champions law of contracts exam

Handicapped Persons A "Section 502 Loan" is insured by the ________. Is deposited in an escrow account when the contract is signed by all parties, and acceptance is communicated. Involves ownership of real estate by two or more entities. On May 2, A-Z Construction prepaid $18,480 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. Damage or destruction of a property under contract prior to closing: May result in termination of the contract. Because this is a refund of the buyer's earnest money, this cannot be considered liquidated damages. (behavior). - Destruction of property unless done so by the seller. Much od what was once embodied in common law is now codified in statutes passed at the sate and federal level, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). -must be legally communicated to the offeror( in writing). The lender transfers title back to the borrower when the loan is repaid. Full-Time. A deed that carries no guarantees or warranties. . The loan becomes due upon the sale of the property or the death of the owner. keep order, influence conduct, promote equality, honor expectations, and offer compromises. 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" 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) In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. ________ law is a body of law based on "common sense" and local custom. 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. 2.Immobility (can't move) \text{2}& 11 \\ \hline This federal law was passed to ensure that banks would serve the needs of the community in which they were chartered to do business. Common Examples include: If one or both of the parties are represented by an attorney, the attorney's contact information is generally included in the contract. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? Examples include fires, earthquakes, acts of war, or hurricanes. \text{3}& 12 \\ \hline Exam (elaborations) - Law of contracts questions and answers 3. 4. 4. use or employment by any person of a false, misleading, or deceptive act or practice that is specifically identified in the act. He owns 3 trucks. ________ is the right of the government to regulate and control the way land is used. - Fax what is law? 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. An agreement between a buyer and seller or landlord and tenant. No. 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 . A seller, in exchange for some form of consideration (an option fee), gives the buyer the right to purchase the property at some present price and terms for a period. - Prescription A. -TREC does not have promulgated forms for this. A. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. The current yield curve for default-free zero-coupon bonds is as follows: Maturity(years)YTM110%211312\begin{array}{|c|c|} Are created by statute of law. 3.Nonhomogeneity (no 2 parcels are the same), What is modification (1 of the 4 economic characteristics of land). 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. A contract in which only one party is obligated to perform is a________ contract. The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders 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. 1. 3. A person who enters into a contract under the influence of drugs or alcohol could be considered mentally impaired. FHA loans include two mortgage insurance premiums that must be paid by the borrower. Bryan's client shows up to his closing after drinking three beers at a baseball game. Common forms: ( Champions School Of Real Estate Review) - YouTube 0:00 / 10:30 Watch This Before You Spend $1000 Bucks ! These are non-conforming loans. Which disclosure is provided to comply with federal requirements for properties built before 1978? Paragraph 11 - legal vs illegal entries - page 135 5. Quiz yourself on Contracts, Exam 1 of 30 law essay practice questions and writing exercises by Quimbee. b. encumbrances.c. Bill is the buyer purchasing a property from Sally. Offer and Acceptance (Mutual Agreement) Means - "to make known by open declaration; publish." It is also called an impound, trust, or reserve account. A license holder must not prepare the option agreement, title commitment, and will. 5. any unconscionable action or course of action by any person. Occurs at closing when a all parties have performed the contract becomes "fully executed". 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: 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 . 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. It simply refers to a person who owns the business and is personally responsible for its debts. - Taxation When a sale is closed, the contract has been fully executed. When an individual owns real property, he or she is said to have a (n) __________ in that property. In the retail environment, this lease obligates the tenant to pay a base rent and a percentage of the gross sales. - Changes to the sales price, down payment and/or amount financed. requires proof that the act or omission was a significant factor in bringing about injury. Brand new in unopened box in excellent condition 75887 Porsche 919 Hybrid 163 pcs New Sell 7000 Local Pickup in Canberra or contact me for postage quote See ., 1309269667 Have risk-based pricing. Details Or fastest delivery August 1 - 3. 2. Indestructibility or durability 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. University of New York. Champions School of Real Estate Provider #4530 3. Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. - 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. In a participation loan, two or more lenders own a share, allowing lenders to share or distribute the risk. Consideration. Fixity 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 set of rules creating order and expectations. Page 1. An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. An individual who inherits property by intestate succession acquires title by descent and is known as this. 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 French term __________ means a life estate that is based on the life of another. The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. A method of financing that preserves the low, existing interest rate on the original note. An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. D. a religious cross. It prohibits redlining, which is the practice of refusing to provide financing in a particular area because of the location. Bill is the buyer purchasing a property from Sally. 2. 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. Chapter 6 - Law of Agency and Real estate.docx. Prepare a retained earnings statement for the year assuming net income is $10,400. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. All contingencies have been met and the parties are ready to close. The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase. Refers to the fact that land, and additions to the land, such as buildings, take long periods to pay for themselves. A seller is going to continue to occupy a property for two days after closing. Texas Law of Contracts, Second Edition d. they are created by a deed and a lease. In the case of foreclosure, this deed is used to correct an error in a previously executed deed. Exam (elaborations) - Law of contracts questions and answers 3. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . What should Barbara do to make sure she is fulfilling her fiduciary responsibilities to Lin? According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. A contract between buyer and seller where the buyer agrees to make regular payments to the seller. A venture that is owned by one individual. A corporation owns the entire cooperative complex. - Repairs that the seller agrees to perform. 2. - Changes to the closing date 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. As a social entrepreneur, researcher and community servant, I'm committed to a lifestyle of creative thinking, cognitive learning & volunteering. Communication is also referred to as notification. Exam CSLB Law & Business Practice . a mortgage whose rate of interest is adjusted periodically to reflect market conditions. The ________ ensures that all consumers are given an equal chance to obtain credit. The body of laws and regulations enacted by federal and state legislatures. 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. B) novation. He gets a $150,000 offer on a property that is listed for $199,500. Contracts Practice Exam Instructions: Read the following fact pattern, and answer the question. Good practice in advertising is to ensure that the advertisement describes the property as opposed to describing the occupant or owner. A novation may occur when a contract that has been marked up with many changes is replaced with a clean copy. 2. Possession - Possession of the property must be shared equally. corporate officers who are responsible for the overall management of the operation of the business. Refers to the fact that no two parcels of land are the same. Much to her six children's dismay, single mom Nancy died without making a will. - E-mail - Police Power Many hard money loans are made by private investors, generally in their local areas. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Nonhomogeneity, 1. A seller is going to continue to occupy a property for two days after closing. Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. 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. Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. 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.". A seller of coastal property abutting tidally influenced water must provide the ________. 2. It is called, liquidated damages. The benefit of this type of loan is a lower interest rate. Mobility and visual impairments A ________ is the borrower's unconditional promise to repay the lender. - A change in the law that makes performance illegal. A contract that must have competent parties, offer and acceptance, legal purpose, consideration, and be in writing. L = Legal purpose 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. Responsibility of Agents when Receiving an Offer. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. Details Select delivery location Only 1 left in stock - order soon. 1. The seller told Elmer that he wanted to stay in the property for at least a week after closing. A standard mortgage is a contract between two parties: A deed with no guarantees, warranties, or covenants. Mutual consent is often referred to as mutual consent or a "meeting of the minds." Ownership of real estate by two or more entities in undivided interests. 4. A contract formed in whole or in part from the conduct of the parties. Joe should present the offer to the seller. Financing information may be incorporated entirely in a separate addendum or maybe a part of the contract form. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. The most common type of financing is obtained from a third party, such as a mortgage company or bank. a. Texas Real Estate Commission Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. 2. The destruction of property. 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. Gary. Only a ________ may earn a commission, and only a ________ may sue to collect a commission. - Grant Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. Reject (2 years - disclosure). The only default remedy in the contract that could result in Bill acquiring the property is___________________________. 2. 1. we have the ability to change them. A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. SevenBlueSeven Oct 30, 2020 @ 9:06pm. bank, property, notify. Extend above the surface without limitations. Highest deed - 5 covenants. Occurs when an individual dies, leaving no valid will. Rule P-53 of the Texas Department of Insurance states that Title Companies: Cannot provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a single firm, Cannot provide continuing education classes unless they charge the market rate for those classes. They are considered personal property. If property violates zoning, the owners must request a __________, which is permission to violate the rules. Prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value (including payments, commissions, fees, gifts, or special privileges) for the referral of settlement business. Bill is determined to complete the purchase and acquire the property. Contract B. The new agreeement may include new parties, which becomes a novation of the parties. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. Refers to the location of the property or land from an economic, not geographic view point. No offer has a priority of presentation over another. However, due to its informal language, are easily contested. Joe should present the offer to the seller. Indestructibility or durability (cannot be destroyed) Jake never delivered the disclosure as promised. - Setback: The amount of space required between the lot line and the building line. 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? Is limited to the amount he or she invested in the partnership. We recommend that you take this exam only after you have completed your study of unconscionable contracts. Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. Up-Front mortgage insurance premium (UFMIP). Gene made a will naming his oldest daughter as executor. A(n) ________ occurs when a new contract is substituted for an existing one. What type of ownership do the siblings have? National Mortgage Bankers Association 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. College Physics Raymond A. Serway, Chris Vuille. It would seem that providing clients with alcohol before writing a contract could be a risky marketing strategy. This type of deed is most often used to clear up a cloud on the title. Default of contract and types of damages - page 137 Buyer and Seller default. 2. But, one important thing to note: is that it takes eighteen hours of bounty contracts to equal two thousand five hundred tokens. __________ occurs when an individual dies, leaving no valid will. In this situation, the buyer breached the contract so in order to cover the damages/results of the broken contract, an amount of money is provided to the affected seller. In addition to specific performance, the injured party may "seek such other relief as may be provided by law." Exam (elaborations) - Law of contracts exam 2. Identifying In which three ways might government spending impact the economy? Barbara must submit an amendment that reflects the new, lower sales price. In Writing (when required by law) Non-payment of mechanic's and materialman's When two or more parties join together to create and operate a real estate investment. Real property conveyed by will is called a ________. ( Champions School Of Real Estate Review) 11,948 views Jan 2, 2019 402 Dislike Share. Involves ownership of real estate by one individual or entity. 1. What is true in this situation? A contract wherein both sides must perform. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. \text{1}&10\% \\ \hline The __________ is the percentage of the lesser of the appraised value or sales price that the lender will loan. - Downzoning: Changing the zoning of a property to lower a value. 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. - The operation of law. Which of the following statements is true? Rights or privileges in land that are less than ownership, but exits. This type of loan is likely to contain a release clause, allowing the borrower to obtain partial releases of specific lots by making required lump sum payments. Armida owns an apartment house that she rents to tenants. Religious Preference Which of the following is a physical characteristic of land? Any man-made addition to land that is permanent, and is considered to become part of the land is known as a(n) __________. $85,000 to $90,000 Yearly. What can Gary do to look out for his client's best interest? c. Barring special circumstances, a decrease in price will always lead to a decrease in quantity. A(n) ________ occurs when a new contract is substituted for an existing one. The corporate entity is comprised of three components: A lease in which the landlord pays taxes, insurance, utilities, and maintenance. 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. INSTRUCTIONS: After finishing the exams, please submit your test notebooks at the Dean's Office c/o Margie on or before May 24, 2022. A corporation owns the entire cooperative complex. In all states, license holders are barred from the unlawful practice of law. A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. A(n) __________ is a type of seller financing wherein the owner retains title to the property while the purchaser takes possession of the premises and pays on the principal. ________ is evidence an individual has of his or her right to possess land. Joe is an agent at Tried and True Realty. Which of the following statements is true? Special Provisions(What can and Agent Write?). 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 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. Bilateral Contract C. Broker Lawyer Committee D. A(n) __________ is an area of land separating one land use from another. 1939 b. ________ is evidence an individual has of his or her right to possess land. 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. CardioGood Fitness looks to increase the sales of its treadmill products and has hired The AdRight Agency, a small advertising firm, to create and implement an advertising program. 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. An example of a void contract would be one to have somebody killed or to deliver illegal drugs. The deceased is said to have died intestate, and his or her property will be disposed of under the provisions of the laws of the state regarding descent and distribution. Personal property that is inherited through a will. 18, Sane, and Sober - at the execution of the contract. Essential Environment: The Science Behind the Stories Jay H. Withgott, Matthew Laposata. 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 expectations are accurate, what will the pure yield curve (that is, the yields to maturity 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. 2. The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________.

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