TEXAS LAW OF CONTRACTSFINAL EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

TEXAS LAW OF CONTRACTSFINAL EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS TRID - Answer -TILA-RESPA Integrated Disclosure Rule (The Final Rule) TRID Rule - Answer -Lenders must give a copy of the booklet, must provide a loan estimate (within 3 business days), a closing disclosure RESPA - Answer -Real Estate Settlement Procedures Act Adverse Possession - Answer -A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time. RESPA requirements include: - Answer -Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement Notorious possession - Answer -a possession without concealment Hostile Possession - Answer -The possession of the property is without the owner's permission, either expressed or implied. Voluntary Alienation - Answer -the legal term for the voluntary transfer of titleInvoluntary Alienation - Answer -A transfer of title to real property without the owner's consent . Examples. escheat, foreclosure, eminent domain, adverse possession and estoppel. eminent domain - Answer -Power of a government to take private property for public use. encroachment - Answer -intrusion on a person's territory, rights, etc. Bilateral Contract - Answer -a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party