Exam (elaborations)
AYPO REAL ESTATE LAW OF CONTRACTS
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AYPO REAL ESTATE LAW OF CONTRACTS
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AYPO REAL ESTATE LAW OF CONTRACTSAn advantage to buyers in a lease-purchase option is which of the following? - Answers-
It can be easier for a difficult to qualify buyer to purchase a home with a lower down
payments.
Eminent domain in Texas MAY NOT be used for which of these purposes? - Answers-
Private party uses.
Graduated and index leases are what types of leases? - Answers-Variable.
A "mirror" will is a : - Answers-Reciprocal will.
Under a land sales contract which of the following statements is accurate? (Best
answer.) - Answers-All of these are accurate.
Which of these provides the broadest definition of land, property, and ownership rights?
- Answers-Real Property.
For a valid contractual offer, the offer must do all except which of the following? -
Answers-Provide terms for an acceptable counter offer.
Which of these would NOT be a requirement to create a valid lease agreement? -
Answers-Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are the two
forms of: - Answers-Fee simple defeasible estates
_________________ is a form of ownership held by one party. - Answers-Severalty
Which of these IS NOT listed among the special inspections? - Answers-Home
appliances
Earnest money is a prospective buyer's demonstration of which of the following? -
Answers-Both of these.
An encumbrance is a(n) ________ real property. - Answers-All of these
Once signed by borrowers, the note is which of the following? - Answers-A fully
enforceable and negotiable instrument of debt.
Providing basic information regarding various standard aspects of real estate law is: -
Answers-An important piece of the fiduciary duty to protect the client's best interests.
, In real estate, a 72- hour clause allowing a party a grace period to change their minds is
called which of the following? - Answers-Escape clause.
Computerized loan origination (CLO) systems have been approved by the U.S Dept. of
Housing and Urban Development so long as: - Answers-All of these.
Contracts for deed, lease-purchases, and lease-options for longer than (minimum
mandatory) ___days are legally defines as executory contracts. - Answers-180
All of the following are required for an amendment to make changes to an existing real
estate contract in Texas, EXCEPT for which of these? - Answers-The amendment must
be included in the actual language of contract and so requires a new contract to be
signed.
Who pays for the inspections and subsequent repairs? - Answers-Who pays is open to
negotiation and, once decided, should be entered into the sales agreement.
In terms of the closing process, Texas is an ______ state. - Answers-Escrow
Which type of listing agreement is the only one to guarantee the broker a commission in
the event of a successful sale? - Answers-Exclusive-right-to-sell
A Deed of Trust allows for what type of foreclosure? - Answers-Non- judicial
Once the offer to purchase and all details and contingencies are agreed upon, and all
parties are signed, which of these should happen next? - Answers-All of these.
A title search includes a searching of public records to determine these issues, except
for: - Answers-Credit history of the potential buyer.
Which of these might a certificate of title include? - Answers-Any of these
Contingencies are best described by which of the following? - Answers-Specific events
of conditions that must occur or be removed for the offer/purchase agreement to be
valid.
Oral agreements in relation to business purchases or hiring of services can be
enforceable under which of these circumstances? - Answers-If the words used can be
proven and the intent reasonably discerned from those words.
A non-exclusive/not for compensation buyer- broker agreement: - Answers-all of these
For leases lasting less than ____, oral agreements can be enforceable. - Answers-One
year
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