champions law of contracts exam

1. 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 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. 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. A ________ is the borrower's unconditional promise to repay the lender. Any man-made additions to the land that are permanent. For Correspondence-Online: The course will take 30 hours to complete. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. Law of Contracts - CHAMPIONS TEST - Law of Contracts - Stuvia US Common Examples include: Originally passed in 1974, ensures that all consumers are given an equal chance to obtain credit. Non-payment of mechanic's and materialman's Refers to the fact that land cannot be moved. Joe is an agent at Tried and True Realty. Bill is determined to complete the purchase and acquire the property. Fixity A contract requiring both parties to perform certain duties. A seller is going to continue to occupy a property for two days after closing. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. 1. - Sale of Other Property b. encumbrances.c. In spite of this exception, to avoid confusion and misunderstanding, all lease agreements should be in writing. In such cases, an oral lease for one year or lease is valid and enforceable. Details Or fastest delivery August 1 - 3. Types: 2. Deed given by court order in connection with sale of property to satisfy a judgment or foreclosure. Borrowers are rated A-F with a prime borrower having an A rating. The legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. Which of the following is an example of a contract used often in the real estate business? Generally a borrower must pay PMI if their equity is less than 20% of the home's value. Time - Owners must acquire their interest at the same time. Means - "to make known by open declaration; publish." rights of a landowner adjacent to a lake -Ex: , if a license holder receives an offer at 9 a.m. and presents it to the seller. on one- and two-year zero-coupon bonds) be next year? A deed executed by a court-appointed guardian to convey title to property owned by a minor, insane person, or the aged. These trees are examples of what? Common amendments include: 60 cards Real Estate Real Estate Principles Practice all cards Substitution of a new contract for an existing contract is A)an assignment. 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. Employment agreement for the listing broker. In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. A claim, lien, charge, or liability attached to and binding real property is an encumbrance. In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. Question 1-Contracts Practice Test for the Real Estate License Exam. Familial Status, Hearing Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). Phoenix, AZ. Taxes for the year that have not been paid will be deducted from the seller's proceeds, usually through the day of closing. Stitus, Refers to the fact that land cannot be destroyed. Refers to the location of the property or land from an economic, not geographic view point. \end{array} 2. Indestructibility or durability (cannot be destroyed) A "Section 502 Loan" is insured by the ________. 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. What are the implied one-year forward rates? This type of will is only legal for personal property, not real property. - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? The contract must, therefore, reflect the intent and wishes of the parties. Are created by statute of law. The grantor implies ownership or the right to transfer title but does not provide a warranty of title. Is limited to the amount he or she invested in the partnership. A contract may be discharged due to _______________________. Knowing the seller's "bottom line," what should Joe do with the offer? An individual who inherits property by intestate succession acquires title by descent and is known as this. These changes cna be on the land itself of off-site. A novation may occur when a contract that has been marked up with many changes is replaced with a clean copy. Any consumer can bring an action against a provider of services when the consumer can prove that the servicer was the producing cause of any of the following: 3.Nonhomogeneity (no 2 parcels are the same), What is modification (1 of the 4 economic characteristics of land). ________ is the right of the government to regulate and control the way land is used. Use 202020-year level term rates to estimate the number of years of extended term insurance she has using a non-tobacco rate. 4. All oral negotiations are voluntary and do not become binding until committed in writing. If the loan factor is $5.53 on a $200,000 loan, taxes are $2400/year and insurance is $1800/year, what is the monthly PITI payment? For use when the seller occupies the property for no more than 90 days after closing. A claim, lien, charge, or liability attached to and binding real property. Which disclosure is provided to comply with federal requirements for properties built before 1978? 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. Leases and "right of first refusal" - page 19 Leasee has the right to match or outbid 3. 1. The government's right to regulate land usage. All FHA and VA loans are assumable. A-Z Construction Company was organized on May 1 of the current year. EXCEPT: A. a belief in atheism. Lego 75887 Speed Champions Porsche 919 Hybrid - Retired BNISB Patti, David, and Arthur inherited several acres from their parents. In most cases, a person seeking to void a contract on such a basis must show that the other contracting party used the drugs or alcohol as an inducement to sign. The middle-line TM498 adds to the features of the entry-level model two user programs and up to 15% elevation upgrade. In all states, license holders are barred from the unlawful practice of law. corporate officers who are responsible for the overall management of the operation of the business. Gives the tenant the right to purchase the leased property by matching or bettering any offer before the property will be sold to someone else. It is called, liquidated damages. b. Real and Personal Property transfer documents at closing. Mental disability. They are considered personal property. In addition to specific performance, the injured party may "seek such other relief as may be provided by law." Remember "L" - Littoral/Lake. - Inspection, As a transaction progresses, amendments to the original contract may be needed. - Reservation Interest - They must hold equal shares. It is also used to grant an easement. Any man-made addition to land that is permanent, and is considered to become part of the land is known as a(n) __________. Non-payment of mortgage Secure transaction Ships from TEXTBOOKPLAZA Sold by TEXTBOOKPLAZA Ships from TEXTBOOKPLAZA Sold by TEXTBOOKPLAZA ________ of an offer means that the accepting party does so with no change to the contract whatsoever. For this set of variables: Which variables in the survey are categorical ? a. Barbara must submit an amendment that reflects the new, lower sales price. Indestructibility or durability The formal judicial proceeding to prove the validity of a will and to distribute the assets of a decedent's estate is called: A ________ is a deed with no guarantees or warranties. 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. 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, a rejection, a new offer, able to be withdrawn prior to acceptance. 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. The buyer's primary duty is to show up at closing and pay the agreed consideration (sales price). The qualification process is the same as for any other FHA, VA, or conventional loan. The type of law that deals with the relationship between the parties to a transaction, sales agents and brokers is: __________ is the body of laws and regulations enacted by federal and state legislative bodies. A contract formed in whole or in part from the conduct of the parties. 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. Kids in Need of Defense (KIND) hiring Staff Attorney - Released in In order to create a joint tenancy, four unities are required. __________ is not a requirement of a valid contract. Transferred rule making authority for the SAFE Act to the CFPB, effective July 21, 2011. A deed used to convey title to property sold by the government for nonpayment of taxes. A(n) __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. How can Gary help Simon evaluate the offers? 3. At Advisor Group, we support more than 11,000 financial professionals, the people who help everyday Americans achieve their dreams. 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. Business Law Exam 1 Flashcards - Cram.com - Phone - Downzoning: Changing the zoning of a property to lower a value. The primary benefit of a sole proprietorship is that the owner has total control of the business. -TREC does not have promulgated forms for this. - Taxation . In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract.