2. The act of removing fixtures (by detaching them) from real property is called severance. RMLOs in Texas are licensed through: Cities and municipalities have the right to regulate the type of buildings constructed in an area through _______________. Dower is the interest a wife has in the property of her husband. - Mechanics and Materialman's (M&M) liens. . Paralegal & Law Clerk; Property Law; Manufacturing, Transport & Logistics. 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) A license holder has a duty to communicate or submit offers to his or her client. - Letter The grantor implies ownership or the right to transfer title but does not provide a warranty of title. As a social entrepreneur, researcher and community servant, I'm committed to a lifestyle of creative thinking, cognitive learning & volunteering. 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. The term __________ is synonymous with contingent. Gives a potential buyer or tenant the right to purchase or lease a property. on one- and two-year zero-coupon bonds) be next year? Any man-made addition to land that is permanent, and is considered to become part of the land is known as a(n) __________. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. 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" Which of the following is NOT considered a common addenda form? In the event of default by the buyer, the seller may have several options which include: The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Personal property is also known as personalty or chattel. What does an agent have to do with contracts? A builder may buy more than one lot in a new subdivision; he will do so with one loan. - Answer- lease purchase agreement A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. A(n) ________ is a business venture that is owned by one individual. c. Barring special circumstances, a decrease in price will always lead to a decrease in quantity. The right of the government to take private land for public use. Buyers' and sellers' marital status is not required in the contract. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. An oral or deathbed will. Law of Contracts Practice Exam Champions 2018 Flashcards | Quizlet Law of Contracts Practice Exam Champions 2018 4.5 (32 reviews) Term 1 / 83 In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. 1. ________ law is a body of law based on "common sense" and local custom. Arian most recently served as Special Advisor for Legislative Affairs at the . What type of ownership do the siblings have? The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. For use when the seller occupies the property for no more than 90 days after closing. Title - They must acquire their interest from the same source (will, contract, deed, etc.) Any man-made additions to the land that are permanent. Religious Preference - Hand Delivery, 1. A history or list of all recorded owners back to the sovereignty of the soil. C = Consideration. 1939 b. Non-payment of mortgage 2.Immobility (can't move) Buyer's temporary residential lease - for use with the buyer occupies the property for no more than 90 days prior to closing. 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. 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 joint ownership, recognized in some states, of property acquired by husband and wife during marriage. The sole proprietorship is not a legal entity. 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 . Any man-made additions to the land that are permanent. Occurs when a new contract is substituted for an existing one. INSTRUCTIONS: After finishing the exams, please submit your test notebooks at the Dean's Office c/o Margie on or before May 24, 2022. Leases and "right of first refusal" - page 19 Leasee has the right to match or outbid 3. A contract in which only one party is obligated to perform is a________ contract. 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. -must be unequivocal (definite) Because monetary damages are awarded by the court, one never knows what they will be until the court rules. lender, collateral, repay. A "Section 502 Loan" is insured by the ________. Because this is a refund of the buyer's earnest money, this cannot be considered liquidated damages. Which kind of rights extend above the surface of property without limitation? Non-payment of property owner association fees or dues A certificate showing the Myra took an online class about visual roof inspections. A contract in which only one party is obligated to perform is a________ contract. Can also be called a lease with an option to buy. Annual crops that are considered personal property ever though they are attached to the land. She went to the US without appointing any administrator on the apartment . A seller choosing to receive a buyer's earnest money after the buyer defaults on a contract is an example of: The most common form of financing used by buyers is: The Special Provisions paragraph of the contract allows license holders to insert: Factual business details, Statements not addressed in the contract, Information for which there is no TREC-promulgated addendum, lease or mandatory form. The owner of surface rights has the ability to develop (improve) the surface and to use resources extracted from or near the surface, including stone, gravel, water, and limestone. Occurs when an individual dies, leaving no valid will. Real and Personal Property transfer documents at closing. 4. In Texas, real estate contracts are subject to satisfactory inspections. Payments in excess of the reasonable value of goods provided or services rendered are considered kickbacks. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. 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 In Texas, financing information is now on a separate addendum. Includes both real and personal property (fixtures and furnishings). A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. 2. 2. Damage or destruction of a property under contract prior to closing: May result in termination of the contract. - Repairs that the seller agrees to perform. (Must have a plat map to find the property). The only change is the higher your favor, the more gold it pays out. This space is where terms can be addressed that are not covered in standard contracts or addenda forms. If a lawsuit is filed, all of the following defenses could potentially help Myra EXCEPT what? 3.Nonhomogeneity (no 2 parcels are the same), What is modification (1 of the 4 economic characteristics of land). Naturally occurring, colorless, and odorless gas produced by the decay of radioactive materials in rocks under the ground. 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. d. Texas Savings and Loan Board. Contracts must convey an interest in real estate or leases for a term of more than 1 year - must be in writing. The new agreeement may include new parties, which becomes a novation of the parties. Belongs to a person or corporation and does not belong to the land. If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: Enter into a Seller's Temporary Residential Lease. 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. Law of Contracts Study Guide - Exam 1 1. Remember "L" - Littoral/Lake. 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. He gets a $150,000 offer on a property that is listed for $199,500. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? This type of contract is said to lack maturity. Things of a temporary or movable nature are not part of the real property. The ________ ensures that all consumers are given an equal chance to obtain credit. 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. In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. A(n) ________ mortgage covers more than one piece of property. Also, a contract is valid if all parties are of age, sane, and sober (at the time of executing the contract). Liquidated damages are damages that are established in the contract. In this circumstance, Gene is referred to as the _______. The fourteenth law of the Frisons ordered that the discovery of murders should be made by means of divining rods used in Church. Many hard money loans are made by private investors, generally in their local areas. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. 4. - Escheat. A standard mortgage is a contract between two parties: - Financing addendum A more broad term that foes beyond the physical real estate and includes rights that a person has in the land. Covers more than one piece of property. Default remedies and their results - page 137 4. - Property owners association information. This federal law was passed to ensure that banks would serve the needs of the community in which they were chartered to do business. - Title Examples include fires, earthquakes, acts of war, or hurricanes. 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. C. the commandment thou shalt not kill. 5. A(n) ________ mortgage covers more than one piece of property. use or employment by any person of a false, misleading, or deceptive act or practice that is specifically identified in the act. Bryan's client shows up to his closing after drinking three beers at a baseball game. A. 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. His other children are noted as heirs. Have risk-based pricing. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. The limited partners are the investors in the venture. An easement created to benefit adjacent land. -Ex: , if a license holder receives an offer at 9 a.m. and presents it to the seller. 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 contract created by offer and acceptance. Established by TREC to write mandatory residential contract forms for license holders. 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. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. It refers to the fact that value is affected by man-made changes to the land. 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. 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 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. Gives the tenant occupancy in the present time and the right to purchase at a future date. 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.

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