champions law of contracts exam

A mortgage insurance program, premiums are paid into a pool of funds, out of which claims are paid when a borrower defaults on a loan. This would be an award of monetary damages by the court. 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. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. 2. Chronic mental illness Top Texas Laws Of Contracts Flashcards Ranked by Quality Texas Law of Contracts Texas Law of Contracts Flashcard Maker: Carie Dallmann 1,398 Cards - 16 Decks - 222 Learners Sample Decks: Chapter 1, Chapter 2, Chapter 3 Show Class Paralegal Course Paralegal Course Flashcard Maker: Martha Bonin 1,501 Cards - 29 Decks - 92 Learners An option is an agreement between a buyer and seller or landlord and tenant. Familial status (cannot discriminate on marital status or with children). All drilling of oil and gas in the state and regulates all drilling activity in the state. Title remains with the lender until the loan is repaid. A/An _____ can be money or another thing of value in exchange for performance by the other party. The paper has EIGHT questions. He/she must present all offers to the client. Addendum for Seller's disclosure of information on lead paint hazards. Which of the following is a requirement of a Texas real estate sales agent license? - The operation of law. All contingencies have been met and the parties are ready to close. An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. This is a (a) A suit for specific performance (b) Money damages (c) Liquidated damages (d) Mutual rescission Liquidated damages. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. A business in which two or more persons combine their assets and skills. A contract between buyer and seller where the buyer agrees to make regular payments to the seller. c. If you purchase a two-year zero-coupon bond now, what is the expected total rate of A body of law developed in England and based upon "common sense" and local custom. A contract is considered discharged when all parties have have performed. Explain your answers to parts 2 and 3. Liquidated damages, monetary damages, specific performance 2. Broker Bernardo has a signed sales contract that has not yet gone to the closing table. 1. It is suitable for individuals who thrive on minimal programming and the desire for sim- plicity to initiate their walk or hike. The premium is 1.35% of the base loan amount. A valid contract must be based upon the consent of the parties. A claim, lien, charge, or liability attached to and binding real property is an encumbrance. A method of financing that preserves the low, existing interest rate on the original note. The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. What are the implied one-year forward rates? Owners within a cooperative do not own a specific unit. Knowing the seller's "bottom line," what should Joe do with the offer? Which of the following is an example of a contract used often in the real estate business? 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? Occurs when an individual dies, leaving no valid will. 2. The primary benefit of a sole proprietorship is that the owner has total control of the business. His other children are noted as heirs. If market Back. Her childrenstandard succession laws apply. Specific performance is the only remedy that would possibly result in the full execution (closing) of the transaction. Offer and Acceptance (Mutual Agreement) Non-payment of mortgage The estimated amount of the property tax for the current year (May 1 to December 31) is$45,000. 2. The TM498 sells for$1,750. A transfer of ownership made for love and affection. 2. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. Dower is the interest a wife has in the property of her husband. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. The team identifies the following customer variables to study: product purchased TM195, TM498, or TM798; gender; age, in years; education, in years; relationship status, single or partnered; annual household income ($); 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. The Texas Real Estate License Act- passed by legislation to protect the public. Enough for one more free-play run during an event for your chosen champion. Insurance policy against losses resulting from defects in title. The most common type of financing is obtained from a third party, such as a mortgage company or bank. 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. Non-payment of a home equity loan. B. belief in God. Was designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators, and the establishment of a nationwide mortgage licensing system and registry for the residential mortgage industry. 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. 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? 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. Accept In order to comply with the Statute of Frauds, contracts for the conveyance of an interest in real estate or leases for a term of more than one year must be in writing. - Appraisal A deed that carries no guarantees or warranties. - Financing Personal property is also known as personalty or chattel. Brand new in unopened box in excellent condition 75887 Porsche 919 Hybrid 163 pcs New Sell 7000 Local Pickup in Canberra or contact me for postage quote See ., 1309269667 A license holder must not prepare the option agreement, title commitment, and will. - Escheat. - Seller Financing a. A lease in which the landlord pays taxes, insurance, utilities, and maintenance. A contract may be discharged due to _______________________. 1. B) novation. This type of contract is said to lack maturity. The TM195 is an entry-level treadmill. Mental disability. Title - They must acquire their interest from the same source (will, contract, deed, etc.) Paragraph 11 - legal vs illegal entries - page 135 5. A corporation is regarded under the law as a distinct legal entity with the right to own real estate and other assets. The annual premium is paid monthly and is added to the borrower's monthly payment. In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. Indestructibility or durability (cannot be destroyed) A. 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.". Lynne purchased a lake front lot in order to build her dream home. 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 Common forms: Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. A contract requiring both parties to perform certain duties. The most common example of this is a utility easement. 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. Means - work, labor, or repair of goods. However, assuming no one took action to void the agreement, the contract is said to be valid and binding when the contract closes or when the minor achieves legal age. ________ is evidence an individual has of his or her right to possess land. Do nothing 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. If a distinct profile emerges, efforts are made to match that profile to advertising outlets known to reflect the particular profile, thus targeting advertising directly to high-potential customers. As a social entrepreneur, researcher and community servant, I'm committed to a lifestyle of creative thinking, cognitive learning & volunteering. Real property conveyed by will is called a ________. The Sources of Contract Law Traditionally, Contracts was a common law course. Cindy Franklin started a whole-life insurance policy for $250,000\$ 250,000$250,000 when she was 232323 years old. The limited partners are the investors in the venture. - Necessity In the case of foreclosure, this deed is used to correct an error in a previously executed deed. SevenBlueSeven Oct 30, 2020 @ 9:06pm. 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. - Death of buyer will likely discharge the contract. Liquidated damages are damages that are established in the contract. Exam (elaborations) - Law of contracts exam 2. ________ is the right of the government to regulate and control the way land is used. Communication is also referred to as notification. RESPA prohibits ________, which is considered an abusive practice. Includes both real and personal property (fixtures and furnishings). d. encroachments. Gene made a will naming his oldest daughter as executor. A contract formed in whole or in part from the conduct of the parties. Employment agreement for the listing broker. An individual who receives property through intestate succession. When a party to a contract fails to perform under the contract, also known as breach of contract. 1. - Prescription 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. The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. The benefit of this type of loan is a lower interest rate. Contract B. Interest - They must hold equal shares. Joe should present the offer to the seller. One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. Related to financing contingencies due to maximum loan amount being a percentage of the lesser of the sale price or appraised value. Be a part of the team behind our success! The seller's primary duty is to show up at closing and sign a deed conveying ownership to the buyer. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. (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. All exams for Real Estate QE/SAE and Inspections are closed book/closed notes. Which of the following statements is true? Allows a tenant to buy the property at a preset price and terms for a given period. In a recent phone conversation, the seller told Joe he would accept no less than $185,000 for the property. A seller of coastal property abutting tidally influenced water must provide the ________. What is done when a seller receives multiple offers? A novation may occur when a contract that has been marked up with many changes is replaced with a clean copy.

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