Law of Contract Final exam UPDATED ACTUAL QUESTIONS AND CORRECT Answers

Law of Contract Final exam UPDATED ACTUAL QUESTIONS
AND CORRECT Answers




This generally refers to a governmental entity's legal D) Eminent domain
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


Precedents are determined by: Wrong A) Statutory Law?


A) Statutory Law
B) Case law
C) TRELA
D) DTPA


This estate may be terminated at will of either party. It has A) Estate at will?
no duration limitation.


A) Estate at will
B) Estate from period to period
C) Estate for years
D) Freehold estate

, A form of shared property ownership in which rights vest B) Time shares
in several owners for a specified period each year.


A) Cooperatives
B) Time shares
C) Townhomes
D) Condominiums


The law that established the Texas Real Estate B) TRELA
Commission. C) TAR wrong


A) TREC
B) TRELA
C) TAR
D) TCEQ


This act provides a three day right of rescission. B) Truth-in-Lending


A) Equal Credit Opportunity Act
B) Truth-in-Lending
C) RESPA
D) Fair Housing Act


Agency law consist of the: B) Texas Real Estate License Act


A) Texas law of agency
B) Texas Real Estate License Act
C) Texas Real Estate Commission
D) Texas Constitution


In owner financing, who receives the DEED OF TRUST? C) Seller


A) Buyer
B) Escrow officer
C) Seller
D) Mortgage company


An automatic legal process by which an effect or result, wrong C) Breach
or liability or right, is created of extinguished without the wrong A) Default
consent of either party.


A) Default
B) Operation of law
C) Breach
D) Option


Who is responsible to search and examine the public D) Escrow officer
records for information related to the property's title?
wrong B) Broker
A) Buyer
B) Broker
C) Inspector
D) Escrow officer