Law of Contract Final exam questions with
correct answers
This |generally |refers |to |a |governmental |entity's |legal |authority |to |force |a |private |landowner |to
|sell |his |or |her |real |property |for |public |use.
| A) |Condemnation
| B) |Taxation
| C) |Police |power
| D) |Eminent |domain |- |CORRECT |ANSWER✔✔-D) |Eminent |domain
Precedents |are |determined |by:
| A) |Statutory |Law
| B) |Case |law
| C) |TRELA
| D) |DTPA |- |CORRECT |ANSWER✔✔-Wrong |A) |Statutory |Law?
This |estate |may |be |terminated |at |will |of |either |party. |It |has |no |duration |limitation.
| A) |Estate |at |will
| B) |Estate |from |period |to |period
| C) |Estate |for |years
| D) |Freehold |estate |- |CORRECT |ANSWER✔✔-A) |Estate |at |will?
,A |form |of |shared |property |ownership |in |which |rights |vest |in |several |owners |for |a |specified |
period |each |year.
| A) |Cooperatives
| B) |Time |shares
| C) |Townhomes
| D) |Condominiums |- |CORRECT |ANSWER✔✔-B) |Time |shares
The |law |that |established |the |Texas |Real |Estate |Commission.
| A) |TREC
| B) |TRELA
| C) |TAR
| D) |TCEQ |- |CORRECT |ANSWER✔✔-B) |TRELA
C) |TAR |wrong
This |act |provides |a |three |day |right |of |rescission.
| A) |Equal |Credit |Opportunity |Act
| B) |Truth-in-Lending
| C) |RESPA
| D) |Fair |Housing |Act |- |CORRECT |ANSWER✔✔-B) |Truth-in-Lending
Agency |law |consist |of |the:
, | A) |Texas |law |of |agency
| B) |Texas |Real |Estate |License |Act
| C) |Texas |Real |Estate |Commission
| D) |Texas |Constitution |- |CORRECT |ANSWER✔✔-B) |Texas |Real |Estate |License |Act
In |owner |financing, |who |receives |the |DEED |OF |TRUST?
| A) |Buyer
| B) |Escrow |officer
| C) |Seller
| D) |Mortgage |company |- |CORRECT |ANSWER✔✔-C) |Seller
An |automatic |legal |process |by |which |an |effect |or |result, |or |liability |or |right, |is |created |of |
extinguished |without |the |consent |of |either |party.
| A) |Default
| B) |Operation |of |law
| C) |Breach
| D) |Option |- |CORRECT |ANSWER✔✔-wrong |C) |Breach
wrong |A) |Default
Who |is |responsible |to |search |and |examine |the |public |records |for |information |related |to |the |
property's |title?
| A) |Buyer
| B) |Broker
| C) |Inspector
correct answers
This |generally |refers |to |a |governmental |entity's |legal |authority |to |force |a |private |landowner |to
|sell |his |or |her |real |property |for |public |use.
| A) |Condemnation
| B) |Taxation
| C) |Police |power
| D) |Eminent |domain |- |CORRECT |ANSWER✔✔-D) |Eminent |domain
Precedents |are |determined |by:
| A) |Statutory |Law
| B) |Case |law
| C) |TRELA
| D) |DTPA |- |CORRECT |ANSWER✔✔-Wrong |A) |Statutory |Law?
This |estate |may |be |terminated |at |will |of |either |party. |It |has |no |duration |limitation.
| A) |Estate |at |will
| B) |Estate |from |period |to |period
| C) |Estate |for |years
| D) |Freehold |estate |- |CORRECT |ANSWER✔✔-A) |Estate |at |will?
,A |form |of |shared |property |ownership |in |which |rights |vest |in |several |owners |for |a |specified |
period |each |year.
| A) |Cooperatives
| B) |Time |shares
| C) |Townhomes
| D) |Condominiums |- |CORRECT |ANSWER✔✔-B) |Time |shares
The |law |that |established |the |Texas |Real |Estate |Commission.
| A) |TREC
| B) |TRELA
| C) |TAR
| D) |TCEQ |- |CORRECT |ANSWER✔✔-B) |TRELA
C) |TAR |wrong
This |act |provides |a |three |day |right |of |rescission.
| A) |Equal |Credit |Opportunity |Act
| B) |Truth-in-Lending
| C) |RESPA
| D) |Fair |Housing |Act |- |CORRECT |ANSWER✔✔-B) |Truth-in-Lending
Agency |law |consist |of |the:
, | A) |Texas |law |of |agency
| B) |Texas |Real |Estate |License |Act
| C) |Texas |Real |Estate |Commission
| D) |Texas |Constitution |- |CORRECT |ANSWER✔✔-B) |Texas |Real |Estate |License |Act
In |owner |financing, |who |receives |the |DEED |OF |TRUST?
| A) |Buyer
| B) |Escrow |officer
| C) |Seller
| D) |Mortgage |company |- |CORRECT |ANSWER✔✔-C) |Seller
An |automatic |legal |process |by |which |an |effect |or |result, |or |liability |or |right, |is |created |of |
extinguished |without |the |consent |of |either |party.
| A) |Default
| B) |Operation |of |law
| C) |Breach
| D) |Option |- |CORRECT |ANSWER✔✔-wrong |C) |Breach
wrong |A) |Default
Who |is |responsible |to |search |and |examine |the |public |records |for |information |related |to |the |
property's |title?
| A) |Buyer
| B) |Broker
| C) |Inspector
