Law of Contract Final exam
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 -answ- D) Eminent domain
Precedents are determined by:
A) Statutory Law
B) Case law
C) TRELA
D) DTPA -answ- 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 -answ- 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 -answ- B) Time shares
The law that established the Texas Real Estate Commission.
A) TREC
B) TRELA
C) TAR
D) TCEQ -answ- 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 -answ- 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 -answ- 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 -answ- 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 -answ- 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
D) Escrow officer -answ- D) Escrow officer
wrong B) Broker
Who approves the property, loan and HUD-1?
A) Underwriter
B) Loan Officer
C) Escrow Officer
D) Broker -answ- A) Underwriter
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 -answ- D) Eminent domain
Precedents are determined by:
A) Statutory Law
B) Case law
C) TRELA
D) DTPA -answ- 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 -answ- 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 -answ- B) Time shares
The law that established the Texas Real Estate Commission.
A) TREC
B) TRELA
C) TAR
D) TCEQ -answ- 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 -answ- 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 -answ- 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 -answ- 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 -answ- 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
D) Escrow officer -answ- D) Escrow officer
wrong B) Broker
Who approves the property, loan and HUD-1?
A) Underwriter
B) Loan Officer
C) Escrow Officer
D) Broker -answ- A) Underwriter
