfer title but does not provide a warranty of title. The contract must, therefore, reflect the intent and wishes of the parties. Indestructibility or durability (cannot be destroyed) The government's right to regulate land usage. A standard mortgage is a contract between two parties: 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. 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. D)not permitted under Texas law. Highest deed - 5 covenants. 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 Competent Parties A missing link or break in the chain of title. He gives a report of a verbal examination of Aymar which is interesting. Buyers' and sellers' marital status is not required in the contract. 1929 c. 1949 d. 1993 Click the card to flip Definition 1 / 83 c. 1949 Click the card to flip Handicapped. -Ex: , if a license holder receives an offer at 9 a.m. and presents it to the seller. CONTRACTS CON124 - Fall 2017 Register Now exam-missed (2).pdf . U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. - Repairs that the seller agrees to perform. Are beneficial to some borrowers, especially those who do not plan to stay in their homes for an extended period. - Flood Hazards Lin can terminate the contract, but she will forfeit her earnest money - This is not true. **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. 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. 3. - Impossibility of performance. A claim, lien, charge, or liability attached to and binding real property is an encumbrance. Interest - They must hold equal shares. 3. any unconscionable action or course of action by any person. If the loan factor is $5.53 on a $200,000 loan, taxes are $2400/year and insurance is $1800/year, what is the monthly PITI payment? 5. Property management, listing agreement, lease agreement - all of the above. Ongoing expenses such as property taxes and property owner association fees that are divided between the buyer and the seller at closing are called __________. Joe should present the offer to the seller. Any man-made additions to the land that are permanent. - Texas is a community property state. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . Therefore, Bernardo has a(n) ______ contract. When a party to a contract fails to perform under the contract, also known as breach of contract. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. __________ occurs when an individual dies, leaving no valid will. - The lender (Mortgagee)
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