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Aceable Agent - Law of Contracts Questions with correct Answers
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Aceable Agent - Law of Contracts
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Aceable Agent - Law of ContractsDEED - answerThe legal written document that conveys the intangible ownership rights
(title) of a real estate property to another property.
DEED OF TRUST - answerA 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 - answerA 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 - answerAny restriction, encroachment, claim, or lien on a property
(such as a mortgage) that affects the value or use of the property.
TREC BOARD - answerBoard 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 - answerWhat is the primary
purpose of the Broker-Lawyer Committee?
6 ATTORNEYS
6 BROKERS
1 PUBLIC MEMBER - answerWhat is the Broker-Lawyer Committee made up of?
DTPA - answerDeceptive Trade Practices Act
GROUNDWATER AND RAINWATER - answerSurface owners have the rights to what?
BILL OF SALE - answerCertificate of transfer of personal property.
NON-HOMOGENOUS - answerParcels of land are unique.
SCARCITY
SITUS
MODIFICATION
FIXITY
ILLIQUIDITY - answerWhat is the list of economic characteristics?
, SEVERALTY - answerDescribes undivided ownership of an estate with an interest that
is exclusive from other owners.
TESTAMENTARY TRUST - answerA type of trust that is effective upon the death of a
trustor.
SEVERALTY (EXCLUSIVELY)
CO-OWNERSHIP (SEVERAL PEOPLE)
TRUST (ORGANIZATION) - answerWhat are the 3 different types of ownership?
COMMUNITY PROPERTY
TENANCY IN COMMON
JOINT TENNANCY - answerWhat are the 3 types of co-ownership?
NO, EITHER GOES TO WILL OR TO THEIR DESCENDANTS - answerIf an owner in
Tenancy in Common dies, does their part of the property go to the surviving owners?
YES, THE RIGHT OF SURVIVORSHIP - answerIf an owner in Joint Tenancy dies, does
their part of the property go to the surviving owners?
TIME
TRUST
SEVERALTY - answerWhat are the 3 different ways an estate can be held in Texas?
S CORP - answerA 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 - answerA 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 - answerA common law rule that prevents a consumer from
using things outside of the written contract to make a claim.
RECIPROCAL - answerWhat type of obligations are created in a bilateral contract?
SALE OF A GOOD OR SERVICE - answerWhich 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
In a unilateral contract you are promising to pay for a performed act, and in a bilateral
contract you are paying for the promise of a performed act. - answerWhat is the
distinction between a bilateral and a unilateral contract?
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