Law Of Contracts Multiple Choice Exam | All Questions & Answers (Rated A+)

Law Of Contracts Multiple Choice Exam | All Questions & Answers (Rated A+) Law Of Contracts Multiple Choice Exam | All Questions & Answers (Rated A+) Which of the following is a requirement for a Texas real estate sales agent license? a. College degree b. 30 hours of Real Estate Principles Only c. Showing competency by passing the licensing exam d. Must be Texan by birth - ANSWER - C. Showing competency by passing the licensing exam An active sales agent license may only be issued under _____. a. Court order b. The sponsorship of a licensed broker c. The supervision of a fellow sales agent d. The Deceptive Trade Practices Act - ANSWER - B. The sponsprship of a licensed broker A license holder must not prepare which of the following documents? a. Option agreements b. Title commitments c. Wills d. A license holder must not prepare any of these documents - ANSWER - D. a license holder must not prepare any of these documents Todd planted two live oaks and four magnolia trees on his 3-acre property. These trees are examples of _____. a. Improvements b. Emblements c. Fixtures d. Personal property - ANSWER - A. Improvements Patti, David, and Arthur inherited several acres from their parents. They each own a third of the estate. What type of ownership do the siblings have? a. Joint tenancy b. Estate in severalty c. Tenancy in common d. Community property - ANSWER - C. Tenancy in Common If you hire a mold remediator, he must give you a(n) _____ no later than 10 days after work is complete. a. Dept. of State and Health Services Agreement b. Texas Property Code receipt c. EPA Certificate d. Certificate of Mold Remediation - ANSWER - D. Certificate of Mold Remediation ___ are man-mad additions to land that are permanent and considered to become part of the land a. surface rights b. improvements c. fixtures d. personal properties - ANSWER - B Improvements In order to comply with the _____, contracts for the conveyance of an interest in real estate or leases for a term of more than one year must be in writing. a. SAFE Act b. Statute of Frauds c. Statute of Limitations d. Real Estate Settlement Procedures Act - ANSWER - B. Statute of Frauds Broker Bernardo has a signed sales contract that has not yet gone to the closing table. Therefore, Bernardo has a(n) _____ contract. a. Executory b. Executive c. Non-binding d. Voidable - ANSWER - A. Executory Bryan's client shows up to his closing after drinking three beers at a baseball game. Due to his consumption of alcohol, the closing cannot take place because Bryan's client is not legally _____ to sign. a. Impaired b. Intelligent enough c. Competent d. Sane - ANSWER - C. Competent Lynne purchased a lake front lot in order to build her dream home. Under _____, Lynne has the right to construct a boat dock and anchor her pontoon boat on the water. a. Riparian rights b. Docking rights c. Appropriative rights d. Littoral rights - ANSWER - Littoral rights Cities and municipalities have the right to regulate the type of buildings constructed in an area through _____. a. Escheat b. Zoning c. Eminent domain d. Taxation - ANSWER - B. Zoning