What are the 3 physical characteristics of land? 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. Gives the tenant occupancy in the present time and the right to purchase at a future date. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . 3. 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 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. A venture that is owned by one individual. No. This federal law was passed to ensure that banks would serve the needs of the community in which they were chartered to do business. The benefit of this type of loan is a lower interest rate. We are seeking an Administrative Manager. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. The most common type of financing is obtained from a third party. However, due to its informal language, are easily contested. - Buffer Zone: An area of land separating one land use from another, such as residential from commercial. Handicapped Persons It is also called an impound, trust, or reserve account. When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. Which of the following is a physical characteristic of land? If a deed does not make the type of joint ownership clear, Texas courts will always assume that the owners are tenants in common. 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. He gets a $150,000 offer on a property that is listed for $199,500. Do not go over the time limit. 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. Owners within a cooperative do not own a specific unit. He can prepare net sheets on the offers being considered so Simon can compare all of the details and better determine the bottom line for each offer. Law of Contracts - Champions School of Real E, Champion School of Real Estate-Law of Contrac, Law of Contracts Practice Exam Champions 2018, **Champions-Law of Contracts Course Exam** No, Texas "Principles 1" (study & HW) Champions S, Principles of Real Estate 1- Champions School, Organizational Communication-Final Exam (Hind, Fundamentals of Financial Management, Concise Edition. 9. Up-Front mortgage insurance premium (UFMIP). - Reservation In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. 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. Minimum of 1 year of experience practicing immigration law, which should include representation of clients in humanitarian immigration claims such as asylum, Special Immigrant Juvenile Status, U . What options does Simon have when responding to the offers? B) novation. A(n) ________ is a business venture that is owned by one individual. - $12.45 Add to Cart. An opinion regarding the state of the title and its ability to be transferred. a. It simply refers to a person who owns the business and is personally responsible for its debts. A contract used in real estate that combines some of the elements of a sale with a lease. Common Examples include: Biology Mary Ann Clark, Jung Choi, Matthew Douglas. When an individual owns real property, he or she is said to have a (n) __________ in that property. Handicapped. This overview will let you know what to expect from the Promulgated Contract Forms course specifically. One who receives property through a will. In many states, lease agreements for one year or less are the exception to the Statute of Frauds. RESPA prohibits ________, which is considered an abusive practice. If a lender collects principal and interest and shares in the profits when the property is sold, then it is called a shared appreciation mortgage. Capacity is measure of the borrower's ability to repay the debt and is demonstrated through current earnings and job stability. What conditions are present that give Kristina the right to file a lawsuit against Myra and Dirt Cheap Realty? But, one important thing to note: is that it takes eighteen hours of bounty contracts to equal two thousand five hundred tokens. (2 years - disclosure). University of New York. 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. Non-payment of a home equity loan. An active sales agent license may only be issued under what conditions? 2. A property may be placed in a trust, with ownership conveyed to a trustee for the benefit of others. The law prevents the forced sale of the homestead for payment of all debts, with five exceptions: Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. One sole owner. Only a ________ may earn a commission, and only a ________ may sue to collect a commission. When two or more parties join together to create and operate a real estate investment. A seller of coastal property abutting tidally influenced water must provide the ________. 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. (Hint: Compute the current and expected future prices.) The corporate entity is comprised of three components: - Bid Bond This guarantees a contractor will . The term __________ is synonymous with contingent. 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. Baltimore, MD. - Destruction of property unless done so by the seller. Highest deed - 5 covenants. A contract in which only one party is obligated to perform is a________ contract. When a party to a contract fails to perform under the contract, also known as breach of contract. A lead paint form must be filled out and provided when selling a home before what year? A person who enters into a contract under the influence of drugs or alcohol could be considered mentally impaired. CONTRACTS CON124 - Fall 2017 Register Now exam-missed (2).pdf . Exam (elaborations) - Law of contracts questions and answers 3. The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender. This type of will is only legal for personal property, not real property. - Eminent Domain #1. In order to comply with the Statue of Frauds, contracts must be what? Take the course exam. 2. A ________ is the borrower's unconditional promise to repay the lender. 4. 1. we have the ability to change them. A claim, lien, charge, or liability attached to and binding real property is an encumbrance. 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 standard mortgage is a contract between two parties: A seller cannot intentionally destroy a property. 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. - Prescription B. belief in God. Woody Harrelson made a rare red carpet appearance with his family at the premiere of his new movie, "Champions," in New York City. \end{array} The restaurant agrees to deliver the meal, and the customer implicitly agrees to pay for it. The seller told Elmer that he wanted to stay in the property for at least a week after closing. ________ is the right of the government to regulate and control the way land is used. Five Elements of a Valid and Enforceable Contract: 1. Non-payment of property owner association fees or dues If a lawsuit is filed, all of the following defenses could potentially help Myra EXCEPT what? The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. A body of law developed in England and based upon "common sense" and local custom. 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? Lead is found in paint and pipes and soil. A certificate showing the Myra took an online class about visual roof inspections. The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. use or employment by any person of a false, misleading, or deceptive act or practice that is specifically identified in the act. 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. A U.S. government agency that helps protect consumers by regulating financial products and services, like Bilateral Contract C. Broker Lawyer Committee D. Statue of Frauds E. Option 2. Definition of Contract Law Noun The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties. The seller's agent informed the buyer's agent that the sellers had made a(n) _____________ of $359,900.00 instead. __________ extend above the surface without limitation. \text{1}&10\% \\ \hline 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. A lease that renews itself automatically for like periods. In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. Thank you. on one- and two-year zero-coupon bonds) be next year? __________ occurs when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. TREC does not have promulgated contract forms for the sale of co-ops and has no forms for any type of commercial transaction. c. Barring special circumstances, a decrease in price will always lead to a decrease in quantity. The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: A seller's disclosure notice is not required. Dower is the interest a wife has in the property of her husband. Law of Contracts - CHAMPIONS TEST Wrongful or criminal deception intended to result in financial or personal gain is called: fraud The Buyer and Seller Temporary Residential Lease forms may be used f Stuvia customers have reviewed more than 700,000 summaries. Modification Common amendments include: 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. Armida owns an apartment house that she rents to tenants. The ability to use extracted resources such as stone, gravel, and limestone. 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. All contingencies have been met and the parties are ready to close. - Changes to the closing date - Appraisal ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. 1. Which of the following is a requirement of a Texas real estate sales agent license? To participate in the program, the veteran obtains an FHA, VA, or conventional loan from a participating lender. Page 1. A. The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. Which kind of rights extend above the surface of property without limitation? RESPA prohibits ________, which is considered an abusive practice. An investigation of all the documents that have been recorded about a property. Which of the following is a physical characteristic of land? For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. 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. As a social entrepreneur, researcher and community servant, I'm committed to a lifestyle of creative thinking, cognitive learning & volunteering. A business in which two or more persons combine their assets and skills. 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. What an agent should do if a client needs legal advice: An agent should never discourage a party from consulting an attorney for advice in a transaction. Chapter 6 - Law of Agency and Real estate.docx. Senior Data Analyst. 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 . 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. Todd planted two live oaks and four magnolia trees on his 3-acre property. 2. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. A federal requirement for residential property built prior to 1978. For use when the seller occupies the property for no more than 90 days after closing. The qualification process is the same as for any other FHA, VA, or conventional loan. This would be an award of monetary damages by the court. Furnished condominiums in resort areas are often sold this way. A(n) ________ is a business venture that is owned by one individual. 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? Indestructibility or durability 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 a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. The destruction of 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. He owns 3 trucks. Everything's an Argument with 2016 MLA Update University Andrea A Lunsford, University John J Ruszkiewicz. A deed executed by a court-appointed guardian to convey title to property owned by a minor, insane person, or the aged. Gives one possession and use of a property without ownership. . Quiz yourself on Contracts, Exam 1 of 30 law essay practice questions and writing exercises by Quimbee. Can be one of two formes, depending on state law and custom. Therefore, Bernardo has a(n) ______ contract. Terms that are not covered in the standard contract forms or addenda. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. A corporation owns the entire cooperative complex. A(n) ________ occurs when a new contract is substituted for an existing one. Joe should present the offer to the seller. A meeting of the minds between the parties to a transaction. What should Barbara do to make sure she is fulfilling her fiduciary responsibilities to Lin? -must be unconditional A contract may be discharged due to _______________________. Job Description. 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. Champion School of Real Estate-Law of Contracts 4.9 (7 reviews) Term 1 / 168 Texas Real Estate Commission Click the card to flip Definition 1 / 168 TREC-created by the Legislature in 1949. The term __________ is synonymous with contingent. 1. A missing link or break in the chain of title. ________ is the right of the government to regulate and control the way land is used. A lease with a definite beginning date and definite ending date. The right of the government to take private land for public use. return over the next year? They are considered personal property. A contract for an illegal purpose is void, and the law treats the contract as if it were never created. Rights or privileges in land that are less than ownership, but exits. If a buyer has concerns about possible contamination of potential property, the buyer or the lender may opt to have an Environmental Sit Assessment. lender, collateral, repay. Use 202020-year level term rates to estimate the number of years of extended term insurance she has using a non-tobacco rate. Does Trec have promulgated contract forms for the sale of cooperatives (co-ops)? Patti, David, and Arthur inherited several acres from their parents. One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Posted: January 10, 2023. 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. If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. These rights are often referred to as the "bundle of rights.". These contracts are said to be unilateral because only one party is obligated to perform and is said to lack mutuality. b. encumbrances.c. 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. Competent Parties lender, home, alert. Means that the accepting party does so with no change to the contract whatsoever. He decides to sell 1 of his trucks for $20,000 since business is going down. - National Labor Relat The grantor does not even claim to own the property. Non-payment of mortgage Many hard money loans are made by private investors, generally in their local areas. 1-4 family residential properties with federally related financing. Buyers' and sellers' marital status is not required in the contract. . Personal property that has become attached to the land in such a way as to become real property. 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. Foreclosure occurs when a ____ seizes and sells a borrower's ____ after the borrower has failed to ____ the lender. SCHOOL OF LAW L120 - LAW OF CONTRACT FINAL EXAMINATION 8 TH DECEMBER 2011 TIME ALLOWED: 3 HOURS plus 5 minutes to read through the paper Instructions to Candidates: 1. Who will inherit her estate? ________ of an offer means that the accepting party does so with no change to the contract whatsoever. Legal Purpose This is a (a) A suit for specific performance (b) Money damages (c) Liquidated damages (d) Mutual rescission Liquidated damages. An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. Jake never delivered the disclosure as promised. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. why do we need law? Another possible financing scenario would be the assumption of the seller's existing mortgage. - Hand Delivery, 1. A buffer zone is an area of land separating one land use from another, such as residential from commercial. FHA loans include two mortgage insurance premiums that must be paid by the borrower. 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. c. Texas Department of Savings and Mortgage Lending A ________ is the borrower's unconditional promise to repay the lender. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. a. 3. Much to her six children's dismay, single mom Nancy died without making a will. A federal requirement for residential property built prior to 1978. expectations are accurate, what will the pure yield curve (that is, the yields to maturity bank, property, notify. - Financing addendum When a joint tenant dies, his or her share is equally divided among the surviving joint tenants immediately. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________.