Law of Contracts: Cumulative Exam Questions And Answers Verified 100% Correct

Law of Contracts: Cumulative Exam Questions And Answers Verified 100% Correct Equal Credit Opportunity Act (ECOA) - ANSWER a federal law enacted to provide legal protection for consumers against unfair and discriminatory lending; located in Title VII of the Consumer Credit Protection Act equitable interest - ANSWER the right of a lender to claim ownership of a property if a borrower defaults on payments equitable redemption - ANSWER occurs before the foreclosure sale (auction) of the property and allows defaulting debtors to pay the defaulted portion of the debt and prevent foreclosure escheat - ANSWER the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs estate - ANSWER the degree, quantity, nature, and extent of one's interest in property estate at will - ANSWER when a tenant is occupying a property with the landlord's knowledge and consent, but without a formal lease agreement estate for years - ANSWER a leased possession of property for a certain, specific period of time; also known as a tenancy for years eviction - ANSWER the process by which a tenant is expelled from a property exclusive agency listing - ANSWER a listing agreement in which the owner retains the right to sell the property themselves without paying a commission, or the commission will be paid to the named broker if the broker or any other party sells the property exclusive right to sell agreement - ANSWER a listing agreement which gives the agent the sole right to sell the property and guarantees that the broker receives a commission if the property is sold, even if the seller brings the buyer themselves executed contract - ANSWER a contract in which all terms have been fulfilled by all parties executory contract - ANSWER a contract that is not completely executed or performed exemplary damages - ANSWER fines used to punish the breaching party express acceptance - ANSWER when the parties explicitly state that they agree to the terms of the offer Fair Housing Act of 1968 - ANSWER a federal law that prohibits discrimination in housing based upon race, color, religion, or national origin and was amended to include sex, disability, and familial status fee simple condition subsequent - ANSWER a defeasible fee estate in which a grantor conveys a parcel of real estate subject to a condition of ownership; the grantor must go to court to assert their right to retake ownership (right of re-entry) fee simple determinable - ANSWER a defeasible fee estate that will come to an end automatically and immediately upon the occurrence of a designated event, the time of which is uncertain fee simple estate - ANSWER maximum ownership of real property; also called a fee or a fee simple absolute; it is of indefinite duration, freely transferable, and freely inheritable FICO score - ANSWER a credit scoring system used by most lenders to determine credit risk financing contingency - ANSWER requires that the buyer get approved for a loan before being able to complete the purchase of a home fixture - ANSWER an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property forbearance agreement - ANSWER part of a contract that requires one or more of the contracting parties to refrain from actions they are otherwise legally entitled to perform foreclosure - ANSWER a sale of property required by the court in order to repay debt; occurs when a borrower cannot repay a loan for which their property serves as security / the legal process whereby a lender takes control of a property held by a borrower in default and sells it to recover the lender's losses freehold estate - ANSWER an estate in land in which ownership will last for an indeterminate duration general partner - ANSWER person in a partnership who takes the lead on day-to-day relationships and assumes full liability for the business general warranty deed, a.k.a. full covenant and warranty deed - ANSWER the most frequently used deed format, provides the greatest protection of all the deeds graduated lease - ANSWER a variable lease agreement in which the amount of rent increases periodically at regular intervals gross lease - ANSWER a lease in which the tenant will be responsible for the payment of a fixed monthly charge, while the landlord is responsible for paying all operating expenses ground lease - ANSWER a leasing of bare, undeveloped land homestead - ANSWER a personal residence that is protected from creditor seizure except for mortgage liens, tax liens, or mechanic's liens Housing for Older Persons Act - ANSWER established that a planned living community could require a minimum age for new residents implied acceptance - ANSWER when the parties bound by the contract act in a manner that just implies acceptance of the offer; unenforceable in Texas improvement - ANSWER any non-natural structure built on or affixed to land index lease - ANSWER a variable lease agreement that also allows for a graduated increase of rent at periodic intervals inspection contingency - ANSWER gives the buyer the right to get the home inspected and negotiate further if there are repair issues intention - ANSWER the owner's intent for an item — was it designed to be a part of the real property Interest - ANSWER a right or legal share in a property intestate - ANSWER a person who dies without a will - inverse condemnation - ANSWER occurs when the government has over regulated a property so that it can't be fairly used via restrictions, permitting, etc., that virtually eliminate any use of the property joint tenancy - ANSWER co-ownership in which the parties have an equal and undivided interest in the property; includes the right of survivorship rather than inheritance joint venture - ANSWER a partnership formed by a group of investors for one venture — it dissolves after the venture is complete judgment lien - ANSWER a lien that reflects a court decision concerning the rights and claims of parties in a suit judicial foreclosure - ANSWER a foreclosure that is processed through the court kickback - ANSWER any money, fees, commission, credit, gift, gratuity, thing of value, or compensation of any kind for improperly obtaining or rewarding favorable treatment land - ANSWER the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity lease term - ANSWER the initial rental period from commencement to expiration; the duration of the lease leasehold estate - ANSWER a type of property interest allowing tenants to occupy and use a property they do not own; contains a reversionary right legal description - ANSWER a description of a property that is distinct and precise enough to distinguish it from all other properties legal life estate - ANSWER a type of freehold life estate created by an act of law; a Texas homestead would be one example lien - ANSWER the claim made by a creditor against real or personal property pledged by a debtor as collateral lien theory state - ANSWER principle where mortgagors (borrower) retain legal and equitable rights to their property; mortgagee (lender) has a lien on the property until payment of loan life estate - ANSWER an interest in property for the duration of an individual's life, usually the person receiving the property