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LAW OF CONTRACTS EXAM REAL ESTATE ACEABLE Questions with Correct Answers.
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LAW OF CONTRACTS EXAM REAL ESTATE ACEABLE Questions with Correct Answers.
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LAW OF CONTRACTS EXAM REAL ESTATEACEABLE Questions with Correct Answers
A sale and leaseback agreement is: Correct Answer-a way for
landowners to free up capital while maintaining the same overhead
expenses
With net leases, each added "net" requires a tenant to pay for an
additional expense that may have otherwise fallen on the landlord. All of
the following are expenses that could be paid under a net lease
EXCEPT: Correct Answer-debt interest
(Any lease that requires a tenant to pay rent, property taxes, insurance,
and maintenance expenses is a triple-net lease.)
What allows the courts to identify a property with reasonable certainty?
Correct Answer-The legal property description from the deed
A promissory note is: Correct Answer-the borrower's personal promise
to repay the loan to the lender
Who is responsible for writing commission checks to the brokers?
Correct Answer-Title Company
During a contract for deed: Correct Answer-The seller hold the legal title
to the property and the buyer is entitled to possession and equitable title
to the property
,An orange tree (which is not moveable and is something growing on the
land in question) would be considered: Correct Answer-real property
Real Property is the land plus improvements on the land (including
what's growing on the land).
Real estate loans are bought and sold on the: Correct Answer-secondary
mortgage market
What is an executed contract? Correct Answer-a contract in which all
terms have been fulfilled by all parties
Aviv and Gregory are friends who are also parties to a real estate sale.
They agree over a sale price verbally because they trust each other. As
per the Statute of Frauds, which of the following is TRUE regarding the
enforceability of their contract? Correct Answer-For their contract to be
enforceable, it must be in writing AND signed by the party being
charged.
Contracts must be in writing and signed by the party to be charged to be
enforceable.
Jasper and Aziz are engaging a real estate transaction. They want to
make sure the interest being conveyed is officially and accurately
recorded. What would they use to do that? Correct Answer-one of the
sales contracts promulgated by TREC
The six TREC-promulgated sales contracts describe the conveyance that
the buyer and seller are agreeing upon.
, According to the TREC contracts, the title company (on behalf of the
seller) will send what to the buyer within 20 days after they receive the
signed contract? Correct Answer-Commitment for title insurance
Which of the following about the unauthorized practice of law and real
estate contracts is TRUE? Correct Answer-license holders are able to
complete (fill in the blanks of) real estate contracts promulgated by
TREC but should NOT create their own contracts
If the buyer wants to make the contract contingent upon their ability to
have environmental inspections of the property, the correct way to do
that is: Correct Answer-Attach the Environmental Assessment,
Threatened or Endangered Species, and Wetlands Addendum to the
offer.
What is eminent domain? Correct Answer-the power of the state to seize
a citizen's private property or rights in a property WITH compensation
but without the consent of the owner (prop taken for gov. use
A seller's homeowner's insurance policy is cancelled at the time of
closing. They will receive WHAT after closing for the part of their
premium that was paid in advance? Correct Answer-A refund check
WHAT loan programs are great for first-time homebuyers because they
offer loan programs that focus on low down payments? Correct Answer-
FHA & VA loans
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