As a first step, the market research team at AdRight is assigned the task of identifying the profile of the typical cus- tomer for each treadmill product offered by CardioGood Fitness. A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. Suresh Co. expects its five departments to yield the following income for next year. Bill is the buyer purchasing a property from Sally. Law of Contracts Practice Exam/Law of Contracts - CHAMPIONS TEST/Law of Contract Final exam/Real Estate Exam: Law of Contracts/Law of contracts Questions And Answers/LAW OF CONTRACTS EXAM $ 67.94 $ 30.49 6 items 1. Partial adjusted trial balance data for Ravine Corporation are presented in BE4-10. Brokerage is a service. Examples include fires, earthquakes, acts of war, or hurricanes. Also, a contract is valid if all parties are of age, sane, and sober (at the time of executing the contract). Term: This requires a contract for theconveyance of real estate to be in writing to be enforceable Definition: Statute of Frauds Term: These are drafted by the BrokerLawyer Committee Definition: TREC residential contract forms Term: An example of a unilateral contract Definition: Option Contract Term: In a lease with a "right of first refusal" He owns 3 trucks. C. the commandment thou shalt not kill. If one or both of the parties are represented by an attorney, the attorney's contact information is generally included in the contract. You an make an offer by: phone, fax, email, letter, hand delivery. Paragraph 11 - legal vs illegal entries - page 135 5. Owners within a cooperative do not own a specific unit. Non-payment of property taxes At Advisor Group, we support more than 11,000 financial professionals, the people who help everyday Americans achieve their dreams. Real property conveyed by will is called a ________. Which of the following is NOT considered a common addenda form? - Bid Bond This guarantees a contractor will . One sole owner. Law of Contracts Practice Exam/Law of Contracts - CHAMPIONS TEST/Law of Contract Final exam/Real Estate Exam: Law of Contracts/Law of contracts Questions And Answers/LAW OF CONTRACTS EXAM. ________ law is a body of law based on "common sense" and local custom. Located at Texas A&M University. The annual premium is paid monthly and is added to the borrower's monthly payment. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? Counteroffer. A(n) ________ is a provision in a contract that requires that a certain act or event happens in order for the contract to be binding on the party. When two or more parties join together to create and operate a real estate investment. Wrongful or criminal deception intended to result in financial or personal gain is called: The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: __________ extend above the surface without limitation. If a buyer has concerns about possible contamination of potential property, the buyer or the lender may opt to have an Environmental Sit Assessment. Another form of participation loan allows the lenders to share in the profitability of the property, in addition to collecting principal and interest on the loan. When a party is considering consulting an attorney for advice in a transaction an agent should: Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. Consideration. A contract requiring both parties to perform certain duties. The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. The estimated amount of the property tax for the current year (May 1 to December 31) is$45,000. Covers more than one piece of property. Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. A lease in which the landlord pays taxes, insurance, utilities, and maintenance. What is the standard for determining whether a restriction on a religious practice is constitutional under the First Amendment? For Correspondence-Online: The course will take 30 hours to complete. A corporation owns the entire cooperative complex. A certificate showing the Myra took an online class about visual roof inspections. A-Z Construction Company was organized on May 1 of the current year. An offer may be withdrawn at any time prior to its acceptance by the offeree. The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. - Mortgages and Trust Deeds A seller of coastal property abutting tidally influenced water must provide the ________. For use when the seller occupies the property for no more than 90 days after closing. Which of the following is a physical characteristic of land? - The operation of law. 4. Recalculate and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios: Management (1) does not eliminate any department, (2) eliminates departments with expected net losses, and (3) eliminates departments with sales dollars that are less than avoidable expenses. Buyer's temporary residential lease - for use with the buyer occupies the property for no more than 90 days prior to closing. Dower is the interest a wife has in the property of her husband. Law of Contracts - CHAMPIONS TEST - Law of Contracts - Stuvia US ir rights An example(s) of an appurtenance would be: - Answer- easements There is no upper limit on the value of a Texas homestead. #1. Brand new in unopened box in excellent condition 75887 Porsche 919 Hybrid 163 pcs New Sell 7000 Local Pickup in Canberra or contact me for postage quote See ., 1309269667 He/she must present all offers to the client. Jake never delivered the disclosure as promised. Deed given by court order in connection with sale of property to satisfy a judgment or foreclosure. 2.Immobility (can't move) - Impossibility of performance. Immobility Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. In this circumstance, Gene is referred to as the _______. A(n) ________ is a listing in which the real estate broker's commission is the difference between the minimum net established by the seller and the price that the buyer is willing to pay. A transfer of ownership made for love and affection. Therefore, Bernardo has a(n) ______ contract. Fixity Defined as the surface of the earth, extending downward to the center of the earth and upwards above the surface to infinity. The sole proprietorship is the simplest business form under which one can operate a business. When an individual owns real property, he or she is said to have a (n) __________ in that property. \text{3}& 12 \\ \hline It simply refers to a person who owns the business and is personally responsible for its debts. A seller, in exchange for some form of consideration ($), gives the buyer the right to purchase the property for a period of time, but they can back out during that time period should they need to. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________. Offer and Acceptance (Mutual Agreement) An oral or deathbed will. In Texas, financing information is not a separate addendum. Another possible financing scenario would be the assumption of the seller's existing mortgage. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. A seller cannot intentionally destroy a property. 2015 Kaplan, Inc. May be reproduced for educational uses only. Agent Jay has received an offer on his client's property, but they are still considering it. The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. The grantor states, "Whatever interest I have, if any, I do hereby grant and convey." Includes both real and personal property (fixtures and furnishings). b. In the retail environment, this lease obligates the tenant to pay a base rent and a percentage of the gross sales. a. The contract is a unilateral contract because only one party is obligated to perform. Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. - Removal or waiver of contingencies, An attachment to a contract that adds or further describes the rights and duties of the parties. Was designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators, and the establishment of a nationwide mortgage licensing system and registry for the residential mortgage industry. If the loan factor is $4.49 and the loan amount is $357,500, taxes are $7300/year and the insurance is $3103 per year, what is the monthly PITI payment? In order to comply with the _________, contracts for the conveyance of an interest in real estate or leases for a term of more than one year must be in writing. A specific type of asset-based financing in which a borrower receives funds secured by the value of a parcel of real estate. why do we need law? Specific performance is the only remedy that would possibly result in the full execution (closing) of the transaction. 4. - Property owners association information. Mortgage liens, mechanics'liens, and tax liens are all examples of a. appurtenant easements. Thank you. 4. Gen Bus 301 Exam 1 Study Guide Addendum: Contracts Zach Sikora Introduction to Contracts Contracts are primarily governed state common law, found in the Restatements of the Law of Contracts Uniform Commercial Code (UCC): governs sales of personal property, which consist of the passing of title to goods from sell to buyer for a price (specifically The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: A seller's disclosure notice is not required. The man . Barabar should keep Lin informed of her option as well as the approaching deadlines. The borrower can NEVER be forced to sell the home. A __________ is an employment agreement between the seller and the broker. - Ex: A contract of sale between a buyer and seller because both parties have duties to perform. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise. - Title Full-Time. The contract must, therefore, reflect the intent and wishes of the parties. b. CSLB Law & Business Practice Test 2024 SOLUTION A+ RATED Bonds can be purchased from bonding companies for ___% of the original contract price. Bill is determined to complete the purchase and acquire the property. Lead is found in paint and pipes and soil. Its products include treadmills, fitness bikes, elliptical machines, and e-glides. FHA loans include two mortgage insurance premiums that must be paid by the borrower. - Taxation \end{array} I = In writing Means - "to make known by open declaration; publish." The fourteenth law of the Frisons ordered that the discovery of murders should be made by means of divining rods used in Church. The most common type of financing is obtained from a third party, such as a mortgage company or bank. At closing, prorations for property taxes and property owner association fees will be calculated. Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. One who receives property through a will. It is called, liquidated damages. Which disclosure is provided to comply with federal requirements for properties built before 1978? Familial status (cannot discriminate on marital status or with children). May take place when a seller is unable to sell his or her property at or above what the seller owes the lender. Enough for one more free-play run during an event for your chosen champion. What is done when a seller receives multiple offers? \textbf{Maturity (years)} &\textbf{YTM} \\ \hline Under this type of law, a court looks to the findings of prior courts when regarding a decision. The unique aspect of joint tenancy is the right of survivorship of the tenants. An agreement between a buyer and seller or landlord and tenant. corporate officers who are responsible for the overall management of the operation of the business. Accept, reject, Counteroffer, or do nothing. - Changes to the closing date If a person has been judged to be incompetent, a contract is __________ because the person never had the capacity to enter into a contract in the first place. However, assuming no one took action to void the agreement, the contract is said to be valid and binding when the contract closes or when the minor achieves legal age. A venture that is owned by one individual. b. What does an agent have to do with contracts? The Reeve's agent submitted an offer of$349,500.00 on a property priced at $365,000.00. TREC does not have promulgated contract forms for the sale of co-ops and has no forms for any type of commercial transaction. But, one important thing to note: is that it takes eighteen hours of bounty contracts to equal two thousand five hundred tokens. A. ________ of an offer means that the accepting party does so with no change to the contract whatsoever. A body of law developed in England and based upon "common sense" and local custom. A license holder must not prepare the option agreement, title commitment, and will. - 1-2% This acts as an assurance that the contractor will be able to complete the job as described in the contract. National Mortgage Bankers Association A(n) __________ description of property is a requirement for a valid deed. Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. The most common form of financing used by buyers is: A(n) __________ is a provision in a contract that requires that a certain act or event happens in order for the contract to be binding on the party. The seller told Elmer that he wanted to stay in the property for at least a week after closing. - Building Codes: All residential structures must conform to code, whether they are site-built homes or modular homes. An agreement that transfers the right to possess a property for a period of time. What are the implied one-year forward rates? Texas Veterans Loan Assistance Program - a loan program for veterans. Indestructibility or durability (cannot be destroyed) Consumer Financial Protection Bureau (CFPB). This overview will let you know what to expect from the Promulgated Contract Forms course specifically. 5. If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are available, The tax proration may be calculated taking into consideration any change in the exemptions that will affect the current year's taxes. __________ is not a requirement of a valid contract. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. CardioGood Fitness sells three different lines of tread- mills. An opinion regarding the state of the title and its ability to be transferred. Lender Requirements for Properties with Potential Hazardous materials on site: If a buyer has concerns about possible contamination of a potential property, the buyer or the lender may opt to have an Environmental Site Assessment (ESA) performed on the property to determine if it is environmentally challenged. Common Examples include: For this set of variables: Which variables in the survey are categorical ? Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. - Net Lease The ECOA covers all creditors who regularly extend credit and impacts professionals, such as mortgage originators who are involved in granting credit and prohibits discrimination. \text{1}&10\% \\ \hline