Exam (elaborations)
Law of Contract Final exam Questions and Complete Solutions Graded A+
- Course
- Institution
Law of Contract Final exam Questions and Complete Solutions Graded A+
[Show more]
Content preview
Law of Contract Final exam Questionsand Complete Solutions Graded A+
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 - Answer: D) Eminent domain
Precedents are determined by:
A) Statutory Law
B) Case law
C) TRELA
D) DTPA - Answer: 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 - Answer: 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 - Answer: B) Time shares
The law that established the Texas Real Estate Commission.
A) TREC
B) TRELA
C) TAR
D) TCEQ - Answer: 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 - Answer: 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 - Answer: 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 - Answer: 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 - Answer: 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 - Answer: D) Escrow officer
wrong B) Broker
Who approves the property, loan and HUD-1?
A) Underwriter
B) Loan Officer
C) Escrow Officer
D) Broker - Answer: A) Underwriter
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now