________ law is a body of law based on "common sense" and local custom. These rods should be laid before the altar, and on the sacred relics, after which God was to be supplicated to indicate the culprit. CardioGood Fitness sells three different lines of tread- mills. A seller, in exchange for some form of consideration ($), gives the buyer the right to purchase the property for a period of time, but they can back out during that time period should they need to. Advertising in real estate should not have what in it? A(n) __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. - Impossibility of performance. Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. 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 . C = Competent A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. 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, A yearly tax bill is $2400 and has not been paid. Gen Bus 301 Exam 1 Study Guide Addendum: Contracts Zach Sikora Introduction to Contracts Contracts are primarily governed state common law, found in the Restatements of the Law of Contracts Uniform Commercial Code (UCC): governs sales of personal property, which consist of the passing of title to goods from sell to buyer for a price (specifically Thank you. The most common example of this is a utility easement. 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.". Rights or privileges in land that are less than ownership, but exits. - A change in the law that makes performance illegal. Broker Bernardo has a signed sales contract that has not yet gone to the closing table. 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. If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. 2. The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. The determination of mutual consent is usually a question of fact and is completed by this process. 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. TREC has only two promulgated lease forms: For use when the buyer occupies the property for. Graph the area that defines the firm's profit (or loss) at this rate of output. - 1-2% This acts as an assurance that the contractor will be able to complete the job as described in the contract. Are created by statute of law. College Physics Raymond A. Serway, Chris Vuille. Texas Principles 2 Exam Practice Questions - Champions School of Real Estate.docx. 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. The tax and insurance portion of the payment is held in a special account called an escrow account. 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). Quiz yourself on Contracts, Exam 1 of 30 law essay practice questions and writing exercises by Quimbee. Communication is also referred to as notification. Cities and municipalities have the right to regulate the type of buildings constructed in an area through _______________. Posted: February 12, 2023. The government's right to regulate land usage. Remember "L" - Littoral/Lake. Conventional loans are generally not assumable. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. Page 1. Full-Time. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. The balance in Retained Earnings is the balance as of January 1. In such cases, an oral lease for one year or lease is valid and enforceable. Buyers' and sellers' marital status is not required in the contract. Exam (elaborations) - Law of contracts questions and answers 3. Upon the death of one spouse, the survivor becomes the owner of the property. - Condemnation. Job Description. Includes 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. What does a real estate agent do with multiple offers on a property? 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. a. Oral or in written. The government retains the right to tax real property. The act of removing fixtures (by detaching them) from real property is called severance. The key to determining whether a conveyance is voluntary is the ____________. Law of Contracts Study Guide - Exam 1 1. Established by TREC to write mandatory residential contract forms for license holders. Which of the following statements is true? A valid contract must be based upon the consent of the parties. What is Contract Law Contract law governs the legality of agreements made between two or more parties when there is an exchange of some sort intended to take place. D. a religious cross. \text{3}& 12 \\ \hline - Sale of Other 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 $ 67.94 $ 30.49 6 items 1. - Percentage Lease. You an make an offer by: phone, fax, email, letter, hand delivery. The difference is that the loan is sold to the Texas Veterans Land Board (VLB), as opposed to a secondary market purchaser such as Fannie Mae or Freddie Mac. 1. Any man-made addition to land that is permanent, and is considered to become part of the land is known as a(n) __________. An agreement that gives a potential buyer the right for a specified period of time to purchase a property at predetermined price and terms. - Removal or waiver of contingencies, An attachment to a contract that adds or further describes the rights and duties of the parties. The closing date specified in a contract is usually a(n )"__________" date. \end{array} Study Aids By product Case Briefs(view casebooks) Courses Essay Practice Exams Flashcards Key Terms Multiple-Choice Questions Outlines By subject Administrative Law Bankruptcy Business Associations Stitus, Refers to the fact that land cannot be destroyed. Capacity is measure of the borrower's ability to repay the debt and is demonstrated through current earnings and job stability. In the figure, mark the quantity the firm will choose to produce in the short run given this cost structure and the market price. He/she must present all offers to the client. 2. have legitimate gov't. 3. vote in legislature. Buyer's temporary residential lease - for use with the buyer occupies the property for no more than 90 days prior to closing. L = Legal purpose Barring special circumstances, an increase in price will always lead to a decrease in quantity. Means - work, labor, or repair of goods. 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 minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. A ________ is the borrower's unconditional promise to repay the lender. All exams for Real Estate QE/SAE and Inspections are closed book/closed notes. ( Champions School Of Real Estate Review) 11,948 views Jan 2, 2019 402 Dislike Share. A contract wherein both sides must perform. If the loan factor is $4.49 and the loan amount is $357,500, taxes are $7300/year and the insurance is $3103 per year, what is the monthly PITI payment? C. the commandment thou shalt not kill. Annual crops that are considered personal property ever though they are attached to the land. The man . Which of the following statements is true? Which of the following is a physical characteristic of land? These are non-conforming loans. What are the implied one-year forward rates? shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders - Death of buyer will likely discharge the contract. This type of mortgage is considered the most expensive home equity loan because the debt continues to accrue or grow with interest, and heirs will inherit the property with a lien on it. It refers to the fact that value is affected by man-made changes to the land. . 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: Refers to the fact that land cannot be moved. Owners within a cooperative do not own a specific unit. Occurs when an individual dies, leaving no valid will. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Reject It is called, liquidated damages. Similarly, the bar exam tests general principles rather than . The top-of-the-line TM798 is structurally larger and heavier and has more features than the other models. 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. The term __________ is synonymous with contingent. Requires proof that the act or omission was a significant factor in bringing about injury. - The lender (Mortgagee) 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. 1. 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 A federal requirement for residential property built prior to 1978. 1-4 family residential properties with federally related financing. 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. A contract used in real estate that combines some of the elements of a sale with a lease. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. The annual premium is paid monthly and is added to the borrower's monthly payment. - Eminent Domain 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. May take place when a seller is unable to sell his or her property at or above what the seller owes the lender. AIDS and AIDS-Related Complex In Texas, financing information is not a separate addendum. "We need to have more examination of what this means. Popular books. 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. All FHA and VA loans are assumable. - Implied Grant Non-payment of a home equity loan. \text{2}& 11 \\ \hline 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. - Necessity Chapter 6 - Law of Agency and Real estate.docx. Personal property is also known as personalty or chattel. Bill is the buyer purchasing a property from Sally. Dower is the interest a wife has in the property of her husband. Include the rights to oil, gas, and other minerals and are commonly conveyed through a lease, mineral deed, or by reservation. 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.". These changes cna be on the land itself of off-site. 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. Due to his consumption of alcohol, the closing cannot take place because Bryan's client is not legally _____ to sign. - Financing addendum The transfer of some or all of the tenant's rights and/or leased space to another with liability remaining with the leasee. A ________ is the borrower's unconditional promise to repay the lender. Liquidated damages are damages that are established in the contract. Real Estate Exam: Law of Contracts 4.7 (15 reviews) Term 1 / 60 This requires a contract for the conveyance of real estate to be in writing to be enforceable Click the card to flip Definition 1 / 60 Statute of Frauds Click the card to flip Flashcards Learn Test Match Created by jcburks5 Terms in this set (60) - Answer- true A(n) __________ is one that combines some of the elements of a sale with a lease.