AYPO Real Estate Law of Contracts || with Complete Solutions.
An advantage to buyers in a lease-purchase option is which of the following? correct answers It
can be easier for a difficult to qualify buyer to purchase a home with a lower down payments.
Eminent domain in Texas MAY NOT be used for which of these purposes? correct answers
Private party uses.
Graduated and index leases are what types of leases? correct answers Variable.
A "mirror" will is a : correct answers Reciprocal will.
Under a land sales contract which of the following statements is accurate? (Best answer.) correct
answers All of these are accurate.
Which type of listing agreement is the only one to guarantee the broker a commission in the
event of a successful sale? correct answers Exclusive-right-to-sell
A Deed of Trust allows for what type of foreclosure? correct answers Non- judicial
Once the offer to purchase and all details and contingencies are agreed upon, and all parties are
signed, which of these should happen next? correct answers All of these.
A title search includes a searching of public records to determine these issues, except for: correct
answers Credit history of the potential buyer.
Which of these might a certificate of title include? correct answers Any of these
Contingencies are best described by which of the following? correct answers Specific events of
conditions that must occur or be removed for the offer/purchase agreement to be valid.
Oral agreements in relation to business purchases or hiring of services can be enforceable under
which of these circumstances? correct answers If the words used can be proven and the intent
reasonably discerned from those words.
A non-exclusive/not for compensation buyer- broker agreement: correct answers all of these
For leases lasting less than ____, oral agreements can be enforceable. correct answers One year
Which of these provides the broadest definition of land, property, and ownership rights? correct
answers Real Property.
For a valid contractual offer, the offer must do all except which of the following? correct
answers Provide terms for an acceptable counter offer.
, Which of these would NOT be a requirement to create a valid lease agreement? correct answers
Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are the two forms of:
correct answers Fee simple defeasible estates
_________________ is a form of ownership held by one party. correct answers Severalty
Which of these IS NOT listed among the special inspections? correct answers Home appliances
Earnest money is a prospective buyer's demonstration of which of the following? correct answers
Both of these.
An encumbrance is a(n) ________ real property. correct answers All of these
Once signed by borrowers, the note is which of the following? correct answers A fully
enforceable and negotiable instrument of debt.
Providing basic information regarding various standard aspects of real estate law is: correct
answers An important piece of the fiduciary duty to protect the client's best interests.
In real estate, a 72- hour clause allowing a party a grace period to change their minds is called
which of the following? correct answers Escape clause.
Computerized loan origination (CLO) systems have been approved by the U.S Dept. of Housing
and Urban Development so long as: correct answers All of these.
Contracts for deed, lease-purchases, and lease-options for longer than (minimum mandatory)
___days are legally defines as executory contracts. correct answers 180
All of the following are required for an amendment to make changes to an existing real estate
contract in Texas, EXCEPT for which of these? correct answers The amendment must be
included in the actual language of contract and so requires a new contract to be signed.
Who pays for the inspections and subsequent repairs? correct answers Who pays is open to
negotiation and, once decided, should be entered into the sales agreement.
In terms of the closing process, Texas is an ______ state. correct answers Escrow
When a property is mortgaged, the buyer executes (signs) which two separate instruments?
correct answers A promissory note and a security document (either a mortgage or deed of trust).
Which of these is not considered an "environmental" issue in home-buying? correct answers
Termites
An advantage to buyers in a lease-purchase option is which of the following? correct answers It
can be easier for a difficult to qualify buyer to purchase a home with a lower down payments.
Eminent domain in Texas MAY NOT be used for which of these purposes? correct answers
Private party uses.
Graduated and index leases are what types of leases? correct answers Variable.
A "mirror" will is a : correct answers Reciprocal will.
Under a land sales contract which of the following statements is accurate? (Best answer.) correct
answers All of these are accurate.
Which type of listing agreement is the only one to guarantee the broker a commission in the
event of a successful sale? correct answers Exclusive-right-to-sell
A Deed of Trust allows for what type of foreclosure? correct answers Non- judicial
Once the offer to purchase and all details and contingencies are agreed upon, and all parties are
signed, which of these should happen next? correct answers All of these.
A title search includes a searching of public records to determine these issues, except for: correct
answers Credit history of the potential buyer.
Which of these might a certificate of title include? correct answers Any of these
Contingencies are best described by which of the following? correct answers Specific events of
conditions that must occur or be removed for the offer/purchase agreement to be valid.
Oral agreements in relation to business purchases or hiring of services can be enforceable under
which of these circumstances? correct answers If the words used can be proven and the intent
reasonably discerned from those words.
A non-exclusive/not for compensation buyer- broker agreement: correct answers all of these
For leases lasting less than ____, oral agreements can be enforceable. correct answers One year
Which of these provides the broadest definition of land, property, and ownership rights? correct
answers Real Property.
For a valid contractual offer, the offer must do all except which of the following? correct
answers Provide terms for an acceptable counter offer.
, Which of these would NOT be a requirement to create a valid lease agreement? correct answers
Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are the two forms of:
correct answers Fee simple defeasible estates
_________________ is a form of ownership held by one party. correct answers Severalty
Which of these IS NOT listed among the special inspections? correct answers Home appliances
Earnest money is a prospective buyer's demonstration of which of the following? correct answers
Both of these.
An encumbrance is a(n) ________ real property. correct answers All of these
Once signed by borrowers, the note is which of the following? correct answers A fully
enforceable and negotiable instrument of debt.
Providing basic information regarding various standard aspects of real estate law is: correct
answers An important piece of the fiduciary duty to protect the client's best interests.
In real estate, a 72- hour clause allowing a party a grace period to change their minds is called
which of the following? correct answers Escape clause.
Computerized loan origination (CLO) systems have been approved by the U.S Dept. of Housing
and Urban Development so long as: correct answers All of these.
Contracts for deed, lease-purchases, and lease-options for longer than (minimum mandatory)
___days are legally defines as executory contracts. correct answers 180
All of the following are required for an amendment to make changes to an existing real estate
contract in Texas, EXCEPT for which of these? correct answers The amendment must be
included in the actual language of contract and so requires a new contract to be signed.
Who pays for the inspections and subsequent repairs? correct answers Who pays is open to
negotiation and, once decided, should be entered into the sales agreement.
In terms of the closing process, Texas is an ______ state. correct answers Escrow
When a property is mortgaged, the buyer executes (signs) which two separate instruments?
correct answers A promissory note and a security document (either a mortgage or deed of trust).
Which of these is not considered an "environmental" issue in home-buying? correct answers
Termites
