Law of Contracts Practice Study Guide 2024 Complete Exam

Law of Contracts Practice Study Guide 2024 Complete Exam For a sum of money negotiated between the parties, the buyer has a time period, stated in this paragraph, for the "unrestricted right" to terminate. Which paragraph does this reference? - ANSWER- Option money paragraph With regard to common mistakes on contracts, it is recommended that the seller's name be used on the contract as it is named in the: - ANSWER- In an S Corporation, the earnings of the shareholders are: - ANSWER- TREC exists to protect: - ANSWER- The citizens of Texas The law that established the Texas Real Estate Commission. - ANSWER- TRELA All of the following are reasons that contracts may terminate except: - ANSWER- What kind of law is handed down by the legislature? - ANSWER- Statutory Law Land and all items attached to the property are considered? - ANSWER- Real Property Losses from a General Partnership is a flow-through business entity where profits and losses flow to the individual partners just as they do in: - ANSWER- Nonhomogeneity, immobility and indestructibility are examples of: - ANSWER- Physical Characteristics of Property A promise for a promise is considered a ________ contract. - ANSWER- Bilateral In addition to the existing survey, what else needs to be included for the title company to consider accepting the existing survey? - ANSWER- T47 Affidavit The only provision in the TREC contract for which time is of the essence is the: - ANSWER- Termination Option Section of the Contract If a party to the contract defaults, what option(s) does the non-defaulting have? - ANSWER- Terminate the contract and receive the earnest money or enforce specific performance. The owner agrees to list the property with only one broker, however, reserves the right to sell the property themselves. This is what kind of listing? - ANSWER- Exclusive Agency An agency relationship which is created after the fact when the principle agrees to be bound by the actions of another person who is acting without authority is called: - ANSWER- Agency by Ratification This estate may be terminated at will of either party. It has no duration limitation. - ANSWER- Estate at Will With this lease, the tenant pays the taxes, insurance, and maintenance. - ANSWER- Gross Lease Paragraph 13 of the ONE-TO-FOUR FAMILY RESIDENTIAL RESALE CONTRACT addresses prorations. Which of the following is prorated at closing? - ANSWER- Taxes This is a communication that gives the listener the power to conclude a contract. - ANSWER- Offer After the contract has been finalized, inspections and repairs, change of assigning fees, closing dates and disclosures are addressed on what form? - ANSWER- Addenda