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Law of Contracts Questions Graded A+
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Law of Contracts Questions
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Law of Contracts QuestionsFor 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?:
a. sales price paragraph
b. earnest money paragraph
c. option money paragraph
d. repairs escrow paragraph - answerc. 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 ____________.
a. deeds
b. previous contract when they bought the house
c. survey
d. mortgagee's title company - answera. deed
In an S Corporation, the earnings of the shareholders are ______________.
a. deferred
b. taxed
c. automatically put into a tax free IRA
d. shifted to a C Corporation if there are profits in the S Corporation - answerb. taxed
TREC exists to protect:
a. real estate agents
b. the citizens of texas
c. real estate brokers
d. lenders, appraisers, and all licensees - answerb. The citizens of Texas
What is the law that established the Texas Real Estate Commission?
a. TREC
b. TRELA
c. TAR
d. TCEQ - answerB. TRELA
All of the following are reasons that contracts may terminate EXCEPT:
, a. fraud
b. misrepresentation
c. when there is a suit for specific performance
d. previous agreement - answerc.
What kind of law is handed down by the legislature?
a. agency law
b. common law
c. TREC
d. statutory law - answerd. Statutory law
Land and all items attached to the property are considered:
a. attachments
b. real property
c. personal property
d. personal items - answerB. Real property
General Partnership is a flow-through business entity where profits and losses flow to
the individual partners just as they do in a(n):
a. C Corp
b. S Corp
c. sole proprietor
d. there are no other entities that are follow-through - answerb. s corp
Nonhomogeneity, immobility, and indestructibility are examples of:
a. physical characteristics of property
b. economic characteristics of property
c. bundle of legal rights of property
d. mineral rights of property - answera. Physical char of property
A promise for a promise is considered a ___________ contract.
a. unilateral
b. bilateral
c. valid
d. void - answerB. Bilateral
In addition to the existing survey, what else needs to be included for the title company to
consider accepting the existing survey?
a. the S67 testimony of the seller
b. a letter from the original surveyor
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