Breach of representation Study guides, Revision notes & Summaries

FAIR - Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. - • Consideration • Legal Purpose • Offer • Acceptance • Competent Parties Consideration - Money and statements made on application Legal Purpose - Risk transfer doesn't violate the law Offer - Insured submits application and first month premium to insurer Insurer accepts or insurer declines the risk Counteroffer - Agrees to issue policy but with higher premium or restrictions/ exclusions ...

RECA fundamentals study guide questions and answers latest 2023duty-based ethics - correct answer Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics - correct answer Sells the optimal result for the greatest number of people Advisory note - correct answer Punishment for a technical breach Administrative penalty/ fine - correct answer One or two potentially serious infraction would cause this punishment Ratification...

Wisconsin Real Estate Exam Prep Questions and Answers Already Passed A seller signs listing contract with firm. Who is the agent who is the principal? Seller is the principal, firm is the agent. If you are the listing agent and a buyer asks you to write an offer but does not sign an agency agreement, how do you describe the buyer? Customer What kind of agency is the firm practicing if they represent just one party in a transaction? Single Agency When can a firm engage in multiple...

RECA Exam| 2023/ 2024| Questions and Verified Answers| Grade A QUESTION Stan, a real estate professional registered with McAgent Real Estate Brokerage has just listed his commercial property for lease with his brokerage. Jim, another real estate professional registered with the same brokerage tells Stan that he has a client interested in leasing the property. What level of disclosure is required in this situation? Answer: Disclosure level 3 QUESTION Mary, a real estate pr...

Rules of Construction - Help to identify and establish the intent of the parties to the contract Utmost good faith - Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract - A contract under which one party's performance is contingent on an uncertain event. property and casualty agent - has the power to bind the insurer Adhesion ...

Rules of Construction - ANSWERSHelp to identify and establish the intent of the parties to the contract Utmost good faith - ANSWERSEach party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract - ANSWERSA contract under which one party's performance is contingent on an uncertain event. property and casualty agent - ANSWERShas the power...

b. correct answers Which of the following is true of paralegals? a. They may practice law b. They may not practice law c. They only do secretarial work d. They are granted a license to work by the state d. correct answers Which of the following are tasks that paralegals may perform? a.Draft legal documents b. Conduct legal research c. Interview clients and witnesses d. All of the above b. correct answers As a paralegal getting a case ready for trial, you will NOT spend time: a. Co...

The process of beginning a project involves an introductory phase wherein the owner presents explicit descriptive specifications for the proposed undertaking. Rather than simply indicate interest without nuance, and to avoid issuing irresponsible considerations for multiple projects, a contractor is required to submit a ______ to express their specifications (including designs and price) for the planned construction. - correct answer A bid is an expression of plans and terms specific to the jo...

RECA fundamentals study guide Exam Questions And Answers duty-based ethics - ANS Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utilitarian ethics - ANS Sells the optimal result for the greatest number of people Advisory note - ANS Punishment for a technical breach Administrative penalty/ fine - ANS One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in exc...

Florida Health 240 Insurance Exam (Graded A+) Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent...