Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. In order to comply with the _________, contracts for the conveyance of an interest in real estate or leases for a term of more than one year must be in writing. - Setback: The amount of space required between the lot line and the building line. Texas Veteran's Housing Assistance Program loans can be: The least common form of mortgage financing is. Time - Owners must acquire their interest at the same time. Property management, listing agreement, lease agreement - all of the above. What conditions are present that give Kristina the right to file a lawsuit against Myra and Dirt Cheap Realty? Any man-made additions to the land that are permanent. In Texas, real estate contracts are subject to satisfactory inspections. A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. 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. In this case, Elmer has: The four economic characteristics of land are: scarcity, fixity, situs and ________. 1. This activity includes collecting data on clients' actual sales and on the customers who make the purchases, with the goal of determining whether there is a distinct profile of the typical customer for a particular prod- uct or service. Law of Contracts Real Estate Finance Promulgated Contract Forms Each course takes 30 classroom hours to complete. Enough for one more free-play run during an event for your chosen champion. A deed used to convey title to property sold by the government for nonpayment of taxes. Civil Law Law of Contracts - CHAMPIONS TEST 4.8 (44 reviews) Term 1 / 68 Wrongful or criminal deception intended to result in financial or personal gain is called: Click the card to flip Definition 1 / 68 fraud Click the card to flip Flashcards Learn Test Created by daniellerivas2016 Terms in this set (68) Means that the accepting party does so with no change to the contract whatsoever. What form must they complete when they list their property? - Title Covers more than one piece of property. The determination of mutual consent is usually a question of fact and is completed by this process. The general partner is most often the "promoter" who brought the limited partners into the venture. 8. Is limited to the amount he or she invested in the partnership. Buyers' and sellers' marital status is not required in the contract. A body of law developed in England and based upon "common sense" and local custom. In Texas, real estate contracts are subject to satisfactory inspections. 1. A life estate is a ownership for the duration of someone's life. An offer may be withdrawn at any time prior to its acceptance by the offeree. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. When a party to a contract fails to perform under the contract, also known as breach of contract. Joe should present the offer to the seller. A(n) __________ is an entity created for the benefit of another. A deed that carries no guarantees or warranties. The destruction of property. 1. 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. A federal requirement for residential property built prior to 1978. Sellers can _______________, the oil, gas, and minerals associated with their property. If a person dies intestate (without a will) and without heirs, the government will take title to his real property under this right. Paragraph 11 - legal vs illegal entries - page 135 5. a term applied to a contract that one or both parties have the ability to either withdraw from or enforce. 4. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. Details Select delivery location Only 1 left in stock - order soon. The transfer of some or all of the tenant's rights and/or leased space to another with liability remaining with the leasee. Reject The wraparound is seller financing, in which a new loan takes a secondary lien position, and the original mortgage is not repaid. Immobility The TM195 sells for $1,500. Things of a temporary or movable nature are not part of the real property. A(n) __________ description of property is a requirement for a valid deed. Comes from the theory of supply and demand. At least one general partner is required in a limited partnership. 2. The corporate entity is comprised of three components: - Letter 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. Non-payment of mechanic's and materialman's Payments in excess of the reasonable value of goods provided or services rendered are considered kickbacks. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. 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. A written history of all instruments and happenings that may affect title is called: When the title history of a parcel of land has been researched back to the original conveyance by the government, the history is said to go back to the __________. Transfers all of the rights related to the contract to another party known as an assignee. Screen Shot 2022-03-29 at 5.08.40 PM.png A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. - Mineral Reservations Back. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. These courses will help you prepare to pass the licensing exam. If a broker receives more than one offer on a property: All must be presented to the seller unless the seller has instructed the broker otherwise. Extend above the surface without limitations. CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION (. Civil Law Law of Contracts - CHAMPIONS TEST 4.4 (8 reviews) Term 1 / 261 The TREC residential contract forms are: Click the card to flip Definition 1 / 261 Drafted by the Broker Lawyer Committee Click the card to flip Flashcards Learn Test Match Created by Janet_Brode5 Teacher Janet Brode Terms in this set (261) For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. Knowing the seller's "bottom line," what should Joe do with the offer? Assume that the pure expectations hypothesis of the term structure is correct. __________ occurs when an individual dies, leaving no valid will. 2015 Kaplan, Inc. May be reproduced for educational uses only. 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. The body of laws and regulations enacted by federal and state legislatures. A buffer zone is an area of land separating one land use from another, such as residential from commercial. - Answer- lease purchase agreement 3. 18, Sane, and Sober - at the execution of the contract. - Lead-based paint 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" Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. \text{3}& 12 \\ \hline College Physics Raymond A. Serway, Chris Vuille. C)permitted only if the parties have consulted an attorney. It would seem that providing clients with alcohol before writing a contract could be a risky marketing strategy. Damage or destruction of a property under contract prior to closing: May result in termination of the contract. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders 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. inSync Staffing. It is suitable for individuals who thrive on minimal programming and the desire for sim- plicity to initiate their walk or hike. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . All drilling of oil and gas in the state and regulates all drilling activity in the state. The Election Transparency Initiative is a project, in part, of Susan B. Anthony Pro-Life America, which works to elect anti-abortion lawmakers. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? Because this is a refund of the buyer's earnest money, this cannot be considered liquidated damages. Hard money loans are typically issued at much higher interest rates than conventional commercial or residential property loans and are rarely issued by commercial banks or other depository institutions. 2. Give yourself 30 minutes to complete this exam. - Repairs that the seller agrees to perform. Under this type of law, a court looks to the findings of prior courts when regarding a decision. Posted: January 10, 2023. 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. For Correspondence-Online: The course will take 30 hours to complete. - Seller Financing The only change is the higher your favor, the more gold it pays out. Explain your answers to parts 2 and 3. - Changes to the closing date The Texas Real Estate License Act- passed by legislation to protect the public. Todd planted two live oaks and four magnolia trees on his 3-acre property. The sole proprietorship is not a legal entity. Is responsible for the day-to-day operations of the business and has full liability. Established by TREC to write mandatory residential contract forms for license holders. Which disclosure is provided to comply with federal requirements for properties built before 1978? A contract formed in whole or in part from the conduct of the parties. Possession - Possession of the property must be shared equally. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. The balance in Retained Earnings is the balance as of January 1. 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. Advertising in real estate should not have what in it? What does an agent have to do with contracts? An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. 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. a. They are considered personal property. A property may be placed in a trust, with ownership conveyed to a trustee for the benefit of others. 4. __________ implements the Real Estate Settlement Procedures Act. A more broad term that foes beyond the physical real estate and includes rights that a person has in the land. Responsibility of Agents when Receiving an Offer. National Mortgage Bankers Association What does a real estate agent do with multiple offers on a property? A federal requirement for residential property built prior to 1978. A "Section 502 Loan" is insured by the ________.