Law of Contracts - CHAMPIONS TEST with well illustrated answers.

Law of Contracts - CHAMPIONS TEST with well illustrated answers. Wrongful kor kcriminal kdeception kintended kto kresult kin kfinancial kor kpersonal kgain kis kcalled: k- k k k kcorrect The kBuyer kand kSeller kTemporary kResidential kLease kforms kmay kbe kused kfor ka klease kperiod knot kto kexceed: k- k k k kcorrect kanswer.90 kdays __________ kextend kabove kthe ksurface kwithout klimitation. k- k k k kcorrect krights An kexample(s) kof kan kappurtenance kwould kbe: k- k k k kcorrect ents There kis kno kupper klimit kon kthe kvalue kof ka kTexas khomestead. k- k k k kcorrect A(n) k__________ kis kone kthat kcombines ksome kof kthe kelements kof ka ksale kwith ka klease. k- k k k kcorrect kpurchase kagreement Which kof kthe kfollowing krequires ka kcontract kfor kthe kconveyance kof kreal kestate kto kbe kin kwriting kto kbe kenforceable? k- k k k kcorrect te kof kfrauds If ka kbroker kreceives kmore kthan kone koffer kon ka kproperty: k- k k k kcorrect kanswer.All kmust kbe kpresented kto kthe kseller kunless kthe kseller khas kinstructed kthe kbroker kotherwise The kmost kcommon kform kof kfinancing kused kby kbuyers kis: k- k k k kcorrect kparty kfinancing A(n) k__________ kis ka kprovision kin ka kcontract kthat krequires kthat ka kcertain kact kor kevent khappens kin korder kfor kthe kcontract kto kbe kbinding kon kthe kparty. k- k k k kcorrect ngency The kLead-Based kPaint kDisclosure kis: k- k k k kcorrect kanswer.A kfederal krequirement kfor kresidential kproperty kbuilt kprior kto k1978 In kTexas, kreal kestate kcontracts kare ksubject kto ksatisfactory kinspections. k- k k k kcorrect The kterm k__________ kis ksynonymous kwith kcontingent. k- k k k kcorrect ct kto Real kestate kagents kplay ka krole kthat kincludes karranging kfor kthe kpre-qualification k/ kpre-approval kof kbuyers. k- k k k kcorrect Rule kP-53 kof kthe kTexas kDepartment kof kInsurance kstates kthat kTitle kCompanies: k- k k k kcorrect kanswer.Cannot kprovide kfood kand kbeverages kfor ka kpicnic kfor ka ksingle kfirm, kCannot kprovide kan kannual kparty kfor ka ksingle kfirm, kCannot kprovide kcontinuing keducation kclasses kunless kthey kcharge kthe kmarket krate kfor kthose kclasses Bill kis kthe kbuyer kpurchasing ka kproperty kfrom kSally. kAll kcontingencies khave kbeen kmet kand kthe kparties kare kready kto kclose. kOne kday kprior kto kclosing, kSally kannounces kthat kshe khas kchanged kher kmind kand kis kgoing kto kkeep kthe kproperty. kBill kis kdetermined kto kcomplete kthe kpurchase kand kacquire kthe kproperty. kThe konly kdefault kremedy kin kthe kcontract kthat kcould kresult kin kBill kacquiring kthe kproperty kis___________________________. k- k k k kcorrect fic kperformance Elmer kFleckenfleck, kan kagent kwith kAfter kHours kRealty, kwas kpreparing ka kcontract. kThe kseller ktold kElmer kthat khe kwanted kto kstay kin kthe kproperty kfor kat kleast ka kweek kafter kclosing. kElmer ksaid kthat kwould kbe kno kproblem kand kentered kthe kfollowing ktext kto kParagraph k11: k"Seller kand kBuyer kagree kthat kSeller kwill kremain kin kthe kProperty kfor k7 kdays kafter kclosing kand kfunding." kIn kthis kcase, kElmer khas: k- k k k kcorrect kanswer.Engaged kin kthe kunlawful kpractice kof klaw The kfour keconomic kcharacteristics kof kland kare: kscarcity, kfixity, ksitus kand k________. k- k k k kcorrect ication Joe kis kan kagent kat kTried kand kTrue kRealty. kHe kgets ka k$150,000 koffer kon ka kproperty kthat kis klisted kfor k$199,500. kIn ka krecent kphone kconversation, kthe kseller ktold kJoe khe kwould kaccept kno kless kthan k$185,000 kfor kthe kproperty. kKnowing kthe kseller's k"bottom kline," kwhat kshould kJoe kdo kwith kthe koffer? k- k k k kcorrect kanswer.Joe kshould kpresent kthe koffer kto kthe kseller An kabstract kof ktitle kis: k- k k k kcorrect kanswer.a kcomplete kwritten khistory kof ktitle an koption kis: k- k k k kcorrect kanswer.a kunilateral kcontract A kseller kis kgoing kto kcontinue kto koccupy ka kproperty kfor ktwo kdays kafter kclosing. kIn kthis kcase, kthe kparties kshould kuse kthe kBuyer's kTemporary kResidential kLease kform. k- k k k kcorrect A kcontract kin kwhich konly kone kparty kis kobligated kto kperform kis ka________ kcontract. k- k k k kcorrect teral For ktax kprorations: k- k k k kcorrect kanswer.If ktaxes kare knot kpaid kat kor kprior kto kclosing kthe kbuyer kshall kpay kfor kthe kcurrent kyear, kIf ktaxes kfor kthe kcurrent kyear kvary kfrom kthe kamount kprorated kat kclosing, kthe kparties kshall kadjust kthe kprorations kwhen ktax kstatements kfor kthe kcurrent kyear kare kavailable, kThe ktax kproration kmay kbe kcalculated ktaking kinto kconsideration kany kchange kin kthe kexemptions kthat kwill kaffect kthe kcurrent kyear's ktaxes ________ kis kthe kright kof kthe kgovernment kto kregulate kand kcontrol kthe kway kland kis kused. k- k k k kcorrect e kpower A kseller kof kcoastal kproperty kabutting ktidally kinfluenced kwater kmust kprovide kthe k________. k- k k k kcorrect kanswer.Notice kRegarding kCoastal kArea kProperty RESPA kprohibits k________, kwhich kis kconsidered kan kabusive kpractice. k- k k k kcorrect acks A kclaim, klien, kcharge, kor kliability kattached kto kand kbinding kreal kproperty kis ka(n) k________. k- k k k kcorrect brance A(n) k________ kis ka kprovision kin ka kcontract kthat krequires kthat ka kcertain kact kor kevent khappens kin korder kfor kthe kcontract kto kbe kbinding kon kthe kparty. k- k k k kcorrect r At kclosing, kthe kcontract kis: k- k k k kcorrect kexecuted FHA kloans kinclude ktwo kmortgage kinsurance kpremiums kthat kmust kbe kpaid kby kthe kborrower. kThey kare kthe: k- k k k kcorrect kanswer.UFMIP kand kAnnual kPremium ________ kare kchanges kthat kare kmade kto kthe koriginal kcontract, ksuch kas kchanges kto kthe kclosing kdate kor kchanges kto kthe ksales kprice, kdown kpayment kand/or kthe kamount kfinanced. k- k k k kcorrect ments According kto kthe kDeceptive kTrade kPractices kAct k(DTPA), kbrokerage kfalls kunder kthe kcategory kof k________. k- k k k kcorrect ces ________ klaw kis ka kbody kof klaw kbased kon k"common ksense" kand klocal kcustom. k- k k k kcorrect n Which kkind kof krights kextend kabove kthe ksurface kof kproperty kwithout klimitation? k- k k k kcorrect krights ________ kis kthe klegal kprocedure kwhereby ksecured kproperty kmay kbe ksold kto ksatisfy ka kborrower's kunpaid kpromissory knote. k- k k k kcorrect losure The kfive kessential kelements kof ka kvalid kand kenforceable kcontract kare, kcompetent kparties, koffer kand kacceptance, klegal kpurpose, kin kwriting kand k________. k- k k k kcorrect deration The kSAFE kAct kmandated kthe kterm k________. k- k k k kcorrect kanswer.Residential kMortgage kLoan kOriginator A(n) k________ koccurs kwhen ka knew kcontract kis ksubstituted kfor kan kexisting kone. k- k k k kcorrect ion A(n) k________ kis ka kbusiness kventure kthat kis kowned kby kone kindividual. k- k k k kcorrect kanswer.Sole kproprietorship A(n) k________ kis ka klisting kin kwhich kthe kreal kestate kbroker's kcommission kis kthe kdifference kbetween kthe kminimum knet kestablished kby kthe kseller kand kthe kprice kthat kthe kbuyer kis kwilling kto kpay. k- k k k kcorrect klisting The krequirements kfor ka kvalid klease kare, kcompetent kparties, klet kand ktake kagreement, kin kwriting kand k________. k- k k k kcorrect iption kof kthe kproperty ________ kof kan koffer kmeans kthat kthe kaccepting kparty kdoes kso kwith kno kchange kto kthe kcontract kwhatsoever. k- k k k kcorrect tance The k________ kensures kthat kall kconsumers kare kgiven kan kequal kchance kto kobtain kcredit k- k k k kcorrect kanswer.Equal kCredit kOpportunity kAct The kformal kjudicial kproceeding kto kprove kthe kvalidity kof ka kwill kand kto kdistribute kthe kassets kof ka kdecedent's kestate kis kcalled: k- k k k kcorrect te A k________ kis ka kdeed kwith kno kguarantees kor kwarranties. k- k k k kcorrect laim kdeed A k________ kis kthe kborrower's kunconditional kpromise kto krepay kthe klender. k- k k k kcorrect kanswer.Promissory knote A k"Section k502 kLoan" kis kinsured kby kthe k________. k- k k k kcorrect kanswer.USDA ________ kis kevidence kan kindividual khas kof khis kor kher kright kto kpossess kland. k- k k k kcorrect kanswer.Probate A(n) k________ kmortgage kcovers kmore kthan kone kpiece kof kproperty. k- k k k kcorrect et Real kproperty kconveyed kby kwill kis kcalled ka k________. k- k k k kcorrect e An koffer kmay kbe kwithdrawn kat kany ktime kprior kto kits kacceptance kby kthe kofferee k- k k k kcorrect The kfour kcategories kof kleasehold kestates kare: kestate kfor kyears, ktenancy kat ksufferance, ktenancy kat kwill kand k________. k- k k k kcorrect kanswer.Periodic ktenancy Buyers' kand ksellers' kmarital kstatus kis knot krequired kin kthe kcontract. k- k k k kcorrect