ACEABLE LAW OF CONTRACTS – 2024 EXAM WITH 100% CORRECT SOLUTIONS

ACEABLE LAW OF CONTRACTS – 2024 EXAM WITH 100% CORRECT SOLUTIONS The Seller Financing Addendum allows the seller to become the: - correct answer lender 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? - correct answer a refund check In Texas, the statute of limitations for specific performance of a contract for the conveyance of real property is: - correct answer four years In regard to contracts, which of the following BEST describes a performance agreement? - correct answer Performance agreements require the contracting parties either to perform certain actions or to uphold certain contractual promises. Performance agreements exist in addition to the contract itself. In the real estate industry, the license holder generally has special agency with the principal. A special agent has: - correct answer most limited authority of any type of agent Who creates the various types of contracts, addenda, notices, and consumer disclosures (all of which are promulgated)? - correct answer Broker-lawyer comittee Fannie Mae and Freddie Mac participate in which of the following? - correct answer Secondary mortgage market Clarence is an agent and writes "time is of the essence" 6 times in a contract, including it in various clauses, to ensure a deadline is met. He believes this to be especially important, as he is working with a particularly slow client. Which of the following is TRUE about Clarence? - correct answer considered unauthorized practice of law