Exam (elaborations)
Law of Contract Final exam
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- ARRT CI Exam Study Guide
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- ARRT CI Exam Study Guide
Law of Contract Final exam
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Law of Contract Final exam"Homestead" is a legal status for real property in Texas created by
___________________.
A) Texas Real Estate Commission
B) TRELA
C) Texas Constitution
D) U.S. Constitution - ANS-C) Texas Constitution
wrong A) Texas Real Estate Commission
"QUID PRO QUO" describes what kind of contract?
A) Unilateral contract
B) Bilateral contract
C) Valid contract
D) Void contract - ANS-B) Bilateral contract
A BARGAIN AND SALE DEED is an example of:
A) General Warranty Deed
B) Special Warranty Deed
C) Deed without warranty
D) Quitclaim deed - ANS-C) Deed without warranty
A form of real property with portions of the real property designated for separate
ownership or occupancy and the remainder of the real property designed for common
ownership.
A) Cooperatives
B) Corporations
C) Condominiums
D) Trusts - ANS-C) Condominiums
A form of shared property ownership in which rights vest in several owners for a
specified period each year.
A) Cooperatives
B) Time shares
, C) Townhomes
D) Condominiums - ANS-B) Time shares
A leasehold estate and a non-freehold estate are the same.
A) True
B) False - ANS-A) True
A legally binding agreement between parties to do or not to do something.
A) Void contract
B) Option contract
C) Unenforceable contract
D) Contract - ANS-D) Contract
A seller conveys personal property with a:
A) Deed
B) Bill of Sale
C) Deed of Trust
D) Nothing is required - ANS-B) Bill of Sale
A sum of money due by certain and expressed agreement.
A) Mortgage
B) Note
C) Debt
D) Lien - ANS-C) Debt
Agency law consist of the:
A) Texas law of agency
B) Texas Real Estate License Act
C) Texas Real Estate Commission
D) Texas Constitution - ANS-B) Texas Real Estate License Act
All items attached to the property are considered real property and convey to the buyer.
A) True
B) False - ANS-B) False
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