Aceable Agent - Law of Contracts Questions and Answers(GRADED A+)
DEED - ANSWER-The legal written document that conveys the intangible ownership rights (title) of a real estate property to another property.
DEED OF TRUST - ANSWER-A security instrument that places the deed to the property in a trust held by the lender until a mortgage is paid off, when the trustee will transfer the deed to the borrower.
TRUSTEE VS TRUSTOR - ANSWER-A trustee is an individual person given control of property in trust with a legal obligation to administer it solely for the purposes specified. The trustor is the borrower.
ENCUMBRANCE - ANSWER-Any restriction, encroachment, claim, or lien on a property (such as a mortgage) that affects the value or use of the property.
TREC BOARD - ANSWER-Board is made up of:
6 Brokers (5 years experience prior)
3 Non-Licensed members who don't have any business interest in real estate.
EDIT, CREATE, RECOMMEND CONTRACTS TO TREC - ANSWER-What is the primary purpose of the Broker-Lawyer Committee?
6 ATTORNEYS
6 BROKERS
1 PUBLIC MEMBER - ANSWER-What is the Broker-Lawyer Committee made up of?
DTPA - ANSWER-Deceptive Trade Practices Act
GROUNDWATER AND RAINWATER - ANSWER-Surface owners have the rights to what?
BILL OF SALE - ANSWER-Certificate of transfer of personal property.
NON-HOMOGENOUS - ANSWER-Parcels of land are unique.
SCARCITY
SITUS
MODIFICATION
FIXITY
ILLIQUIDITY - ANSWER-What is the list of economic characteristics? SEVERALTY - ANSWER-Describes undivided ownership of an estate with an interest that is exclusive from other owners.
TESTAMENTARY TRUST - ANSWER-A type of trust that is effective upon the death of a trustor.
SEVERALTY (EXCLUSIVELY)
CO-OWNERSHIP (SEVERAL PEOPLE)
TRUST (ORGANIZATION) - ANSWER-What are the 3 different types of ownership?
COMMUNITY PROPERTY
TENANCY IN COMMON
JOINT TENNANCY - ANSWER-What are the 3 types of co-ownership?
NO, EITHER GOES TO WILL OR TO THEIR DESCENDANTS - ANSWER-If an owner in Tenancy in Common dies, does their part of the property go to the surviving owners?
YES, THE RIGHT OF SURVIVORSHIP - ANSWER-If an owner in Joint Tenancy dies, does their part of the property go to the surviving owners?
TIME
TRUST
SEVERALTY - ANSWER-What are the 3 different ways an estate can be held in Texas?
S CORP - ANSWER-A corporation that is taxed as though it were a partnership; income
is taxed only as the personal income of its stockholders. Has less than 100 shareholders.
COOPERATIVE - ANSWER-A residential building in which the title is held by a corporation, the residents are stockholders in the corporation, and the residents have a lease.
PAROLE EVIDENCE RULE - ANSWER-A common law rule that prevents a consumer from using things outside of the written contract to make a claim.
RECIPROCAL - ANSWER-What type of obligations are created in a bilateral contract?
SALE OF A GOOD OR SERVICE - ANSWER-Which of the following is NOT an example of a unilateral contract?
1. Commission
2 The offer of a reward
3. The sale of goods or service
4. A contest
DEED - ANSWER-The legal written document that conveys the intangible ownership rights (title) of a real estate property to another property.
DEED OF TRUST - ANSWER-A security instrument that places the deed to the property in a trust held by the lender until a mortgage is paid off, when the trustee will transfer the deed to the borrower.
TRUSTEE VS TRUSTOR - ANSWER-A trustee is an individual person given control of property in trust with a legal obligation to administer it solely for the purposes specified. The trustor is the borrower.
ENCUMBRANCE - ANSWER-Any restriction, encroachment, claim, or lien on a property (such as a mortgage) that affects the value or use of the property.
TREC BOARD - ANSWER-Board is made up of:
6 Brokers (5 years experience prior)
3 Non-Licensed members who don't have any business interest in real estate.
EDIT, CREATE, RECOMMEND CONTRACTS TO TREC - ANSWER-What is the primary purpose of the Broker-Lawyer Committee?
6 ATTORNEYS
6 BROKERS
1 PUBLIC MEMBER - ANSWER-What is the Broker-Lawyer Committee made up of?
DTPA - ANSWER-Deceptive Trade Practices Act
GROUNDWATER AND RAINWATER - ANSWER-Surface owners have the rights to what?
BILL OF SALE - ANSWER-Certificate of transfer of personal property.
NON-HOMOGENOUS - ANSWER-Parcels of land are unique.
SCARCITY
SITUS
MODIFICATION
FIXITY
ILLIQUIDITY - ANSWER-What is the list of economic characteristics? SEVERALTY - ANSWER-Describes undivided ownership of an estate with an interest that is exclusive from other owners.
TESTAMENTARY TRUST - ANSWER-A type of trust that is effective upon the death of a trustor.
SEVERALTY (EXCLUSIVELY)
CO-OWNERSHIP (SEVERAL PEOPLE)
TRUST (ORGANIZATION) - ANSWER-What are the 3 different types of ownership?
COMMUNITY PROPERTY
TENANCY IN COMMON
JOINT TENNANCY - ANSWER-What are the 3 types of co-ownership?
NO, EITHER GOES TO WILL OR TO THEIR DESCENDANTS - ANSWER-If an owner in Tenancy in Common dies, does their part of the property go to the surviving owners?
YES, THE RIGHT OF SURVIVORSHIP - ANSWER-If an owner in Joint Tenancy dies, does their part of the property go to the surviving owners?
TIME
TRUST
SEVERALTY - ANSWER-What are the 3 different ways an estate can be held in Texas?
S CORP - ANSWER-A corporation that is taxed as though it were a partnership; income
is taxed only as the personal income of its stockholders. Has less than 100 shareholders.
COOPERATIVE - ANSWER-A residential building in which the title is held by a corporation, the residents are stockholders in the corporation, and the residents have a lease.
PAROLE EVIDENCE RULE - ANSWER-A common law rule that prevents a consumer from using things outside of the written contract to make a claim.
RECIPROCAL - ANSWER-What type of obligations are created in a bilateral contract?
SALE OF A GOOD OR SERVICE - ANSWER-Which of the following is NOT an example of a unilateral contract?
1. Commission
2 The offer of a reward
3. The sale of goods or service
4. A contest
