AYPO Real Estate Law of Contracts
Which of these IS NOT currently an enforceable form of contract but could become one
if ratified? - CORRECT ANSWER-Voidable
Which of these areas of law are best for real estate agents to feel free to offer advice? -
CORRECT ANSWER-None of these. Without appropriate legal credentials it is not
appropriate fo licensees to provide any legal advice.
TILA-RESPA replace the formerly required documents with: - CORRECT ANSWER-The
Loan Estimate and the Closing Disclosure.
The Deceptive Trade Practices Act allows for which of the following? - CORRECT
ANSWER-All of these.
When a tenant under an agreement with the owner stays after the agreed term of the
lease has expired without owner consent, it is call which of the following? - CORRECT
ANSWER-Estate at Sufferance.
Which of these is considered a relatively new concept in residential home sales? -
CORRECT ANSWER-Buyer Agency agreements
A Deed of Trust allows for what type of foreclosure? - CORRECT ANSWER-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? - CORRECT ANSWER-All of
these.
A title search includes a searching of public records to determine these issues, except
for: - CORRECT ANSWER-Credit history of the potential buyer.
Which of these might a certificate of title include? - CORRECT ANSWER-Any of these
Contingencies are best described by which of the following? - CORRECT ANSWER-
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? - CORRECT ANSWER-If the words
used can be proven and the intent reasonably discerned from those words.
, A non-exclusive/not for compensation buyer- broker agreement: - CORRECT
ANSWER-all of these
For leases lasting less than ____, oral agreements can be enforceable. - CORRECT
ANSWER-One year
Which of these provides the broadest definition of land, property, and ownership rights?
- CORRECT ANSWER-Real Property.
For a valid contractual offer, the offer must do all except which of the following? -
CORRECT ANSWER-Provide terms for an acceptable counter offer.
Which of these would NOT be a requirement to create a valid lease agreement? -
CORRECT ANSWER-Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are the two
forms of: - CORRECT ANSWER-Fee simple defeasible estates
_________________ is a form of ownership held by one party. - CORRECT ANSWER-
Severalty
Which of these IS NOT listed among the special inspections? - CORRECT ANSWER-
Home appliances
Earnest money is a prospective buyer's demonstration of which of the following? -
CORRECT ANSWER-Both of these.
An encumbrance is a(n) ________ real property. - CORRECT ANSWER-All of these
An advantage to buyers in a lease-purchase option is which of the following? -
CORRECT ANSWER-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? - CORRECT
ANSWER-Private party uses.
Graduated and index leases are what types of leases? - CORRECT ANSWER-Variable.
A "mirror" will is a : - CORRECT ANSWER-Reciprocal will.
Under a land sales contract which of the following statements is accurate? (Best
answer.) - CORRECT ANSWER-All of these are accurate.
Which type of listing agreement is the only one to guarantee the broker a commission in
the event of a successful sale? - CORRECT ANSWER-Exclusive-right-to-sell
Which of these IS NOT currently an enforceable form of contract but could become one
if ratified? - CORRECT ANSWER-Voidable
Which of these areas of law are best for real estate agents to feel free to offer advice? -
CORRECT ANSWER-None of these. Without appropriate legal credentials it is not
appropriate fo licensees to provide any legal advice.
TILA-RESPA replace the formerly required documents with: - CORRECT ANSWER-The
Loan Estimate and the Closing Disclosure.
The Deceptive Trade Practices Act allows for which of the following? - CORRECT
ANSWER-All of these.
When a tenant under an agreement with the owner stays after the agreed term of the
lease has expired without owner consent, it is call which of the following? - CORRECT
ANSWER-Estate at Sufferance.
Which of these is considered a relatively new concept in residential home sales? -
CORRECT ANSWER-Buyer Agency agreements
A Deed of Trust allows for what type of foreclosure? - CORRECT ANSWER-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? - CORRECT ANSWER-All of
these.
A title search includes a searching of public records to determine these issues, except
for: - CORRECT ANSWER-Credit history of the potential buyer.
Which of these might a certificate of title include? - CORRECT ANSWER-Any of these
Contingencies are best described by which of the following? - CORRECT ANSWER-
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? - CORRECT ANSWER-If the words
used can be proven and the intent reasonably discerned from those words.
, A non-exclusive/not for compensation buyer- broker agreement: - CORRECT
ANSWER-all of these
For leases lasting less than ____, oral agreements can be enforceable. - CORRECT
ANSWER-One year
Which of these provides the broadest definition of land, property, and ownership rights?
- CORRECT ANSWER-Real Property.
For a valid contractual offer, the offer must do all except which of the following? -
CORRECT ANSWER-Provide terms for an acceptable counter offer.
Which of these would NOT be a requirement to create a valid lease agreement? -
CORRECT ANSWER-Financing disclosure
Fee simple determinable and fee simple subject to a condition subsequent are the two
forms of: - CORRECT ANSWER-Fee simple defeasible estates
_________________ is a form of ownership held by one party. - CORRECT ANSWER-
Severalty
Which of these IS NOT listed among the special inspections? - CORRECT ANSWER-
Home appliances
Earnest money is a prospective buyer's demonstration of which of the following? -
CORRECT ANSWER-Both of these.
An encumbrance is a(n) ________ real property. - CORRECT ANSWER-All of these
An advantage to buyers in a lease-purchase option is which of the following? -
CORRECT ANSWER-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? - CORRECT
ANSWER-Private party uses.
Graduated and index leases are what types of leases? - CORRECT ANSWER-Variable.
A "mirror" will is a : - CORRECT ANSWER-Reciprocal will.
Under a land sales contract which of the following statements is accurate? (Best
answer.) - CORRECT ANSWER-All of these are accurate.
Which type of listing agreement is the only one to guarantee the broker a commission in
the event of a successful sale? - CORRECT ANSWER-Exclusive-right-to-sell
