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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. He/she must present all offers to the client. 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? Established by TREC to write mandatory residential contract forms for license holders. A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. a. Texas Real Estate Commission All FHA and VA loans are assumable. The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. Exam (elaborations) - Law of contracts exam 2. Chapter 6 - Law of Agency and Real estate.docx. Consumer Financial Protection Bureau (CFPB). Administered by TREC to protect aggrieved individual who suffer a monetary loss due to illegal acts of license holders. The law of contracts is state law, and the common law varies from state to state. An individual who receives property through intestate succession. 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 operation of law. Ignore taxes. The primary benefit of a sole proprietorship is that the owner has total control of the business. An active sales agent license may only be issued under what conditions? It is as depend- able as other models offered by CardioGood Fitness, but with fewer programs and features. void The five essential elements of a valid and enforceable contract are, Consideration, Offer and competent partires ________ is the right of the government to regulate and control the way land is used. 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. Law of Contracts Real Estate Finance Promulgated Contract Forms Each course takes 30 classroom hours to complete. In Texas, real estate contracts are subject to satisfactory inspections. corporate officers who are responsible for the overall management of the operation of the business. b. encumbrances.c. Thank you. Occurs when a new contract is substituted for an existing one. - Letter A contract is considered discharged when all parties have have performed. These courses will help you prepare to pass the licensing exam. Texas Veteran's Housing Assistance Program loans can be: The least common form of mortgage financing is. 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? The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at will and ________. Accept When a party to a contract fails to perform under the contract, also known as breach of contract. 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. The Reeve's agent submitted an offer of$349,500.00 on a property priced at $365,000.00. Special Provisions(What can and Agent Write?). A property may be placed in a trust, with ownership conveyed to a trustee for the benefit of others. A certificate showing the Myra took an online class about visual roof inspections. INSTRUCTIONS: After finishing the exams, please submit your test notebooks at the Dean's Office c/o Margie on or before May 24, 2022. In the case of foreclosure, this deed is used to correct an error in a previously executed deed. Only a ________ may earn a commission, and only a ________ may sue to collect a commission. If a lender collects principal and interest and shares in the profits when the property is sold, then it is called a shared appreciation mortgage. The grantor may add warranties to the deed at his or her discretion, The combination of two or more properties into one. keep order, influence conduct, promote equality, honor expectations, and offer compromises. Joe is an agent at Tried and True Realty. 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. Non-payment of mechanic's and materialman's CSLB. Title remains with the lender until the loan is repaid. - Repairs that the seller agrees to perform. - Tax Liens What is the standard for determining whether a restriction on a religious practice is constitutional under the First Amendment? Gerald and Finn are selling their classic 1959 mid century modern home. 3. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. Involves ownership of real estate by one individual or entity. The tax and insurance portion of the payment is held in a special account called an escrow account. An offer may be withdrawn at any time prior to its acceptance by the offeree. 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. Bilateral Contract C. Broker Lawyer Committee D. The Sources of Contract Law Traditionally, Contracts was a common law course. Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? 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. - E-mail RMLOs in Texas are licensed through: Any change, no matter how trivial, turns the offer into a counteroffer. 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. What are the implied one-year forward rates? - Prescription B) novation. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. \hline The man . 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 term __________ is synonymous with contingent. Therefore, Bernardo has a(n) ______ contract. Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. A seller is going to continue to occupy a property for two days after closing. - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? A __________ is an employment agreement between the seller and the broker. A contract that must have competent parties, offer and acceptance, legal purpose, consideration, and be in writing. Default of contract and types of damages - page 137 Buyer and Seller default. Owners within a cooperative do not own a specific unit. I'm not prepared to fall back on the fact that many hold, that we hold, that Maine is a water-rich state." . Means - work, labor, or repair of goods. RESPA prohibits ________, which is considered an abusive practice. -Ex: When ordering a meal in a restaurant, a contract is created. Transferred rule making authority for the SAFE Act to the CFPB, effective July 21, 2011. Religion How much will be owed at closing for taxes? The annual premium is paid monthly and is added to the borrower's monthly payment. 2. 8. 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. Do nothing A(n) ________ occurs when a new contract is substituted for an existing one. 2.Immobility (can't move) These contracts are said to be unilateral because only one party is obligated to perform and is said to lack mutuality. Which kind of rights extend above the surface of property without limitation? Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. It is generally used to accomplish the transfer, which would normally accompany the deed. 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 Means that the accepting party does so with no change to the contract whatsoever. In Writing (when required by law) If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. 2. If the agent representing the second buyer is aware that multiple offers have been received, then the listing agent should notify the agent representing the first buyer that multiple offers have been received. return over the next year? - Fax The most common example of this is a utility easement. expectations are accurate, what will the pure yield curve (that is, the yields to maturity Borrowers are rated A-F with a prime borrower having an A rating. - Mortgages and Trust Deeds A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. Real property conveyed by will is called a ________. A person under the age of 18 cannot enter into a contract. An easement created to benefit adjacent land. breach of an express or implied warranty. In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. In addition to specific performance, the injured party may "seek such other relief as may be provided by law." This is a (a) A suit for specific performance (b) Money damages (c) Liquidated damages (d) Mutual rescission Liquidated damages. In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. Five Elements of a Valid and Enforceable Contract: 1. Is deposited in an escrow account when the contract is signed by all parties, and acceptance is communicated. - Condemnation. Which of the following is a requirement of a Texas real estate sales agent license? The balance in Retained Earnings is the balance as of January 1. The body of laws and regulations enacted by federal and state legislatures. Agent Jay has received an offer on his client's property, but they are still considering it. O = Offer and acceptance (mutual agreement) - Taxation In Texas, financing information is not a separate addendum. b. Details Or fastest delivery August 1 - 3. - Phone Partial adjusted trial balance data for Ravine Corporation are presented in BE4-10. The __________ is the percentage of the lesser of the appraised value or sales price that the lender will loan. The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. It operates within the Chinese Communist Party (CCP) under the name "Central Military Commission of the Communist Party of China", and as the military branch of the central government under the name "Central Military Commission . - Sale of Other Property 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. The government's right to regulate land usage. - Bid Bond This guarantees a contractor will . on one- and two-year zero-coupon bonds) be next year? Use of Racial and Ethnic Terms Responsibility of Agents when Receiving an Offer. The TM195 is an entry-level treadmill. Can be one of two formes, depending on state law and custom. Can also be called a lease with an option to buy. use or employment by any person of a false, misleading, or deceptive act or practice that is specifically identified in the act. Do not go over the time limit. - Mechanics and Materialman's (M&M) liens. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. A provision in a contract that requires a specific act or event happens for the contract to be binding on the party and must be specific as to what action needs to take place, who must complete the action, and when it will be completed. Paralegal & Law Clerk; Property Law; Manufacturing, Transport & Logistics. Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. Mobility and visual impairments Common forms: ________ is the legal procedure whereby secured property may be sold to satisfy a borrower's unpaid promissory note. a set of rules creating order and expectations. 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.