Law of Contracts - CHAMPIONS TEST 100% ACCURATE EXAM BUNDLE

A sale and leaseback agreement is: - ANSWER a way for landowners to free up capital while maintaining the same overhead expenses With net leases, each added "net" requires a tenant to pay for an additional expense that may have otherwise fallen on the landlord. All of the following are expenses...

Your buyer client, Jacob, is planning to obtain financing for a new home. What should his first step be? - ANSWER Obtain a pre-qualification letter. Sondra thinks the new business contract she signed with her business partner is valid. Both parties are legally competent, the contract has a legal ...

TRID - ANSWER TILA-RESPA Integrated Disclosure Rule (The Final Rule) TRID Rule - ANSWER Lenders must give a copy of the booklet, must provide a loan estimate (within 3 business days), a closing disclosure RESPA - ANSWER Real Estate Settlement Procedures Act Adverse Possession - ANSWER A per...

Which of the following practices could be considered practicing law by a real estate broker for the sale or lease of real property? - ANSWER Use of a form prepared by the broker's company When a seller and a buyer wish to convey personal property, this is done with a - ANSWER Bill of sale Wh...

What is a method of withdrawing from a contract without actually canceling it? - ANSWER Assignment When someone who is a tenant in common with another person dies, the deceased person's interest in the estate is transferred to the - ANSWER deceased person's heir. What type of funds MUST be d...

Wrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER 90 days __________ extend above the surface without limitation. - ANSWER air r...

offer - ANSWER A proposal by one party to another intended to create a legally binding agreement. Terms of offer must be clear, definite and certain acceptance - ANSWER words signifying consent to the terms of an offer (thereby creating a contract) void - ANSWER a contract that has no legal fo...

Which of the following is a requirement for a Texas real estate sales agent license? a. College degree b. 30 hours of Real Estate Principles Only c. Showing competency by passing the licensing exam d. Must be Texan by birth - ANSWER C. Showing competency by passing the licensing exam An acti...

In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. a. 1939 b. 1929 c. 1949 d. 1993 - ANSWER c. 1949 TREC has only _______ promulgated lease forms. a. 1 b. 2 c. 3 d. 4 - ANSWER b. 2 In the TAR® Seller's Disclosure the seller should _____...

The TREC residential contract forms are: - ANSWER Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. - ANSWER good...

Counteroffer - ANSWER A buyer makes an offer, the seller wants to accept the offer if the buyer will agree to a change in price. In these circumstances, the seller will give the buyer a Statute of Frauds - ANSWER What law requires certain types of contracts to be enforceable? Addresses in the ...

Consumers - ANSWER The DTPA helps protect...? Agents Consumers Sellers Attorneys Before the Prospective Buyer Makes an Offer - ANSWER In order to help prevent the buyer from withdrawing their offer, when should a seller provide a prospective buyer with the property disclosure form...? Af...