Closing promise Study guides, Class notes & Summaries

a running stream is considered - ANSWER-real property water found on the land in watercourses, such as natural springs, streams, or rivers and in bodies of water, such as ponds or lakes is called - ANSWER-surface water What is riparian rights - ANSWER--riparian property owners have reasonable use of the follow water - the owner of property bordering a stream or river has riparian rights -the owner of adjacent land may not lawfully divert all available waterand thereby deprive a riparian ...

National Real Estate Exam Prep Chapter 7 (Champions School of Real estate) Rated A+ Conventional loan a loan that is neither federally insured nor guaranteed Non-conventional loan mortgage loans through three agencies: The federal housing Admin. The US dept of Veteran Affairs US Dep. of Agriculture contract for deed (installment contract) seller financing and buyer does not get deed until the property has been paid for in full Mortgage Pledge of real property as a security fo...

Which of the following is an example of a Bilateral contract? - ️️A Promise in exchange for a promise - Purchase Contract. Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract Who is responsible for filling in the effective date, who, when & what? - ️️Broker. Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last party to initial/Sign fills in the day. Broker. Last party to accept ...

Flood certification (ans- a certificate which has the determination as to whether or not a property is in a flood zone or not. If so the lender will require the borrower to purchase flood insurance. W9 (ans- an irs form, also known as "request for taxpayer identification number and certification", which is used by an individual defined as a "u.s. person" or a resident alien to verify his or her taxpayer identification number (tin).report income paid, real estate transactions, mortgage int...

CA BAR EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ commercial builder be bound by a residential-use restriction if (1) grantor had common scheme (2) unrestricted lot holders had notice (majority rule) reqs for burden of equitable servitude intent, notice, touch and concern render title unmarketable (1) defects in record chain of title (adverse posession) (2) encumbrances (mortgages, liens, easements, restrictive covenants) (3) zoning violations f the buyer of land determines that the...

Acceptance correct answers The offerees choice to accept the terms and conditions of a contract. Must be unconditional, unequivocal, and legally communicated. [In Texas, silence is normally not acceptance (Thurmond v. Wieser)] Agency correct answers A relationship in which one party (the principal) authorizes another party (the agent) to act as the principal's representative in dealing with third parties. Agent correct answers A representative of the principal and can bind the principal t...

Is contract law statutory or common law? Usually common law Can vary state by state, but is becoming more uniform Can be supplemented by State statutes Two functions of contracts Dictate Performance Allocate Risk Contract law definition System of rules for enforcing promises and the breaking of promises Least cost avoider of risks Better at minimizing costs associated with risks Efficient legal rules are one that enforce contracts when the risk is borne by the ...

Champions Promulgated Forms|112 Questions & Ansmutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invalid from the beginning and has no effect on the parties. contract to perform illegal act is a void contract voidable contract - ANSWER-cannot be enforce...

Loa Sign Test #4 exam Questions and Answers with complete Solutions | Updated 2024 The Note is the loan agreement, and it outlines the terms of the loan. True One part of the "TILA- RESPA integrated Disclosure" (TRID) rule that affects signing agents is the: Closing Disclosure, which consolidates the Truth-in- Lending (TIL) disclosure and the HUD-1 Settlement Statement. Which document replaces the Good Faith Estimate and the "early" Truth in Lending Disclosure. The Loan Estimate form...

If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing broker C) The salesman working with the seller and buyer D) The salesman sponsored by a broker representing the seller - A) The Broker representing the seller and buyer An agent would use the same con...