Estate license 1 - Study guides, Class notes & Summaries

Texas Promulgated Contracts-CHAMPIONS STUDY 2022-2023. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilatera...

California Real Estate License Exam 1 Questions and Answers (Latest Update 2023)

Virginia Real Estate National Exam 2023-2024 Questions and Answers 100% CorrectVirginia Real Estate National Exam 2023-2024 Questions and Answers 100% CorrectVirginia Real Estate National Exam 2023-2024 Questions and Answers 100% CorrectVirginia Real Estate National Exam 2023-2024 Questions and Answers 100% Correct (virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. - ANSWER...

Deficiency A ________, in the reasonable judgment of the inspector, is a condition that adversely and materially affects the performance of a system, or component. Inspection Process of examining accessible items, and reporting their condition RESPA Prohibits abusive practices like undisclosed referral fees and kickbacks. Designed to help consumers become more knowledgeable of settlement services costs. Departure Provision The inspector may not inspect an item if the ...

Broker Michael has been a real estate broker for the past ten years but is not a licensed attorney. Can he give legal advice to his real estate clients? - ANSWER No, only if he was a licensed attorney. All licensees are required to complete ____ hours of continuing education in each licensing period. - ANSWER 16 hours For how long must a principal broker keep records? - ANSWER 3 years The minimum requirements of errors and omissions insurance are ____ per claim, ____ deductible per clai...

What are 4 major loss exposures covered by CGL Form? LO1 1. Premises Liability (slip and fall due to water on the floor) 2. Operations Liability (Tree trimmer causes damage to power lines by removing fallen limbs) 3. Product Liability (ladder collapses when being used as intended) 4. Completed Operations A contractor installs a hot water heater and leaves the home, 2 days later, water overflows onto the floor causing damage because the hot water heater was improperly installed. ...

manufactured home - ANSWER aka mobile home or trailer. personal property that becomes real property when hitch and axles are removed, home is permanently attached and DMV title is canceled. Built to federal HUD building codes. Y3 modular home - ANSWER never movable by itself; always real property once it has been assembled. Built to NC state building codes. Y3 fructus naturales - ANSWER "fruits natural" naturally occurring vegetation that does not require annual planting and cultivation ...

FREC Practice Test Questions & Answers 2023/2024 1. Which of the following statements is true regarding a mortgage loan originator (MLO)? a. A mortgage loan originator is the same as a mortgage broker. b. A mortgage loan originator must have a separate license. c. A mortgage loan originator makes loans. d. A mortgage loan originator must have a real estate license. - ANSWER-B 2. A real estate appraiser's fee for professional service is based on which of the following? a. A percentage...

Delaware Real Estate Law Final Exam Questions and Answers Loan to Value Ratio - Answer️️ -Amount of the loan vs value of real estate Who is the Devisee under a Will? - Answer️️ -Devisee under will is person who receives property under a will (maker of will is devisor) What are the Requirements for a valid deed in DE - Answer️️ -The deed has to be in writing The deed has to describe property with specificity The deed must have the name of grantor and grantee The deed must be ...