Legally binding agree - Study guides, Class notes & Summaries

Contract: - ️️A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract: - ️️A contract that has been approved and is required to be used by license holders In Texas, what are the two entities that promulgate contracts? - ️️TREC and TAR In a real estate sale, the license holder must use the appropriate TREC-promulgated form UNLESS another contract form is required by the buyer's lender. - ️️FALSE (Explanation: In a real estat...

Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER-A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...

AIC 301 Test Exam Questions Marking Scheme A legally enforceable agreement between two or more parties. - Answer -contract The party to a contract making a promise. - Answer -Promisor The party to a contract to whom a promise is made. - Answer -Promisee The relationship that exists between the parties to a contract. - Answer -Privity of contract A person who is not a party to a contract but who benefits from it and has a legal right to enforce the contract if it is breached by eit...

Contract: correct answersA legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract: correct answersA contract that has been approved and is required to be used by license holders In Texas, what are the two entities that promulgate contracts? correct answersTREC and TAR In a real estate sale, the license holder must use the appropriate TREC-promulgated form UNLESS another contract form is required by the buyer's lender. correct answersFALSE (...

Texas All Lines Adjuster Test Accumulated Depreciation - Answer- The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - Answer- The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) - Answer- A valuation method used by insurers to reflect an item's current market value...

Superior School of Real Estate Final Exam| Questions and Answers, 100% Correct| Latest 2024 Superior School of Real Estate Final Exam| Questions and Answers, 100% Correct| Latest 2024 Which of the following would create legally binding acceptance of a written offer? The seller's agent emails the buyer's agent that the seller signed the offer as written. A broker is preparing a comparative market analysis (CMA) for a subject property with 3200 square feet. A comparable property has 27...

which of the following refers to being restored to the financial condition you were in before a loss? - ANSWER-indemnification mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of.. - ANSWER-principle of indemnity the transfer of risk from one party to another is called - ANSWER-insurance the principle of indemnity is designed to prevent - ANSWER-ke...

Which of the following would create legally binding acceptance of a written offer? - Accurate Answers The seller's agent emails the buyer's agent that the seller signed the offer as written. A broker is preparing a comparative market analysis (CMA) for a subject property with 3200 square feet. A comparable property has 2750 square feet. The estimated value of 450 additional square feet is $22,500. The broker should... - Accurate Answers Add $22,500 to the sales price of the comparable p...

ADJUSTER PRO - FLORIDA CERTIFIED ADJUSTER GLOSSARY QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion One of the characteristics of an insurance contra...

Texas Promulgated Forms Questions and Answers Test Bank with complete solution Which of the following is TRUE for the statute of limitations for contracts for the sale of real estate and oral contracts for leases of less than one year? The statute of limitations is four years for the sale and two years for the lease. The voiding of a contract by a minor is an example of terminating a contract by operation of law. Which of the following would NOT be considered a competent party? A 30-yea...