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. Nonhomogeneity, 1. Advertising in real estate should not have what in it? Includes both real and personal property (fixtures and furnishings). Non-payment of mortgage Civil Law Law of Contracts - CHAMPIONS TEST 4.8 (44 reviews) Term 1 / 68 Wrongful or criminal deception intended to result in financial or personal gain is called: Click the card to flip Definition 1 / 68 fraud Click the card to flip Flashcards Learn Test Created by daniellerivas2016 Terms in this set (68) Naturally occurring, colorless, and odorless gas produced by the decay of radioactive materials in rocks under the ground. Is and interest in leased property created when the holdover tenant is occupying the leased property against the owner's will. 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. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. Assume that the pure expectations hypothesis of the term structure is correct. 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. A ________ is the borrower's unconditional promise to repay the lender. A method of financing that preserves the low, existing interest rate on the original note. In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. Sell. __________ occurs when an individual dies, leaving no valid will. 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. The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. Accept, reject, Counteroffer, or do nothing. FHA loans include two mortgage insurance premiums that must be paid by the borrower. B) novation. 1. 1939 b. An oral or deathbed will. The seller told Elmer that he wanted to stay in the property for at least a week after closing. Jake never delivered the disclosure as promised. 1. He gets a $150,000 offer on a property that is listed for $199,500. Due to his consumption of alcohol, the closing cannot take place because Bryan's client is not legally _____ to sign. Law of Contracts Real Estate Finance Promulgated Contract Forms Each course takes 30 classroom hours to complete. The French term __________ means a life estate that is based on the life of another. Furnished condominiums in resort areas are often sold this way. Bilateral Contract C. Broker Lawyer Committee D. A(n) ________ is a business venture that is owned by one individual. 1. A federal requirement for residential property built prior to 1978. 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 . Personal property that is inherited through a will. Senior Data Analyst. Ownership of real estate by two or more entities in undivided interests. The middle-line TM498 adds to the features of the entry-level model two user programs and up to 15% elevation upgrade. - Answer- lease purchase agreement National Mortgage Bankers Association This type of deed is most often used to clear up a cloud on the title. Elmer said that would be no problem and entered the following text to Paragraph 11: "Seller and Buyer agree that Seller will remain in the Property for 7 days after closing and funding." Liquidated damages are damages that are established in the contract. 1. The man . Defined as something given in exchange for a promisie. The buyer's acceptance of an earnest money refund terminates the contract, releasing both parties from any further obligation under the contract. Property management, listing agreement, lease agreement - all of the above. The seller's agent informed the buyer's agent that the sellers had made a(n) _____________ of $359,900.00 instead. 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) L = Legal purpose 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. The unique aspect of joint tenancy is the right of survivorship of the tenants. The ________ ensures that all consumers are given an equal chance to obtain credit. - The acts of the parties (Must have a plat map to find the property). - Financing addendum Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. This type of will is only legal for personal property, not real property. ________ law is a body of law based on "common sense" and local custom. If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. Lead is found in paint and pipes and soil. A(n) ________ is a business venture that is owned by one individual. 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. deed restriction. 1. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. - Tax Liens Offer and Acceptance (Mutual Agreement) What are the 3 physical characteristics of land? - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? All contingencies have been met and the parties are ready to close. - The operation of law. Mental disability. Religious Preference The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. inSync Staffing. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. Real property conveyed by will is called a ________. The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. A/An _____ can be money or another thing of value in exchange for performance by the other party. Communication is also referred to as notification. C. the commandment thou shalt not kill. Sellers can _______________, the oil, gas, and minerals associated with their property. 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. The buyer's primary duty is to show up at closing and pay the agreed consideration (sales price). University of New York. In Texas, financing information is now on a separate addendum. All contingencies have been met and the parties are ready to close. The balance in Retained Earnings is the balance as of January 1. A license holder must not prepare the option agreement, title commitment, and will. 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.". __________ of RESPA prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value for the referral of settlement business. The lender transfers title back to the borrower when the loan is repaid. In the retail environment, this lease obligates the tenant to pay a base rent and a percentage of the gross sales. A deed executed by a court-appointed guardian to convey title to property owned by a minor, insane person, or the aged. Question 1-Contracts Practice Test for the Real Estate License Exam. A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. 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. A written history of all instruments and happenings that may affect title is called: When the title history of a parcel of land has been researched back to the original conveyance by the government, the history is said to go back to the __________. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. The Most Influential People in the Champions School Of Real Estate Law Of Contracts Exam Industry and Their Celebrity Dopplegangers The individual cases in the champions of our courses are This package options available with the latest sales, common questions in real estate and of school real estate law contracts exam, fbi and organize your. 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. Quiz yourself on Contracts, Exam 1 of 30 law essay practice questions and writing exercises by Quimbee. any unconscionable action or course of action by any person. \hline A contract used in real estate that combines some of the elements of a sale with a lease. Which disclosure is provided to comply with federal requirements for properties built before 1978? The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. A "Section 502 Loan" is insured by the ________. The offer is not yet a contract because agent Jay's clients have not accepted it. An offer may be withdrawn at any time prior to its acceptance by the offeree. If the contract is not in writing, it would be valid, but not enforceable. Refers to the fact that value is affected by man-made changes to the land. - Changes to the closing date Regardless of representation, all buyers should be provided with a(n) ___________________ disclosure of representation af first contract. 4. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders expectations are accurate, what will the pure yield curve (that is, the yields to maturity All of the following are examples of nonmaterial culture A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. Maturity(years)123YTM10%1112. Barbara must submit an amendment that reflects the new, lower sales price. If property violates zoning, the owners must request a __________, which is permission to violate the rules. In Writing (when required by law) Transfers all of the rights related to the contract to another party known as an assignee. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? A lease that renews itself automatically for like periods. An option is an agreement between a buyer and seller or landlord and tenant. I = In writing Which of the following is a physical characteristic of land? A valid contract must be based upon the consent of the parties. Chronic mental illness These rights are often referred to as the "bundle of rights.". - Destruction of property unless done so by the seller. 2. \textbf{Maturity (years)} &\textbf{YTM} \\ \hline Arian most recently served as Special Advisor for Legislative Affairs at the . #1. - Inspection, As a transaction progresses, amendments to the original contract may be needed.

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