champions law of contracts exam10 marca 2023
Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. Senior Data Analyst. Due to his consumption of alcohol, the closing cannot take place because Bryan's client is not legally _____ to sign. Sell. Which disclosure is provided to comply with federal requirements for properties built before 1978? expectations are accurate, what will the pure yield curve (that is, the yields to maturity In this case, the parties should use the Buyer's Temporary Residential Lease form. TREC has only two promulgated lease forms: For use when the buyer occupies the property for. Patti, David, and Arthur inherited several acres from their parents. Because monetary damages are awarded by the court, one never knows what they will be until the court rules. Arian Carlo Rubio, originally from Somerset, New Jersey, is a J.D. Browse Study Resource | Subjects. FHA loans include two mortgage insurance premiums that must be paid by the borrower. EXCEPT: A. a belief in atheism. Oral or in written. Thank you. __________ implements the Real Estate Settlement Procedures Act. 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. A contract in which only one party is obligated to perform is a________ contract. Counteroffer. The 61-year-old actor was joined by his wife, Laura Louie, 55 . 2. A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. Everything's an Argument with 2016 MLA Update University Andrea A Lunsford, University John J Ruszkiewicz. RESPA prohibits ________, which is considered an abusive practice. No offer has a priority of presentation over another. A deed executed by a court-appointed guardian to convey title to property owned by a minor, insane person, or the aged. A ________ is the borrower's unconditional promise to repay the lender. A mortgage is an actual transfer of ownership from the borrower to the lender. The French term __________ means a life estate that is based on the life of another. - The lender (Mortgagee) What if you purchase a three-year zero-coupon bond? AIDS and AIDS-Related Complex According to Carlill v. Carbonic, an offer can come in the form of a letter . His other children are noted as heirs. 4. Wrongful or criminal deception intended to result in financial or personal gain is called: The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: __________ extend above the surface without limitation. The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. This overview will let you know what to expect from the Promulgated Contract Forms course specifically. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. Assume that the pure expectations hypothesis of the term structure is correct. Personal property is also known as personalty or chattel. ________ is evidence an individual has of his or her right to possess land. Contracts must convey an interest in real estate or leases for a term of more than 1 year - must be in writing. Financing information may be incorporated entirely in a separate addendum or maybe a part of the contract form. It operates within the Chinese Communist Party (CCP) under the name "Central Military Commission of the Communist Party of China", and as the military branch of the central government under the name "Central Military Commission . A builder may buy more than one lot in a new subdivision; he will do so with one loan. Secure transaction Ships from TEXTBOOKPLAZA Sold by TEXTBOOKPLAZA Ships from TEXTBOOKPLAZA Sold by TEXTBOOKPLAZA Administered by TREC to protect aggrieved individual who suffer a monetary loss due to illegal acts of license holders. 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. 2. employment contract between the agent (broker) and the buyer. Any man-made additions to the land that are permanent. A seller is going to continue to occupy a property for two days after closing. 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) Bill is determined to complete the purchase and acquire the property. 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. A transfer of ownership made for love and affection. The buyer's acceptance of an earnest money refund terminates the contract, releasing both parties from any further obligation under the contract. He owns 3 trucks. The contract is a unilateral contract because only one party is obligated to perform. Possession - Possession of the property must be shared equally. 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. - Texas is a community property state. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? What can Gary do to look out for his client's best interest? Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? - Eminent Domain Conventional loans are generally not assumable. 2. d. encroachments. A method of financing that preserves the low, existing interest rate on the original note. Do not go over the time limit. 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? Title remains with the lender until the loan is repaid. A(n) __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. Use 202020-year level term rates to estimate the number of years of extended term insurance she has using a non-tobacco rate. 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. The unique aspect of joint tenancy is the right of survivorship of the tenants. - Flood Hazards Scarcity An offer can be terminated prior to acceptance by the offeree due to: A person appointed by a testator to carry out the terms of the will. (Use a 365-day year, round to the nearest dollar and the seller pays for closing day.). The most common example of this is a utility easement. This type of deed is most often used to clear up a cloud on the title. - Lead-based paint Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. 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. keep order, influence conduct, promote equality, honor expectations, and offer compromises. Bill is determined to complete the purchase and acquire the property. Brokerage is a service. 5. 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. A life estate is a ownership for the duration of someone's life. When a sale is closed, the contract has been fully executed. - 1-2% This acts as an assurance that the contractor will be able to complete the job as described in the contract. Gary. Consumer Financial Protection Bureau (CFPB). An opinion regarding the state of the title and its ability to be transferred. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? 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. (Must have a plat map to find the property). The right of the government to regulate and control the way land is used. Accept A/An _____ can be money or another thing of value in exchange for performance by the other party. 2. CONTRACTS CON124 - Fall 2017 Register Now exam-missed (2).pdf . 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. Many states recognizes statutory estates, including: Community property, homestead, tenancy by the entirety, (all of the above). SevenBlueSeven Oct 30, 2020 @ 9:06pm. Show competency by passing the licensing exam. 2. - Answer- true A(n) __________ is one that combines some of the elements of a sale with a lease. The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender. 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. - Seller Financing The borrower can NEVER be forced to sell the home. Gerald and Finn are selling their classic 1959 mid century modern home. CardioGood Fitness sells three different lines of tread- mills. Types: The team decides to collect data on individuals who purchased a treadmill at a CardioGood Fitness retail store during the prior three months. Liquidated damages are damages that are established in the contract. -must be unequivocal (definite) 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 Mental disability. An easement created to benefit adjacent land. 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." A contract used in real estate that combines some of the elements of a sale with a lease. These rods should be laid before the altar, and on the sacred relics, after which God was to be supplicated to indicate the culprit. Texas Law of Contracts: Doris Barrell: 9781427741332: Amazon.com: Books Buy new: $32.99 $4.59 delivery Thursday, August 4. __________ is the process by which a lender exercises its power of sale under a mortgage that is in default. - Appraisal A lead paint form must be filled out and provided when selling a home before what year? The Reeve's agent submitted an offer of$349,500.00 on a property priced at $365,000.00. 2. A lease in which the landlord pays taxes, insurance, utilities, and maintenance. Armida owns an apartment house that she rents to tenants. Exam (elaborations) - Law of contracts exam 2. Requires proof that the act or omission was a significant factor in bringing about injury. Allows a tenant to buy the property at a preset price and terms for a given period. -must be unconditional Stitus, Refers to the fact that land cannot be destroyed. A __________ is an employment agreement between the seller and the broker. Includes both real and personal property (fixtures and furnishings). Todd planted two live oaks and four magnolia trees on his 3-acre property. When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. Real property conveyed by will is called a ________. An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. 1939 b. For use when the seller occupies the property for no more than 90 days after closing. The lender transfers title back to the borrower when the loan is repaid. Exam (elaborations) - Law of contracts questions and answers 3. c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of The government's right to regulate land usage. requires proof that the act or omission was a significant factor in bringing about injury. If the contract is not in writing, it would be valid, but not enforceable. Wrongful or criminal deception intended to result in financial or personal gain is called: Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. The only change is the higher your favor, the more gold it pays out. 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. Published: 2018 International: No Summary Author bio Table of contents Digital rights eBOOK $45.00 $45.00 ADD to Cart Format: Vitalsource Use for 365 days List price: $45.00 why do we need law? 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. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders 8. An individual who inherits property by intestate succession acquires title by descent and is known as this. ________ is the right of the government to regulate and control the way land is used. They each own a third of the estate. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. Furnished condominiums in resort areas are often sold this way. - Letter Defined as something given in exchange for a promisie. It is as depend- able as other models offered by CardioGood Fitness, but with fewer programs and features. Contract B. a mortgage whose rate of interest is adjusted periodically to reflect market conditions. Who will inherit her estate? Involves ownership of real estate by two or more entities. The qualification process is the same as for any other FHA, VA, or conventional loan. 3. The grantor does not even claim to own the property. bank, property, notify. In order to comply with the Statue of Frauds, contracts must be what? 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) The primary benefit to the veteran is that the rate on the Veterans Land Board loan is often up to one percent below prevailing market rates. Full-Time. Any property, whether real or personal, that is capable of being inherited. The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else The four ECONOMIC characteristics of land are: 1) Scarcity 2) Modification 3) Situs 4) Fixity GIVES LAND ITS VALUE The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: Specific performance is the only remedy that would possibly result in the full execution (closing) of the transaction. A buffer zone is an area of land separating one land use from another, such as residential from commercial. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. The TM195 is an entry-level treadmill. Even though a corporation may have many stockholders, when the corporation is the sole owner of a parcel of land, the ownership is considered to be an estate in severalty. - Destruction of property unless done so by the seller. Does the firm earn positive or negative profits? The Texas Real Estate License Act- passed by legislation to protect the public. - The operation of law. d. Barring special circumstances, an increase in price will always lead to an increase in quantity. A lease in which, in addition to rent, the tenant pays expenses such as taxes, insurance, and maintenance. An investigation of all the documents that have been recorded about a property. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. lender, home, alert. C)permitted only if the parties have consulted an attorney. A body of law developed in England and based upon "common sense" and local custom. The current yield curve for default-free zero-coupon bonds is as follows: Maturity(years)YTM110%211312\begin{array}{|c|c|} An agreement that transfers the right to possess a property for a period of time. She went to the US without appointing any administrator on the apartment . The limited partners are the investors in the venture. In this circumstance, Gene is referred to as the _______. A seller of coastal property abutting tidally influenced water must provide the ________. (Not used in Texas), A right given by law to certain creditors to have debts paid out of the property of a defaulting debtor, usually through a court sale. Also, a contract is valid if all parties are of age, sane, and sober (at the time of executing the contract). Which of the following statements is true? Common forms: INSTRUCTIONS: After finishing the exams, please submit your test notebooks at the Dean's Office c/o Margie on or before May 24, 2022. Identifying In which three ways might government spending impact the economy? Cindy Franklin started a whole-life insurance policy for $250,000\$ 250,000$250,000 when she was 232323 years old. A claim, lien, charge, or liability attached to and binding real property is an encumbrance. void The five essential elements of a valid and enforceable contract are, Consideration, Offer and competent partires Transfers all of the rights related to the contract to another party known as an assignee. It is also used to grant an easement. If one or both of the parties are represented by an attorney, the attorney's contact information is generally included in the contract. candidate at the University of Michigan Law School. One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. 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. Therefore, Bernardo has a(n) ______ contract. Contract B. If a person dies intestate (without a will) and without heirs, the government will take title to his real property under this right. a. Texas Real Estate Commission 2. Much to her six children's dismay, single mom Nancy died without making a will. Exam (elaborations) - Law of contracts exam 2. Real and Personal Property transfer documents at closing. - E-mail All contingencies have been met and the parties are ready to close. Refers to the fact that value is affected by man-made changes to the land. This model features a nonfolding platform base that is designed to handle rigorous, frequent running; the TM798 is therefore appealing to someone who is a power walker or a runner. Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. Can be one of two formes, depending on state law and custom. __________ is not a requirement of a valid contract. Created by the Legislature in 1949 to carry out the provisions of TRELA. Exam (elaborations) - Law of contracts questions and answers 3. 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. - Answer- lease purchase agreement Bilateral Contract C. Broker Lawyer Committee D. 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. ________ law is a body of law based on "common sense" and local custom. The seller's agent informed the buyer's agent that the sellers had made a(n) _____________ of $359,900.00 instead. RMLOs in Texas are licensed through: Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. It would seem that providing clients with alcohol before writing a contract could be a risky marketing strategy. 1. 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 If property violates zoning, the owners must request a __________, which is permission to violate the rules. TREC does not have promulgated contract forms for the sale of co-ops and has no forms for any type of commercial transaction. 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?