Champions stuvia 2024 - Study guides, Class notes & Summaries

Champions Promulgated Contract Forms 2024 Practice Quiz with Complete SolutionsChampions Promulgated Contract Forms 2024 Practice Quiz with Complete SolutionsChampions Promulgated Contract Forms 2024 Practice Quiz with Complete SolutionsChampions Promulgated Contract Forms 2024 Practice Quiz with Complete Solutions The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are: legal purpose, competent parties, mutual assent, considerat...

Law of Contracts - CHAMPIONS TEST 2024 WITH COMPLETE SOLUTIONSLaw of Contracts - CHAMPIONS TEST 2024 WITH COMPLETE SOLUTIONSLaw of Contracts - CHAMPIONS TEST 2024 WITH COMPLETE SOLUTIONSLaw of Contracts - CHAMPIONS TEST 2024 WITH COMPLETE SOLUTIONS The TREC residential contract forms are: - ANWER-Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: - ANWER-fraud Under the Deceptive Trade Practices Act, __________...

The TREC residential contract forms are: - ANWER-Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: - ANWER-fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. - ANWER-goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: - ANWER-Enter into a Seller's Temporary Residential Lease The Buyer and Seller Temp...

Law of Agency Champions 2024 questions and answers

Loan Processing - ANSWERSThe process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting - ANSWERSThe process of evaluating a borrower's loan application to determine the risk involved for the lender. Funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement. Servicing - ANSWERSSending monthly payment statements and collecting monthly payments, maintaining paymen...

Promulgated Forms - Champions 2024 Questions and Answers 100% AccuratePromulgated Forms - Champions 2024 Questions and Answers 100% AccuratePromulgated Forms - Champions 2024 Questions and Answers 100% AccuratePromulgated Forms - Champions 2024 Questions and Answers 100% Accurate Void Contract -ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract -ANSWER-A ...

Promulgated Forms - Champions 2024 Practice Quiz with Complete SolutionsPromulgated Forms - Champions 2024 Practice Quiz with Complete SolutionsPromulgated Forms - Champions 2024 Practice Quiz with Complete SolutionsPromulgated Forms - Champions 2024 Practice Quiz with Complete Solutions Void Contract - ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract -...

Loan Processing - ANSWERSThe process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting - ANSWERSThe process of evaluating a borrower's loan application to determine the risk involved for the lender. Funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement. Servicing - ANSWERSSending monthly payment statements and collecting monthly payments, maintaining paymen...

Void Contract -ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract -ANSWER-A contract between two parties to commit an illegal act is a void contract. Elements of a Valid Contract -ANSWER-COLIC Competent Parties Offer and Acceptance (mutual consent) Legal Purpose In Writing (when required by law) Consideration Earnest Money -ANSWER-Not a requirem...

The _____ lists all cash that came into and all expenses incurred by a property during the reporting period. a. Property management agreement b. Bank statement c. Cash flow report d. Leasing agreement - ANSWER c. Cash flow report (chapter 7) When a property is not well-maintained, the result is: a. Preventive maintenance b. Deferred maintenance c. Escalation clauses d. Assignment and sublet - ANSWER b. Deferred Maintenance (chapter 7) BOMA's major concern is advocacy on t...