The ________ ensures that all consumers are given an equal chance to obtain credit. Enough for one more free-play run during an event for your chosen champion. 5. D. a religious cross. Which of the following is an example of a contract used often in the real estate business? 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. Defined as something given in exchange for a promisie. A(n) __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. Texas Principles 2 Exam Practice Questions - Champions School of Real Estate.docx. License holders should pay special attention to the following problem areas in advertising: Gender Preference Originally passed in 1974, ensures that all consumers are given an equal chance to obtain credit. What form must they complete when they list their property? 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. 3. 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.". - Flood Hazards A body of law developed in England and based upon "common sense" and local custom. 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 . . The general partner is most often the "promoter" who brought the limited partners into the venture. 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 Election Transparency Initiative is a project, in part, of Susan B. Anthony Pro-Life America, which works to elect anti-abortion lawmakers. What is the standard for determining whether a restriction on a religious practice is constitutional under the First Amendment? A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. Built to emulate law school and MEE exams. a mortgage whose rate of interest is adjusted periodically to reflect market conditions. Advertising in real estate should not have what in it? It is called, liquidated damages. 1. 3. The contract is a unilateral contract because only one party is obligated to perform. - Financing addendum If a person dies intestate (without a will) and without heirs, the government will take title to his real property under this right. The seller's agent informed the buyer's agent that the sellers had made a(n) _____________ of $359,900.00 instead. - The acts of the parties When a sole individual or entity acquire real estate the owner is set apart from all others. Competent Parties D)not permitted under Texas law. ________ law is a body of law based on "common sense" and local custom. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. Consideration. 1. The Texas Real Estate License Act- passed by legislation to protect the public. An individual who receives property through intestate succession. Means - "to make known by open declaration; publish." A. Buyers' and sellers' marital status is not required in the contract. A(n) __________ is one that combines some of the elements of a sale with a lease. Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. Lin can terminate the contract, but she will forfeit her earnest money - This is not true. Means that the accepting party does so with no change to the contract whatsoever. The premium is 1.35% of the base loan amount. 2. A __________ is an employment agreement between the seller and the broker. Real Estate Exam: Law of Contracts 4.7 (15 reviews) Term 1 / 60 This requires a contract for the conveyance of real estate to be in writing to be enforceable Click the card to flip Definition 1 / 60 Statute of Frauds Click the card to flip Flashcards Learn Test Match Created by jcburks5 Terms in this set (60) Chronic alcoholism The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase. A(n) __________ is one that combines some of the elements of a sale with a lease. Is deposited in an escrow account when the contract is signed by all parties, and acceptance is communicated. A seller, in exchange for some form of consideration ($), 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. Any property, whether real or personal, that is capable of being inherited. 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. Contract B. 1. Which of the following is a requirement of a Texas real estate sales agent license? In order to create a joint tenancy, four unities are required. Damage or destruction of a property under contract prior to closing: May result in termination of the contract. Browse Study Resource | Subjects. 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. Types: Gives a potential buyer or tenant the right to purchase or lease a property. 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. 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. To participate in the program, the veteran obtains an FHA, VA, or conventional loan from a participating lender. Patti, David, and Arthur inherited several acres from their parents. When an individual owns real property, he or she is said to have a (n) __________ in that property. Deed given by court order in connection with sale of property to satisfy a judgment or foreclosure. In order to comply with the Statue of Frauds, contracts must be what? Communication is also referred to as notification. Use of racial or ethnic terms. In the case of foreclosure, this deed is used to correct an error in a previously executed deed. A licenced Real Estate holder could have his or her license suspended or revoked if he or she is found to have advised or counseled a person as to the validity or legal sufficiency of an instrument or the validity of title to real estate. In Writing (when required by law) . Real and Personal Property transfer documents at closing. Liquidated damages, monetary damages, specific performance 2. An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land. Lead is found in paint and pipes and soil. A claim, lien, charge, or liability attached to and binding real property is a(n) ________. FHA loans include two mortgage insurance premiums that must be paid by the borrower. A deed used to convey title to property sold by the government for nonpayment of taxes. A transfer of ownership made for love and affection. The wraparound is seller financing, in which a new loan takes a secondary lien position, and the original mortgage is not repaid. 3. For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. Owners within a cooperative do not own a specific unit. any unconscionable action or course of action by any person. Its products include treadmills, fitness bikes, elliptical machines, and e-glides. Possession - Possession of the property must be shared equally. Located at Texas A&M University. 3. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. a. A(n) __________ is an area of land separating one land use from another. CSLB. 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? An offer by a prospective purchaser can be terminated prior to acceptance due to: expiration of a specified time period, bankruptcy of either party, a change in the law that renders the contract illegal. These are non-conforming loans. -must be legally communicated to the offeror( in writing). Secure transaction Ships from TEXTBOOKPLAZA Sold by TEXTBOOKPLAZA Ships from TEXTBOOKPLAZA Sold by TEXTBOOKPLAZA Mobility and visual impairments Its unique fea- tures include a bright blue backlit LCD console, quick speed and incline keys, a wireless heart rate monitor with a telemetric chest strap, remote speed and incline controls, and an anatomical figure that specifies which muscles are minimally and maxi mally activated. Contracts in which both parties are obligated to perform. . - Inspection, As a transaction progresses, amendments to the original contract may be needed. This space is where terms can be addressed that are not covered in standard contracts or addenda forms. An agreement between two or more parties to do something or to refrain from doing something. What does a real estate agent do with multiple offers on a property? A more broad term that foes beyond the physical real estate and includes rights that a person has in the land. Barbara must submit an amendment that reflects the new, lower sales price. 1. The sole proprietorship is not a legal entity. a. Texas Real Estate Commission Definition of Contract Law Noun The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties. He gets a $150,000 offer on a property that is listed for $199,500. (Use a 365-day year, round to the nearest dollar and the seller pays for closing day.). The current yield curve for default-free zero-coupon bonds is as follows: Maturity(years)YTM110%211312\begin{array}{|c|c|} 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. I = In writing When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. 2. employment contract between the agent (broker) and the buyer. Time - Owners must acquire their interest at the same time. - Implied Grant 2. Job Description. - Repairs that the seller agrees to perform. \text{2}& 11 \\ \hline Means - work, labor, or repair of goods. It refers to the fact that value is affected by man-made changes to the land. Gender preference An example of a void contract would be one to have somebody killed or to deliver illegal drugs. Interest - They must hold equal shares. 2. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. why do we need law? What should Barbara do to make sure she is fulfilling her fiduciary responsibilities to Lin? Many states recognizes statutory estates, including: Community property, homestead, tenancy by the entirety, (all of the above). use or employment by any person of a false, misleading, or deceptive act or practice that is specifically identified in the act. Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. The primary benefit of a sole proprietorship is that the owner has total control of the business. Any man-made additions to the land that are permanent. 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. The annual premium is based on the loan-to-value ratio (LTV), and is utilized for 30-year loans with an LTV greater than 95%. Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? A venture that is owned by one individual. An agreement between a buyer and seller or landlord and tenant. The lender transfers title back to the borrower when the loan is repaid. the use or employment by any person of an act or practice in violation of the Texas Insurance Code. (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. The property has sold and closing is July 30th. Handwritten wills which are also used in some states, including Texas. Remember "L" - Littoral/Lake. The TM498 sells for$1,750. A lead paint form must be filled out and provided when selling a home before what year? In the figure, mark the quantity the firm will choose to produce in the short run given this cost structure and the market price. -must be unconditional A deed with no guarantees, warranties, or covenants. She went to the US without appointing any administrator on the apartment . In a budget mortgage, the monthly house payment includes principal, interest, taxes, and insurance (known as PITI). Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. - Judgements breach of an express or implied warranty.