Consumer Financial Protection Bureau (CFPB). Do nothing 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. The restaurant agrees to deliver the meal, and the customer implicitly agrees to pay for it. A lease that renews itself automatically for like periods. breach of an express or implied warranty. Broker Bernardo has a signed sales contract that has not yet gone to the closing table. 1. An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. Established by TREC to write mandatory residential contract forms for license holders. Familial status (cannot discriminate on marital status or with children). Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. (Hint: Compute the current and expected future prices.) 2. have legitimate gov't. 3. vote in legislature. 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. Promulgated Contract Exam.docx - Promulgated Contract Exam The sole proprietorship is not a legal entity. 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? Baltimore, MD. 9 member commission whose primary purpose is to carry out the provision of the License Act Click the card to flip Flashcards Learn Test Match The offer is not yet a contract because agent Jay's clients have not accepted it. The middle-line TM498 adds to the features of the entry-level model two user programs and up to 15% elevation upgrade. Gives one possession and use of a property without ownership. 4. In addition to specific performance, the injured party may "seek such other relief as may be provided by law." 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 __________. An agreement between two or more parties to do something or to refrain from doing something. - Sale of Other Property Which kind of rights extend above the surface of property without limitation? A contract in which only one party is obligated to perform is a________ contract. Watch This Before You Spend $1000 Bucks ! ( Champions School Of Real A "Section 502 Loan" is insured by the ________. Real property conveyed by will is called a ________. A. A standard mortgage is a contract between two parties: A contract requiring both parties to perform certain duties. - Building Codes: All residential structures must conform to code, whether they are site-built homes or modular homes. Which disclosure is provided to comply with federal requirements for properties built before 1978? No. Texas Law of Contracts, Second Edition d. they are created by a deed and a lease. 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 Modification - Eminent Domain ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Knowing the seller's "bottom line," what should Joe do with the offer? The main disadvantage is the high cost of refinancing, Collateral-Dependent Loans(Hard Money Loans). Involves ownership of real estate by one individual or entity. Contracts Essay Practice Questions - Law Exam 1 of 30 - Quimbee A lease with a definite beginning date and definite ending date. Non-payment of mechanic's and materialman's - E-mail Buyers' and sellers' marital status is not required in the contract. All drilling of oil and gas in the state and regulates all drilling activity in the state. -must be unequivocal (definite) Contract B. The key to determining whether a conveyance is voluntary is the ____________. 2. He gets a $150,000 offer on a property that is listed for $199,500. The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. Is limited to the amount he or she invested in the partnership. Exam CSLB Law & Business Practice . The potential downside of this form of ownership is that the owner also has full liability for the financial and personal obligations of the business. Foreclosure occurs when a ____ seizes and sells a borrower's ____ after the borrower has failed to ____ the lender. What does a real estate agent do with multiple offers on a property? Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. 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." Show competency by passing the licensing exam. Common forms: One of the four essential elements of a contract. 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. a mortgage whose rate of interest is adjusted periodically to reflect market conditions. 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. Liquidated damages are damages that are established in the contract. The grantor may add warranties to the deed at his or her discretion, The combination of two or more properties into one. A lease in which the landlord pays taxes, insurance, utilities, and maintenance. The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender. 5. 1. Personal property is also known as personalty or chattel. A seller of coastal property abutting tidally influenced water must provide the ________. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. An agreement that gives a potential buyer the right for a specified period of time to purchase a property at predetermined price and terms. candidate at the University of Michigan Law School. The 61-year-old actor was joined by his wife, Laura Louie, 55 . Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? AIDS and AIDS-Related Complex Which of the following is NOT considered a common addenda form? When there is a shortage of something that individuals want, the price goes up. The contract must, therefore, reflect the intent and wishes of the parties. The only change is the higher your favor, the more gold it pays out. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Barabar should keep Lin informed of her option as well as the approaching deadlines. I = In writing What type of ownership do the siblings have? - Implied Grant 3. The grantor states, "Whatever interest I have, if any, I do hereby grant and convey." -TREC does not have promulgated forms for this. A(n) ________ mortgage covers more than one piece of property. TREC does not have promulgated contract forms for the sale of co-ops and has no forms for any type of commercial transaction. Arian most recently served as Special Advisor for Legislative Affairs at the . He gets a $150,000 offer on a property that is listed for $199,500. CSLB Law & Business Practice Test 2024 SOLUTION A+ RATED 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 $ 67.94 $ 30.49 6 items 1. 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) An opinion regarding the state of the title and its ability to be transferred. 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. The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. FHA loans include two mortgage insurance premiums that must be paid by the borrower. 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. This places limitation on property owners and diminishes their property rights. The grantor implies ownership or the right to transfer title but does not provide a warranty of title. b. encumbrances.c. 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. The closing date specified in a contract is usually a(n )"__________" date. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. RESPA prohibits ________, which is considered an abusive practice. Non-payment of property owner association fees or dues The ability to use extracted resources such as stone, gravel, and limestone. Woody Harrelson made a rare red carpet appearance with his family at the premiere of his new movie, "Champions," in New York City. Lin can terminate the contract, but she will forfeit her earnest money - This is not true. a. Conventional loans are generally not assumable. "We need to have more examination of what this means. In a participation loan, two or more lenders own a share, allowing lenders to share or distribute the risk. Refers to the fact that value is affected by man-made changes to the land. Ignore taxes. A(n) __________ is one that combines some of the elements of a sale with a lease. Advertising in real estate should not have what in it? 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. Financing information may be incorporated entirely in a separate addendum or maybe a part of the contract form. Chronic alcoholism A claim, lien, charge, or liability attached to and binding real property is a(n) ________. He/she must present all offers to the client. We recommend that you take this exam only after you have completed your study of unconscionable contracts. 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. Under _______, Lynne has the right to construct a boat dock and anchor her pontoon boat on the water. The man . 2. 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. - The lender (Mortgagee) . inSync Staffing. A person who enters into a contract under the influence of drugs or alcohol could be considered mentally impaired. 3. Lender Requirements for Properties with Potential Hazardous materials on site: If a buyer has concerns about possible contamination of a potential property, the buyer or the lender may opt to have an Environmental Site Assessment (ESA) performed on the property to determine if it is environmentally challenged. Default of contract and types of damages - page 137 Buyer and Seller default. A corporation is regarded under the law as a distinct legal entity with the right to own real estate and other assets. Fixity 2. C. the commandment thou shalt not kill. Common Examples include: Once all the terms of an offer have been agreed to and signed by the parties, and the acceptance communicated to the offeror, the contract becomes binding on the parties. 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. ________ is the right of the government to regulate and control the way land is used. A contract in which only one party is obligated to perform is a________ contract. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. \text{3}& 12 \\ \hline Back. Business Law Exam 1 Flashcards - Cram.com The premium is 1.35% of the base loan amount. The government's right to regulate land usage. Related to financing contingencies due to maximum loan amount being a percentage of the lesser of the sale price or appraised value. Owners within a cooperative do not own a specific unit. A(n) __________ is one that combines some of the elements of a sale with a lease. He decides to sell 1 of his trucks for $20,000 since business is going down. The TM195 is an entry-level treadmill. 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. Quiz yourself on Contracts, Exam 1 of 30 law essay practice questions and writing exercises by Quimbee. 3. A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. He owns 3 trucks. It is a very basic deed and does nothing to protect the grantee. What if you purchase a three-year zero-coupon bond? No offer has a priority of presentation over another. B) novation. A builder may buy more than one lot in a new subdivision; he will do so with one loan. The destruction of property. Borrowers are rated A-F with a prime borrower having an A rating. The paper has EIGHT questions. The seller's primary duty is to show up at closing and sign a deed conveying ownership to the buyer. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. TREC has only two promulgated lease forms: For use when the buyer occupies the property for. For Correspondence-Online: The course will take 30 hours to complete. Any property, whether real or personal, that is capable of being inherited. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. - Zoning: - Mortgages and Trust Deeds c. Texas Department of Savings and Mortgage Lending mortgages, credit cards, and student loans. A claim, lien, charge, or liability attached to and binding real property. A method of financing that preserves the low, existing interest rate on the original note. 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. The market research team decides to investigate whether there are differences across the product lines with respect to customer characteristics. 4. Lead is found in paint and pipes and soil. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. Exam (elaborations) - Law of contracts exam 2. For use when the seller occupies the property for no more than 90 days after closing. - Inspection, As a transaction progresses, amendments to the original contract may be needed. A(n) ________ occurs when a new contract is substituted for an existing one. - Necessity Jake never delivered the disclosure as promised. What form must they complete when they list their property? His other children are noted as heirs. Texas Law of Contracts - 3rd edition ISBN13: 9781475446715 ISBN10: 1475446713 by Kaplan Cover type: Paperback Edition: 3RD 18 Copyright: 2018 Publisher: Dearborn Financial Pub. Which of the following is a physical characteristic of land? A(n) __________ is an area of land separating one land use from another. 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 . At closing, prorations for property taxes and property owner association fees will be calculated. 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 . The term __________ is synonymous with contingent. In a residential lease with a "right of first refusal" provision: The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. 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? A(n) ________ is a business venture that is owned by one individual. Cindy Franklin started a whole-life insurance policy for $250,000\$ 250,000$250,000 when she was 232323 years old. Law of Contracts Final Exam Flashcards | Chegg.com Law of Contracts Final Exam. Lego 75879 Speed Champions Scuderia Ferrari SF16-H - Retired BNISB 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. Texas Law of Contracts: Doris Barrell: 9781427741332: Amazon.com: Books Buy new: $32.99 $4.59 delivery Thursday, August 4. An offer may be withdrawn at any time prior to its acceptance by the offeree. Mutual consent is often referred to as mutual consent or a "meeting of the minds." lender, collateral, repay. A body of law developed in England and based upon "common sense" and local custom. Gender preference Damage or destruction of a property under contract prior to closing: May result in termination of the contract. - Escheat. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . Is responsible for the day-to-day operations of the business and has full liability. In such cases, an oral lease for one year or lease is valid and enforceable. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. The TM195 sells for $1,500. The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase. In Texas, financing information is not a separate addendum. __________ is the process by which a lender exercises its power of sale under a mortgage that is in default.