Aceable Agent - Law of Contracts Questions & Answers 2024 ( A+ GRADED 100% VERIFIED)

Aceable
Agent
-
Law
of
Contracts
DEED
-
ANS
The
legal
written
document
that
conveys
the
intangible
ownership
rights
(title)
of
a
real
estate
property
to
another
property.
DEED
OF
TRUST
-
ANS
A
security
instrument
that
places
the
deed
to
the
property
in
a
trust
held
by
the
lender
until
a
mortgage
is
paid
off,
when
the
trustee
will
transfer
the
deed
to
the
borrower.
TRUSTEE
VS
TRUSTOR
-
ANS
A
trustee
is
an
individual
person
given
control
of
property
in
trust
with
a
legal
obligation
to
administer
it
solely
for
the
purposes
specified.
The
trustor
is
the
borrower.
ENCUMBRANCE
-
ANS
Any
restriction,
encroachment,
claim,
or
lien
on
a
property
(such
as
a
mortgage)
that
affects
the
value
or
use
of
the
property.
TREC
BOARD
-
ANS
Board
is
made
up
of:
6
Brokers
(5
years
experience
prior)
3
Non-Licensed
members
who
don't
have
any
business
interest
in
real
estate.
EDIT,
CREATE,
RECOMMEND
CONTRACTS
TO
TREC
-
ANS
What
is
the
primary
purpose
of
the
Broker-Lawyer
Committee?
6
ATTORNEYS
6
BROKERS
1
PUBLIC
MEMBER
-
ANS
What
is
the
Broker-Lawyer
Committee
made
up
of?
DTPA
-
ANS
Deceptive
Trade
Practices
Act
GROUNDWATER
AND
RAINWATER
-
ANS
Surface
owners
have
the
rights
to
what?
BILL
OF
SALE
-
ANS
Certificate
of
transfer
of
personal
property.
NON-HOMOGENOUS
-
ANS
Parcels
of
land
are
unique.
SCARCITY
SITUS
MODIFICATION
FIXITY
ILLIQUIDITY
-
ANS
What
is
the
list
of
economic
characteristics? SEVERALTY
-
ANS
Describes
undivided
ownership
of
an
estate
with
an
interest
that
is
exclusive
from
other
owners.
TESTAMENTARY
TRUST
-
ANS
A
type
of
trust
that
is
effective
upon
the
death
of
a
trustor.
SEVERALTY
(EXCLUSIVELY)
CO-OWNERSHIP
(SEVERAL
PEOPLE)
TRUST
(ORGANIZATION)
-
ANS
What
are
the
3
different
types
of
ownership?
COMMUNITY
PROPERTY
TENANCY
IN
COMMON
JOINT
TENNANCY
-
ANS
What
are
the
3
types
of
co-ownership?
NO,
EITHER
GOES
TO
WILL
OR
TO
THEIR
DESCENDANTS
-
ANS
If
an
owner
in
Tenancy
in
Common
dies,
does
their
part
of
the
property
go
to
the
surviving
owners?
YES,
THE
RIGHT
OF
SURVIVORSHIP
-
ANS
If
an
owner
in
Joint
Tenancy
dies,
does
their
part
of
the
property
go
to
the
surviving
owners?
TIME
TRUST
SEVERALTY
-
ANS
What
are
the
3
different
ways
an
estate
can
be
held
in
Texas?
S
CORP
-
ANS
A
corporation
that
is
taxed
as
though
it
were
a
partnership;
income
is
taxed
only
as
the
personal
income
of
its
stockholders.
Has
less
than
100
shareholders.
COOPERATIVE
-
ANS
A
residential
building
in
which
the
title
is
held
by
a
corporation,
the
residents
are
stockholders
in
the
corporation,
and
the
residents
have
a
lease.
PAROLE
EVIDENCE
RULE
-
ANS
A
common
law
rule
that
prevents
a
consumer
from
using
things
outside
of
the
written
contract
to
make
a
claim.
RECIPROCAL
-
ANS
What
type
of
obligations
are
created
in
a
bilateral
contract?
SALE
OF
A
GOOD
OR
SERVICE
-
ANS
Which
of
the
following
is
NOT
an
example
of
a
unilateral
contract?
1.
Commission
2
The
offer
of
a
reward
3.
The
sale
of
goods
or
service
4.
A
contest
In
a
unilateral
contract
you
are
promising
to
pay
for
a
performed
act,
and
in
a
bilateral
contract
you
are
paying
for
the
promise
of
a
performed
act.
-
ANS
What
is
the
distinction
between
a
bilateral
and
a
unilateral
contract?