CSLB Law & Business Practice Test 2024 SOLUTION A+ RATED Bonds can be purchased from bonding companies for ___% of the original contract price. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. The injured party files a court action seeking an order of the court directing the defaulting party to perform according to the terms of the contract. Gives the tenant occupancy in the present time and the right to purchase at a future date. 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. CardioGood Fitness is a developer of high-quality cardiovascu- lar exercise equipment. Under this type of law, a court looks to the findings of prior courts when regarding a decision. An offer by a prospective purchaser can be terminated prior to acceptance due to: expiration of a specified time period, bankruptcy of either party, a change in the law that renders the contract illegal. An agreement that transfers the right to possess a property for a period of time. Created by the Legislature in 1949 to carry out the provisions of TRELA. - Letter He/she must present all offers to the client. Check that you have the correct examination in front of you. - Removal or waiver of contingencies, An attachment to a contract that adds or further describes the rights and duties of the parties. 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. A corporation owns the entire cooperative complex. Do nothing ( Champions School Of Real Estate Review) - YouTube 0:00 / 10:30 Watch This Before You Spend $1000 Bucks ! How much will be owed at closing for taxes? In such cases, an oral lease for one year or lease is valid and enforceable. 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. A property may be placed in a trust, with ownership conveyed to a trustee for the benefit of others. Buyer's temporary residential lease - for use with the buyer occupies the property for no more than 90 days prior to closing. TREC has only two promulgated lease forms: For use when the buyer occupies the property for. on one- and two-year zero-coupon bonds) be next year? - Building Codes: All residential structures must conform to code, whether they are site-built homes or modular homes. what makes law voluntarily enforceable? The benefit of this type of loan is a lower interest rate. The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. 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. A contract requiring both parties to perform certain duties. Nonhomogeneity, 1. She went to the US without appointing any administrator on the apartment . It is also used to grant an easement. Exam (elaborations) - Law of contracts exam 2. Law of Contracts Real Estate Finance Promulgated Contract Forms Each course takes 30 classroom hours to complete. The limited partner has no involvement in the day-to-day operation of the business. Give yourself 30 minutes to complete this exam. Fred is a truck owner. UNEP LAW - Obligations & Contracts , MID TERMS May 21, 2022. A(n) ________ is a business venture that is owned by one individual. U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. B. belief in God. 1 pages. Exam (elaborations) - Law of contracts questions and answers 3. a set of rules creating order and expectations. A lease with a definite beginning date and definite ending date. In order to create a joint tenancy, four unities are required. d. encroachments. b. encumbrances.c. At closing, prorations for property taxes and property owner association fees will be calculated. Buyers' and sellers' marital status is not required in the contract. SevenBlueSeven Oct 30, 2020 @ 9:06pm. Extend above the surface without limitations. 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. - Financing addendum ________ is evidence an individual has of his or her right to possess land. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. Take the course exam. Scarcity In a budget mortgage, the monthly house payment includes principal, interest, taxes, and insurance (known as PITI). The only default remedy in the contract that could result in Bill acquiring the property is___________________________. - Death of buyer will likely discharge the contract. Have risk-based pricing. A valid contract must be based upon the consent of the parties. The paper has EIGHT questions. The new agreeement may include new parties, which becomes a novation of the parties. ________ is the right of the government to regulate and control the way land is used. A contract in which only one party is obligated to perform is a________ contract. A seller, in exchange for some form of consideration ($), gives the buyer the right to purchase the property for a period of time, but they can back out during that time period should they need to. candidate at the University of Michigan Law School. In addition to specific performance, the injured party may "seek such other relief as may be provided by law." __________ occurs when an individual dies, leaving no valid will. The seller's primary duty is to show up at closing and sign a deed conveying ownership to the buyer. It would seem that providing clients with alcohol before writing a contract could be a risky marketing strategy. What is true in this situation? An offer can be terminated prior to acceptance by the offeree due to: Paragraph 11 - legal vs illegal entries - page 135 5. A(n) ________ occurs when a new contract is substituted for an existing one. Bill is the buyer purchasing a property from Sally. An option is an agreement between a buyer and seller or landlord and tenant. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. keep order, influence conduct, promote equality, honor expectations, and offer compromises. An agreement between two or more parties to do something or to refrain from doing something. 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. This overview will let you know what to expect from the Promulgated Contract Forms course specifically. Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). "We need to have more examination of what this means. Easement acquired by the government under the right of Eminent Domain- for use by the government, utilities or railroads. __________ 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. Which of the following is a physical characteristic of land? The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. I love reading, traveling and learning new cultures; I've lived/worked in 3 continents (Africa, Middle East & North America), visited over 25 countries and have friends from more than 100 nations.<br><br>Started my career as an accountant and . This federal law was passed to ensure that banks would serve the needs of the community in which they were chartered to do business. Ongoing expenses such as property taxes and property owner association fees that are divided between the buyer and the seller at closing are called __________. ________ is evidence an individual has of his or her right to possess land. A deed with no guarantees, warranties, or covenants. Advertising in real estate should not have what in it? What form must they complete when they list their property? All contingencies have been met and the parties are ready to close. 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. An individual who receives property through intestate succession. The team decides to use both business transactional data and the results of a personal profile survey that every purchaser completes as their sources of data. 3. The Election Transparency Initiative is a project, in part, of Susan B. Anthony Pro-Life America, which works to elect anti-abortion lawmakers. D. a religious cross. Generally a borrower must pay PMI if their equity is less than 20% of the home's value. Jake never delivered the disclosure as promised. 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 is the standard for determining whether a restriction on a religious practice is constitutional under the First Amendment? Bill is determined to complete the purchase and acquire the property. 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. In the figure, mark the quantity the firm will choose to produce in the short run given this cost structure and the market price. - Phone The annual premium is paid monthly and is added to the borrower's monthly payment. Communication is also referred to as notification. Consumer Financial Protection Bureau (CFPB). FHA loans include two mortgage insurance premiums that must be paid by the borrower. Buyers' and sellers' marital status is not required in the contract. 4. Back. a. Texas Real Estate Commission bank, personal property, appreciate. Requires proof that the act or omission was a significant factor in bringing about injury. Contracts must convey an interest in real estate or leases for a term of more than 1 year - must be in writing. His other children are noted as heirs. A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. Study Aids By product Case Briefs(view casebooks) Courses Essay Practice Exams Flashcards Key Terms Multiple-Choice Questions Outlines By subject Administrative Law Bankruptcy Business Associations 2. Built to emulate law school and MEE exams. Prepare a retained earnings statement for the year assuming net income is $10,400. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . Refers to the fact that land, and additions to the land, such as buildings, take long periods to pay for themselves. A(n) ________ mortgage covers more than one piece of property. 3. 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. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. In this case, the parties should use the Buyer's Temporary Residential Lease form. Dower is the interest a wife has in the property of her husband. 2. 2. have legitimate gov't. 3. vote in legislature. Is limited to the amount he or she invested in the partnership. The right of the government to regulate and control the way land is used. Posted: February 12, 2023. The buyer's primary duty is to show up at closing and pay the agreed consideration (sales price). D)not permitted under Texas law. When a sale is closed, the contract has been fully executed. 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) Familial status (cannot discriminate on marital status or with children). Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: Enter into a Seller's Temporary Residential Lease. The primary benefit to the veteran is that the rate on the Veterans Land Board loan is often up to one percent below prevailing market rates. any unconscionable action or course of action by any person. The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. A "Section 502 Loan" is insured by the ________. 2. A. An offer may be withdrawn at any time prior to its acceptance by the offeree. Employment agreement for the listing broker. Upon the death of one spouse, the survivor becomes the owner of the property. When a party is considering consulting an attorney for advice in a transaction an agent should: Created by the Legislature in the 1970s to collect and compile data about real estate in Texas. In order to comply with the Statue of Frauds, contracts must be what? Its products include treadmills, fitness bikes, elliptical machines, and e-glides. Accept, reject, Counteroffer, or do nothing. Law of Contracts Practice Exam Champions 2018 Flashcards | Quizlet Law of Contracts Practice Exam Champions 2018 4.5 (32 reviews) Term 1 / 83 In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for special provisions to the contract. 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. 3. UC Berkeley is taking steps to address issues raised by an eight-month, $2 million investigation that led to the firing of Golden Bears women's swimming head coach Teri McKeever, the most . 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" Which kind of rights extend above the surface of property without limitation? A deed that carries no guarantees or warranties. Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. All FHA and VA loans are assumable. The ________ ensures that all consumers are given an equal chance to obtain credit. Involves ownership of real estate by one individual or entity. Real property conveyed by will is called a ________. - 1-2% This acts as an assurance that the contractor will be able to complete the job as described in the contract. He decides to sell 1 of his trucks for $20,000 since business is going down. In this circumstance, Gene is referred to as the _______. EXCEPT: A. a belief in atheism. Much to her six children's dismay, single mom Nancy died without making a will. 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.". Rule P-53 of the Texas Department of Insurance states that Title Companies: Cannot provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a single firm, Cannot provide continuing education classes unless they charge the market rate for those classes, A yearly tax bill is $2400 and has not been paid.
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