champions law of contracts exam champions law of contracts exam

- Destruction of property unless done so by the seller. 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. Immobility 2.Immobility (can't move) This places limitation on property owners and diminishes their property rights. 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. 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. Under _______, Lynne has the right to construct a boat dock and anchor her pontoon boat on the water. As a first step, the market research team at AdRight is assigned the task of identifying the profile of the typical cus- tomer for each treadmill product offered by CardioGood Fitness. Time - Owners must acquire their interest at the same time. \text{3}& 12 \\ \hline Common amendments include: candidate at the University of Michigan Law School. Ownership of real estate by two or more entities in undivided interests. 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. 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 - Grant Suresh Co. expects its five departments to yield the following income for next year. Give yourself 30 minutes to complete this exam. If a buyer has concerns about possible contamination of potential property, the buyer or the lender may opt to have an Environmental Sit Assessment. C = Consideration. Texas Law of Contracts - 3rd edition ISBN13: 9781475446715 ISBN10: 1475446713 by Kaplan Cover type: Paperback Edition: 3RD 18 Copyright: 2018 Publisher: Dearborn Financial Pub. - Mineral Reservations A third possibility is seller financing, with the seller agreeing to accept a portion of the sales price in the form of a promissory note, which usually calls for the payment of monthly principal and interest. Full-Time. A deed with no guarantees, warranties, or covenants. Armida owns an apartment house that she rents to tenants. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. Much to her six children's dismay, single mom Nancy died without making a will. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. a term applied to a contract that one or both parties have the ability to either withdraw from or enforce. Gives one possession and use of a property without ownership. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. The seller's primary duty is to show up at closing and sign a deed conveying ownership to the buyer. ________ is the right of the government to regulate and control the way land is used. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? Then, receives a second offer at 3 p.m. (before the seller has accepted the first offer), the license holder has the duty to submit the later offer to the seller. The benefit of this type of loan is a lower interest rate. No. Things of a temporary or movable nature are not part of the real property. Communication is also referred to as notification. Employment agreement for the listing broker. 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? 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. Default remedies and their results - page 137 4. It prohibits redlining, which is the practice of refusing to provide financing in a particular area because of the location. In Writing (when required by law) When two or more parties join together to create and operate a real estate investment. The top-of-the-line TM798 is structurally larger and heavier and has more features than the other models. CSLB Law & Business Practice Test 2024 SOLUTION A+ RATED Bonds can be purchased from bonding companies for ___% of the original contract price. 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. Personal property is also known as personalty or chattel. Built to emulate law school and MEE exams. Chronic mental illness Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. These courses will help you prepare to pass the licensing exam. 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. In order to comply with the Statue of Frauds, contracts must be what? C. the commandment thou shalt not kill. Consumer Financial Protection Bureau (CFPB). A contract formed in whole or in part from the conduct of the parties. 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. Job Description. 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. What are the implied one-year forward rates? A(n) ________ occurs when a new contract is substituted for an existing one. Explain your answers to parts 2 and 3. Any man-made additions to the land that are permanent. Consideration. The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. The closing date specified in a contract is usually a(n )"__________" date. It refers to the fact that value is affected by man-made changes to the land. Biology Mary Ann Clark, Jung Choi, Matthew Douglas. A __________ is a pledge of real estate as security for the repayment of a debt. The loan becomes due upon the sale of the property or the death of the owner. Any change, no matter how trivial, turns the offer into a counteroffer. When a sole individual or entity acquire real estate the owner is set apart from all others. 1. __________ of RESPA prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value for the referral of settlement business. A more broad term that foes beyond the physical real estate and includes rights that a person has in the land. The main disadvantage is the high cost of refinancing, Collateral-Dependent Loans(Hard Money Loans). Capacity is measure of the borrower's ability to repay the debt and is demonstrated through current earnings and job stability. 2. What form must they complete when they list their property? 1. The Sources of Contract Law Traditionally, Contracts was a common law course. Reject Stitus, Refers to the fact that land cannot be destroyed. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. Includes both real and personal property (fixtures and furnishings). A license holder must not prepare the option agreement, title commitment, and will. A license holder must not prepare which documents? All exams for Real Estate QE/SAE and Inspections are closed book/closed notes. Accept 9. 1. At closing, prorations for property taxes and property owner association fees will be calculated. $60. Sell. This would be an award of monetary damages by the court. A(n) ________ occurs when a new contract is substituted for an existing one. Means that the accepting party does so with no change to the contract whatsoever. Include the rights to oil, gas, and other minerals and are commonly conveyed through a lease, mineral deed, or by reservation. ________ is evidence an individual has of his or her right to possess land. An agreement between two or more parties to do something or to refrain from doing something. - Downzoning: Changing the zoning of a property to lower a value. - Hand Delivery, 1. Any man-made addition to land that is permanent, and is considered to become part of the land is known as a(n) __________. bank, personal property, appreciate. ( Champions School Of Real Estate Review) 11,948 views Jan 2, 2019 402 Dislike Share. An offer may be withdrawn at any time prior to its acceptance by the offeree. Specific performance is the only remedy that would possibly result in the full execution (closing) of the transaction. Because these interests are undivided, all co-owners share the right of possession of the property. - Sale of Other Property Page 1. At Advisor Group, we support more than 11,000 financial professionals, the people who help everyday Americans achieve their dreams. Familial status (cannot discriminate on marital status or with children). 4. Lynne purchased a lake front lot in order to build her dream home. A standard mortgage is a contract between two parties: The only change is the higher your favor, the more gold it pays out. Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. What is done when a seller receives multiple offers? This type of loan is likely to contain a release clause, allowing the borrower to obtain partial releases of specific lots by making required lump sum payments. Who will inherit her estate? 2. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. Which of the following statements is true? Paragraph 11 - legal vs illegal entries - page 135 5. The grantor may add warranties to the deed at his or her discretion, The combination of two or more properties into one. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. 5. The general partner is most often the "promoter" who brought the limited partners into the venture. Contract B. Real property conveyed by will is called a ________. A balloon loan is a partially amortized loan with a final payment substantially larger than the others. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. For this set of variables: Which variables in the survey are categorical ? Many hard money loans are made by private investors, generally in their local areas. These rights are often referred to as the "bundle of rights.". If a lawsuit is filed, all of the following defenses could potentially help Myra EXCEPT what? A contract requiring both parties to perform certain duties. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. CardioGood Fitness looks to increase the sales of its treadmill products and has hired The AdRight Agency, a small advertising firm, to create and implement an advertising program. Highest deed - 5 covenants. Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. This type of contract is said to lack maturity. Dower is the interest a wife has in the property of her husband. 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.". An individual who receives property through intestate succession. 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. Examples include fires, earthquakes, acts of war, or hurricanes. In spite of this exception, to avoid confusion and misunderstanding, all lease agreements should be in writing. The corporate entity is comprised of three components: It simply refers to a person who owns the business and is personally responsible for its debts. No offer has a priority of presentation over another. You may not spend more than 12 hours per day on the course, and you cannot begin your exam until the third day after registration and beginning the course. 2015 Kaplan, Inc. May be reproduced for educational uses only. Posted: January 10, 2023. A one-time mortgage insurance premium on FHA mortgage loans that is paid at closing. This federal law was passed to ensure that banks would serve the needs of the community in which they were chartered to do business. A contract used in real estate that combines some of the elements of a sale with a lease. The market research team decides to investigate whether there are differences across the product lines with respect to customer characteristics. - Phone -must be unconditional Agent Jay has received an offer on his client's property, but they are still considering it. - Seller Financing Joe is an agent at Tried and True Realty. A person appointed by a testator to carry out the terms of the will. In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. The AdRight Agency plans to identify particular market segments that are most likely to buy their clients' goods and services and then locate advertising outlets that will reach that market group. Occurs when an individual dies, leaving no valid will. EXCEPT: A. a belief in atheism. Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. If a person dies intestate (without a will) and without heirs, the government will take title to his real property under this right. This type of mortgage is considered the most expensive home equity loan because the debt continues to accrue or grow with interest, and heirs will inherit the property with a lien on it. The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase.