Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. __________ is the process by which a lender exercises its power of sale under a mortgage that is in default. In Texas, real estate contracts are subject to satisfactory inspections. Refers to the fact that no two parcels of land are the same. - Percentage Lease. 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 . 2. An example of a void contract would be one to have somebody killed or to deliver illegal drugs. An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. 1. In Writing (when required by law) May take place when a seller is unable to sell his or her property at or above what the seller owes the lender. Be a part of the team behind our success! A property may be placed in a trust, with ownership conveyed to a trustee for the benefit of others. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. Knowing the seller's "bottom line," what should Joe do with the offer? It is also used to grant an easement. Texas Principles 2 Exam Practice Questions - Champions School of Real Estate.docx. 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. 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. - Net Lease The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender. -must be legally communicated to the offeror( in writing). Texas Veteran's Housing Assistance Program loans can be: The least common form of mortgage financing is. 2. One who receives property through a will. Any man-made additions to the land that are permanent. -must be unconditional - Grant ________ law is a body of law based on "common sense" and local custom. - 1-2% This acts as an assurance that the contractor will be able to complete the job as described in the contract. As a social entrepreneur, researcher and community servant, I'm committed to a lifestyle of creative thinking, cognitive learning & volunteering. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders If a buyer has concerns about possible contamination of potential property, the buyer or the lender may opt to have an Environmental Sit Assessment. Things of a temporary or movable nature are not part of the real property. candidate at the University of Michigan Law School. c. Texas Department of Savings and Mortgage Lending The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. what is law? Real property conveyed by will is called a ________. Many states recognizes statutory estates, including: Community property, homestead, tenancy by the entirety, (all of the above). 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. Liquidated damages are damages that are established in the contract. A(n) ________ occurs when a new contract is substituted for an existing one. When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. I love reading, traveling and learning new cultures; I've lived/worked in 3 continents (Africa, Middle East & North America), visited over 25 countries and have friends from more than 100 nations.<br><br>Started my career as an accountant and . 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. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. A contract may be discharged due to _______________________. UNEP LAW - Obligations & Contracts , MID TERMS May 21, 2022. - Flood Hazards Because these interests are undivided, all co-owners share the right of possession of the property. The body of laws and regulations enacted by federal and state legislatures. 3. A "Section 502 Loan" is insured by the ________. #1. Bryan's client shows up to his closing after drinking three beers at a baseball game. Cindy Franklin started a whole-life insurance policy for $250,000\$ 250,000$250,000 when she was 232323 years old. If the loan factor is $5.53 on a $200,000 loan, taxes are $2400/year and insurance is $1800/year, what is the monthly PITI payment? A __________ is an employment agreement between the seller and the broker. If one or both of the parties are represented by an attorney, the attorney's contact information is generally included in the contract. Cities and municipalities have the right to regulate the type of buildings constructed in an area through _______________. Includes both real and personal property (fixtures and furnishings). The deceased is said to have died intestate, and his or her property will be disposed of under the provisions of the laws of the state regarding descent and distribution. The team identifies the following customer variables to study: product purchased TM195, TM498, or TM798; gender; age, in years; education, in years; relationship status, single or partnered; annual household income ($); mean number of times the customer plans to use the treadmill each week; mean number of miles the customer expects to walk/run each week; and self-rated fitness on a 1-to-5 scale, where 1 is poor shape and 5 is excellent shape. A claim, lien, charge, or liability attached to and binding real property. - Condemnation. The Texas Real Estate Commission- 6 broker members and 3 public members- created to administer the provisions of the license act- they promulgated contract forms for licensees. What are the implied one-year forward rates? A deed with no guarantees, warranties, or covenants. Reject deed restriction. A person who acquires title to property under a will. 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. Which of the following statements is true? A legal description of land having a point of beginning, using terminal points and angles, degrees and minutes to outline a property, A method of land description frequently used after land has been subdivided into building lots; also referred to as the recorded plat method. An examination by ProPublica of Thomas More's 2020 election-law initiative shows it helped fuel skepticism over President Joe Biden's victory and the fairness of elections in numerous states. 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. The buyer's acceptance of an earnest money refund terminates the contract, releasing both parties from any further obligation under the contract. Means - "to make known by open declaration; publish." 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 operation of law. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . A corporation owns the entire cooperative complex. 1. This overview will let you know what to expect from the Promulgated Contract Forms course specifically. In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. Religion A deed executed by a court-appointed guardian to convey title to property owned by a minor, insane person, or the aged. "We need to have more examination of what this means. 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. 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." Ongoing expenses such as property taxes and property owner association fees that are divided between the buyer and the seller at closing are called __________. When a sole individual or entity acquire real estate the owner is set apart from all others. 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. RESPA prohibits ________, which is considered an abusive practice. Damage or destruction of a property under contract prior to closing: May result in termination of the contract. What are the 3 physical characteristics of land? 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. what makes law voluntarily enforceable? An offer may be withdrawn at any time prior to its acceptance by the offeree. 1. we have the ability to change them. $85,000 to $90,000 Yearly. The determination of mutual consent is usually a question of fact and is completed by this process. 4. A "Section 502 Loan" is insured by the ________. Contract B. These contracts are said to be unilateral because only one party is obligated to perform and is said to lack mutuality. Accept a. Are created by statute of law. Owners within a cooperative do not own a specific unit. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. A body of law developed in England and based upon "common sense" and local custom. An agreement that transfers the right to possess a property for a period of time. Stitus, Refers to the fact that land cannot be destroyed. 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. Time - Owners must acquire their interest at the same time. - Mechanics and Materialman's (M&M) liens. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Originally passed in 1974, ensures that all consumers are given an equal chance to obtain credit. An active sales agent license may only be issued under what conditions? Naturally occurring, colorless, and odorless gas produced by the decay of radioactive materials in rocks under the ground. An opinion regarding the state of the title and its ability to be transferred. The wraparound is seller financing, in which a new loan takes a secondary lien position, and the original mortgage is not repaid. A less popular type of ownership by more than one is joint tenancy. In Texas, financing information is not a separate addendum. D. a religious cross. FHA loans include two mortgage insurance premiums that must be paid by the borrower. 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. Conventional loans are generally not assumable. Regardless of representation, all buyers should be provided with a(n) ___________________ disclosure of representation af first contract. Title - They must acquire their interest from the same source (will, contract, deed, etc.) Nonhomogeneity, 1. - Eminent Domain return over the next year? Rights or privileges in land that are less than ownership, but exits. It is also called an impound, trust, or reserve account. Contracts must convey an interest in real estate or leases for a term of more than 1 year - must be in writing. 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. Which of the following statements is true? This how you know that you are buying the best documents. 4. The lender transfers title back to the borrower when the loan is repaid. A ________ is the borrower's unconditional promise to repay the lender. Full-Time. In order to comply with the Statue of Frauds, contracts must be what? Law of Contracts - Practice Exam If a person has been judged to be incompetent, a contract is _________ because the person never had the capacity to enter into a contract in the first place. Gary. The balance in Retained Earnings is the balance as of January 1. 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. Remember "L" - Littoral/Lake. A(n) __________ is one that combines some of the elements of a sale with a lease. It prohibits redlining, which is the practice of refusing to provide financing in a particular area because of the location. __________ is not a requirement of a valid contract. A contract formed in whole or in part from the conduct of the parties. (Must have a plat map to find the property). 3. 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. TREC does not have promulgated contract forms for the sale of co-ops and has no forms for any type of commercial transaction. A builder may buy more than one lot in a new subdivision; he will do so with one loan. Indestructibility or durability The __________ is the percentage of the lesser of the appraised value or sales price that the lender will loan. 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? Some residential leases contain a right of first ___________, giving the tenant the right to purchase the leased property by matching or bettering any offer before the property will be sold to someone else. \hline A certificate showing the Myra took an online class about visual roof inspections. Does the firm earn positive or negative profits? - Letter It would seem that providing clients with alcohol before writing a contract could be a risky marketing strategy. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. b. \text{3}& 12 \\ \hline 5. any unconscionable action or course of action by any person. 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 U.S. government agency that helps protect consumers by regulating financial products and services, like b. CONTRACTS CON124 - Fall 2017 Register Now exam-missed (2).pdf . Liquidated damages, monetary damages, specific performance 2. A lease with a definite beginning date and definite ending date. 3. Only a ________ may earn a commission, and only a ________ may sue to collect a commission. 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. - Property owners association information. Advertising in real estate should not have what in it? Page 1. One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. 1. Chapter 6 - Law of Agency and Real estate.docx. If property violates zoning, the owners must request a __________, which is permission to violate the rules. \textbf{Maturity (years)} &\textbf{YTM} \\ \hline National Mortgage Bankers Association **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. 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. Question 1-Contracts Practice Test for the Real Estate License Exam. However, your Contracts course likely involves the study of general principles rather than the law of a particular state. The rates are not published on these loans. Easement acquired by the government under the right of Eminent Domain- for use by the government, utilities or railroads. If a lawsuit is filed, all of the following defenses could potentially help Myra EXCEPT what? - Sale of Other Property - Hand Delivery, 1. - Changes to the closing date Is limited to the amount he or she invested in the partnership. An easement created to benefit adjacent land. 2. Examples include fires, earthquakes, acts of war, or hurricanes. Do nothing The top-of-the-line TM798 is structurally larger and heavier and has more features than the other models. The team decides to collect data on individuals who purchased a treadmill at a CardioGood Fitness retail store during the prior three months. Patti, David, and Arthur inherited several acres from their parents. Take the course exam. Gerald and Finn are selling their classic 1959 mid century modern home. If market The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. Which of the following is a requirement of a Texas real estate sales agent license? A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written.
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