Law of contracts practice test Exam Questions AND Correct
Answers
: Co-ownership (typically for non-spouses) with rights of
inheritance; assumed form of co-ownership if joint tenancy is
not declared. - ✔✔tenancy in common
A buyer and seller are parties to a sales contract. The buyer
makes several payments before the seller rescinds the
contract. The seller must: - ✔✔seller must return all payments
they have received from the buyer.
A buyer decides to terminate the contract during his option
period. He will submit the Termination of Contract notice to
the seller and will be entitled to: - ✔✔refund of earnest
money
A contract with a minor is voidable at the option of the minor
but - ✔✔not the other party
A home is about to be sold but is condemned before closing
day. The sales contract is discharged by operation of law.
Operation of law occurs when:a contract is not legally valid or
,becomes unenforceable due to a - ✔✔statute of frauds, a
statute of limitations, or other legal regulations.
A quitclaim deed carries: - ✔✔no covenants, guarantees, or
warranties
A seller's homeowner's insurance policy is cancelled at the
time of closing. They will receive WHAT after closing for the
part of their premium that was paid in advance? - ✔✔refund
check
A TREC amendment form serves to: - ✔✔modify a fully
accepted and agreed upon contract
A valid will is an instrument for - ✔✔voluntary alienation
According to the TREC contracts, the title company (on behalf
of the seller) will send what to the buyer within 20 days after
they receive the signed contract? - ✔✔Commitment for title
insurance
, After a tenants moves out of their unit, the landlord has HOW
MANY days to mail them their security deposit as per WHAT
code? - ✔✔30 days as per Texas property code
Also known as a periodic tenancy, has a fixed lease period,
after which it is automatically renewed until the landlord or
tenant acts to terminate it - ✔✔Periodic estate
An offer that does not describe the method and terms of
financing but does state the price is: - ✔✔valid
An orange tree (which is not moveable and is something
growing on the land in question) would be considered: -
✔✔real property
are frequently used to correct a title defect. - ✔✔quitclaim
deed
As a general rule, an oral sales contract involving the sale of
real estate: - ✔✔Is unenforceable
Answers
: Co-ownership (typically for non-spouses) with rights of
inheritance; assumed form of co-ownership if joint tenancy is
not declared. - ✔✔tenancy in common
A buyer and seller are parties to a sales contract. The buyer
makes several payments before the seller rescinds the
contract. The seller must: - ✔✔seller must return all payments
they have received from the buyer.
A buyer decides to terminate the contract during his option
period. He will submit the Termination of Contract notice to
the seller and will be entitled to: - ✔✔refund of earnest
money
A contract with a minor is voidable at the option of the minor
but - ✔✔not the other party
A home is about to be sold but is condemned before closing
day. The sales contract is discharged by operation of law.
Operation of law occurs when:a contract is not legally valid or
,becomes unenforceable due to a - ✔✔statute of frauds, a
statute of limitations, or other legal regulations.
A quitclaim deed carries: - ✔✔no covenants, guarantees, or
warranties
A seller's homeowner's insurance policy is cancelled at the
time of closing. They will receive WHAT after closing for the
part of their premium that was paid in advance? - ✔✔refund
check
A TREC amendment form serves to: - ✔✔modify a fully
accepted and agreed upon contract
A valid will is an instrument for - ✔✔voluntary alienation
According to the TREC contracts, the title company (on behalf
of the seller) will send what to the buyer within 20 days after
they receive the signed contract? - ✔✔Commitment for title
insurance
, After a tenants moves out of their unit, the landlord has HOW
MANY days to mail them their security deposit as per WHAT
code? - ✔✔30 days as per Texas property code
Also known as a periodic tenancy, has a fixed lease period,
after which it is automatically renewed until the landlord or
tenant acts to terminate it - ✔✔Periodic estate
An offer that does not describe the method and terms of
financing but does state the price is: - ✔✔valid
An orange tree (which is not moveable and is something
growing on the land in question) would be considered: -
✔✔real property
are frequently used to correct a title defect. - ✔✔quitclaim
deed
As a general rule, an oral sales contract involving the sale of
real estate: - ✔✔Is unenforceable
