A(n) __________ description of property is a requirement for a valid deed. Any man-made additions to the land that are permanent. - Property owners association information. An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. In Texas, real estate contracts are subject to satisfactory inspections. - Fax Liquidated damages are damages that are established in the contract. The legal exaggeration of praise, stopping just short of deception, lavished on a product can lead to misrepresentation. \textbf{Maturity (years)} &\textbf{YTM} \\ \hline The seller told Elmer that he wanted to stay in the property for at least a week after closing. 2. A(n) __________ is a provision in a contract that requires that a certain act or event happens in order for the contract to be binding on the party. If a deed does not make the type of joint ownership clear, Texas courts will always assume that the owners are tenants in common. The buyer's primary duty is to show up at closing and pay the agreed consideration (sales price). Nonhomogeneity, 1. Liquidated damages, monetary damages, specific performance 2. Which kind of rights extend above the surface of property without limitation? - Hand Delivery, 1. A seller of coastal property abutting tidally influenced water must provide the ________. C)permitted only if the parties have consulted an attorney. a. A "Section 502 Loan" is insured by the ________. Immobility The contract is a unilateral contract because only one party is obligated to perform. It is also used to grant an easement. - A change in the law that makes performance illegal. Texas Law of Contracts: Doris Barrell: 9781427741332: Amazon.com: Books Buy new: $32.99 $4.59 delivery Thursday, August 4. - Taxation In this case, the parties should use the Buyer's Temporary Residential Lease form. The key to determining whether a conveyance is voluntary is the ____________. 4. Contracts Practice Exam Instructions: Read the following fact pattern, and answer the question. He/she must present all offers to the client. Cindy Franklin started a whole-life insurance policy for $250,000\$ 250,000$250,000 when she was 232323 years old. use or employment by any person of a false, misleading, or deceptive act or practice that is specifically identified in the act. Another form of participation loan allows the lenders to share in the profitability of the property, in addition to collecting principal and interest on the loan. Insurance policy against losses resulting from defects in title. The TM498 is suitable for individuals who are walk- ers at a transitional stage from walking to running or midlevel runners. This how you know that you are buying the best documents. The loan becomes due upon the sale of the property or the death of the owner. Was designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators, and the establishment of a nationwide mortgage licensing system and registry for the residential mortgage industry. Involves ownership of real estate by one individual or entity. Todd planted two live oaks and four magnolia trees on his 3-acre property. The formal judicial proceeding to prove the validity of a will and to distribute the assets of a decedent's estate is called: A ________ is a deed with no guarantees or warranties. It is a very basic deed and does nothing to protect the grantee. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something. Texas Veterans Loan Assistance Program - a loan program for veterans. A(n) __________ is one that combines some of the elements of a sale with a lease. This type of deed is most often used to clear up a cloud on the title. A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the note. Wrongful or criminal deception intended to result in financial or personal gain is called: The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: __________ extend above the surface without limitation. These contracts are said to be unilateral because only one party is obligated to perform and is said to lack mutuality. - Lead-based paint They are the: ________ are changes that are made to the original contract, such as changes to the closing date or changes to the sales price, down payment and/or the amount financed. The premium is 1.35% of the base loan amount. This model features a nonfolding platform base that is designed to handle rigorous, frequent running; the TM798 is therefore appealing to someone who is a power walker or a runner. Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. Fred is a truck owner. A license holder must not prepare which documents? In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. A lease with a definite beginning date and definite ending date. 2. The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. A corporation is regarded under the law as a distinct legal entity with the right to own real estate and other assets. A(n) __________ is one that combines some of the elements of a sale with a lease. A leasehold in which a tenant occupies real estate with the permission of the owner for and uncertain or unspecified length of time; this is a very loose agreement. Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24). In Writing (when required by law) What an agent should do if a client needs legal advice: An agent should never discourage a party from consulting an attorney for advice in a transaction. The TM195 is an entry-level treadmill. As a first step, the market research team at AdRight is assigned the task of identifying the profile of the typical cus- tomer for each treadmill product offered by CardioGood Fitness. Give yourself 30 minutes to complete this exam. Accept, reject, Counteroffer, or do nothing. Terms that are not covered in the standard contract forms or addenda. Located at Texas A&M University. Created by the Legislature in 1949 to carry out the provisions of TRELA. Special Provisions(What can and Agent Write?). An investigation of all the documents that have been recorded about a property. #1. Buyer's temporary residential lease - for use with the buyer occupies the property for no more than 90 days prior to closing. A(n) ________ mortgage covers more than one piece of property. - Employment Development Department Which act establishes the rights of workers to organize into unions and negotiate contracts? A claim, lien, charge, or liability attached to and binding real property is a(n) ________. - Buffer Zone: An area of land separating one land use from another, such as residential from commercial. 3. why do we need law? In most cases, a person seeking to void a contract on such a basis must show that the other contracting party used the drugs or alcohol as an inducement to sign. You an make an offer by: phone, fax, email, letter, hand delivery. Arian Carlo Rubio, originally from Somerset, New Jersey, is a J.D. 5. 3.Nonhomogeneity (no 2 parcels are the same), What is modification (1 of the 4 economic characteristics of land). Joe should present the offer to the seller. The communication or submission of an offer should be done promptly because the license holder's duty is to keep the principal or client informed at all times of material information. The process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss. A claim, lien, charge, or liability attached to and binding real property is an encumbrance. The closing date specified in a contract is usually a(n )"__________" date. Any change, no matter how trivial, turns the offer into a counteroffer. EXCEPT: A. a belief in atheism. The corporate entity is comprised of three components: Is responsible for the day-to-day operations of the business and has full liability. A(n) ________ is a business venture that is owned by one individual. An opinion regarding the state of the title and its ability to be transferred. Creditors of the donor could still use the property for payment of the grantor's debts if it can be shown that the donor was insolvent and transferred the property to evade creditors. In Texas, real estate contracts are subject to satisfactory inspections. ________ is the right of the government to regulate and control the way land is used. The general partner is most often the "promoter" who brought the limited partners into the venture. Deed given by court order in connection with sale of property to satisfy a judgment or foreclosure. Communication is also referred to as notification. \text{3}& 12 \\ \hline What additional amendments, contingencies, or addenda may be used if Lin and the seller decide to proceed with the sale at the lower sales price? A venture that is owned by one individual. One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. AIDS and AIDS-Related Complex Barbara must submit an amendment that reflects the new, lower sales price. The marginal costs, average variable costs (AVC), and average total costs (ATC) for a firm are shown in Figure 13P-3. Real property conveyed by will is called a ________. Remember "L" - Littoral/Lake. The top-of-the-line TM798 is structurally larger and heavier and has more features than the other models. __________ is not a requirement of a valid contract. - Removal or waiver of contingencies, An attachment to a contract that adds or further describes the rights and duties of the parties. A contract in which only one party is obligated to perform is a________ contract. A body of law developed in England and based upon "common sense" and local custom. This type of will is only legal for personal property, not real property. (behavior). Because these interests are undivided, all co-owners share the right of possession of the property. Five Elements of a Valid and Enforceable Contract: 1. 3. They are considered personal property. - Condemnation. TREC does not have promulgated contract forms for the sale of co-ops and has no forms for any type of commercial transaction. A person appointed by a testator to carry out the terms of the will. It is suitable for individuals who thrive on minimal programming and the desire for sim- plicity to initiate their walk or hike. SCHOOL OF LAW L120 - LAW OF CONTRACT FINAL EXAMINATION 8 TH DECEMBER 2011 TIME ALLOWED: 3 HOURS plus 5 minutes to read through the paper Instructions to Candidates: 1. - Escheat. If the agent representing the second buyer is aware that multiple offers have been received, then the listing agent should notify the agent representing the first buyer that multiple offers have been received. Continuous use of the land overtime without the permission of the owner establishes the right to use the land. The term __________ is synonymous with contingent. - E-mail Gives the tenant occupancy in the present time and the right to purchase at a future date.

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