Aceable Agent - Law of Contracts Questions and Answers(GRADED A+)
14 views 0 purchase
Course
Aceable Agent - Law of Contracts
Institution
Aceable Agent - Law Of Contracts
DEED OF TRUST - ANSWER-A security instrument that places the deed to the property in a trust held by the lender until a mortgage is paid off, when the trustee will transfer the deed to the borrower.
TRUSTEE VS TRUSTOR - ANSWER-A trustee is an individual person given control of property in trust ...
Aceable Agent - Law of Contracts Questions and Answers(GRADED A+)
DEED - ANSWER-The legal written document that conveys the intangible ownership rights (title) of a real estate property to another property.
DEED OF TRUST - ANSWER-A security instrument that places the deed to the property in a trust held by the lender until a mortgage is paid off, when the trustee will transfer the deed to the borrower.
TRUSTEE VS TRUSTOR - ANSWER-A trustee is an individual person given control of property in trust with a legal obligation to administer it solely for the purposes specified. The trustor is the borrower.
ENCUMBRANCE - ANSWER-Any restriction, encroachment, claim, or lien on a property (such as a mortgage) that affects the value or use of the property.
TREC BOARD - ANSWER-Board is made up of:
6 Brokers (5 years experience prior)
3 Non-Licensed members who don't have any business interest in real estate.
EDIT, CREATE, RECOMMEND CONTRACTS TO TREC - ANSWER-What is the primary purpose of the Broker-Lawyer Committee?
6 ATTORNEYS
6 BROKERS
1 PUBLIC MEMBER - ANSWER-What is the Broker-Lawyer Committee made up of?
DTPA - ANSWER-Deceptive Trade Practices Act
GROUNDWATER AND RAINWATER - ANSWER-Surface owners have the rights to what?
BILL OF SALE - ANSWER-Certificate of transfer of personal property.
NON-HOMOGENOUS - ANSWER-Parcels of land are unique.
SCARCITY
SITUS
MODIFICATION
FIXITY
ILLIQUIDITY - ANSWER-What is the list of economic characteristics? SEVERALTY - ANSWER-Describes undivided ownership of an estate with an interest that is exclusive from other owners.
TESTAMENTARY TRUST - ANSWER-A type of trust that is effective upon the death of a trustor.
SEVERALTY (EXCLUSIVELY)
CO-OWNERSHIP (SEVERAL PEOPLE)
TRUST (ORGANIZATION) - ANSWER-What are the 3 different types of ownership?
COMMUNITY PROPERTY
TENANCY IN COMMON
JOINT TENNANCY - ANSWER-What are the 3 types of co-ownership?
NO, EITHER GOES TO WILL OR TO THEIR DESCENDANTS - ANSWER-If an owner in Tenancy in Common dies, does their part of the property go to the surviving owners?
YES, THE RIGHT OF SURVIVORSHIP - ANSWER-If an owner in Joint Tenancy dies, does their part of the property go to the surviving owners?
TIME
TRUST
SEVERALTY - ANSWER-What are the 3 different ways an estate can be held in Texas?
S CORP - ANSWER-A corporation that is taxed as though it were a partnership; income
is taxed only as the personal income of its stockholders. Has less than 100 shareholders.
COOPERATIVE - ANSWER-A residential building in which the title is held by a corporation, the residents are stockholders in the corporation, and the residents have a lease.
PAROLE EVIDENCE RULE - ANSWER-A common law rule that prevents a consumer from using things outside of the written contract to make a claim.
RECIPROCAL - ANSWER-What type of obligations are created in a bilateral contract?
SALE OF A GOOD OR SERVICE - ANSWER-Which of the following is NOT an example of a unilateral contract?
1. Commission
2 The offer of a reward
3. The sale of goods or service
4. A contest
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 IMORA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.19. You're not tied to anything after your purchase.
