LAW OF CONTRACT FINAL EXAM NEWEST ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
An agency relationship which is created after the fact when the
principle agrees to be bound by the actions of another person who is
acting without authority is called:
A) Agency by ratification
B) Implied agency
C) Expressed oral agency
D) Expressed written agency - CORRECT ANSWER A) Agency by
ratification
A seller conveys personal property with a:
A) Deed
B) Bill of Sale
C) Deed of Trust
D) Nothing is required - CORRECT ANSWER B) Bill of Sale
This is a communication that gives the listener the power to conclude
a contract.
A) Representation
B) Acceptance
C) Offer
D) Disclosure - CORRECT ANSWER wrong B) Acceptance
With this lease, the tenant pays a fixed amount of rent to the landlord.
A) Net lease
,B) Percentage lease
C) Gross lease
D) Ground lease - CORRECT ANSWER C) Gross lease
A leasehold estate and a non-freehold estate are the same.
A) True
B) False - CORRECT ANSWER A) True
The act is about closing costs and settlement procedures.
A) RESPA
B) ECOA
C) TRELA
D) Fair credit act - CORRECT ANSWER A) RESPA
Title flaws must be dealt with, property taxes must be current and
outstanding mortgages and judgments must be resolved before
A) Executed contract
B) Loan origination
C) Inspection of property
D) Closing - CORRECT ANSWER D) Closing
In the Deceptive Trade Practices Act, licensees can be held liable for
all of the following EXCEPT:
A) Practicing real estate with an expired licenses
B) Misrepresent a material fact
C) Commit an unconscionable act
D) Fail to disclose information with the intention of inducing a
consumer into a transaction - CORRECT ANSWER A) Practicing real
estate with an expired licenses
Which of the following is not an expressed contract?
A) Oral contracts
B) Written contracts
, C) Implied contracts
D) All are expressed contracts - CORRECT ANSWER C) Implied
contracts
Real estate in Texas is conveyed with a:
A) Deed of Trust
B) Title policy
C) Deed
D) Bill of sale - CORRECT ANSWER C) Deed
A sum of money due by certain and expressed agreement.
A) Mortgage
B) Note
C) Debt
D) Lien - CORRECT ANSWER C) Debt
Nonhomogeneity, immobility and indestructibility are examples of
A) Physical characteristics of property
B) Economic characteristics
C) Bundle of legal rights of property
D) Mineral rights of property - CORRECT ANSWER A) Physical
characteristics of property
If a party to the contract defaults, what option(s) does the non-
defaulting have?
A) Terminate the contract and receive the earnest money
B) Enforce specific performance
C) Both A and B
D) Either A or B - CORRECT ANSWER D) Either A or B
wrong C) Both A and B
The inheritance of an ancestor's property according to the laws of
Descent and Distribution.
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
An agency relationship which is created after the fact when the
principle agrees to be bound by the actions of another person who is
acting without authority is called:
A) Agency by ratification
B) Implied agency
C) Expressed oral agency
D) Expressed written agency - CORRECT ANSWER A) Agency by
ratification
A seller conveys personal property with a:
A) Deed
B) Bill of Sale
C) Deed of Trust
D) Nothing is required - CORRECT ANSWER B) Bill of Sale
This is a communication that gives the listener the power to conclude
a contract.
A) Representation
B) Acceptance
C) Offer
D) Disclosure - CORRECT ANSWER wrong B) Acceptance
With this lease, the tenant pays a fixed amount of rent to the landlord.
A) Net lease
,B) Percentage lease
C) Gross lease
D) Ground lease - CORRECT ANSWER C) Gross lease
A leasehold estate and a non-freehold estate are the same.
A) True
B) False - CORRECT ANSWER A) True
The act is about closing costs and settlement procedures.
A) RESPA
B) ECOA
C) TRELA
D) Fair credit act - CORRECT ANSWER A) RESPA
Title flaws must be dealt with, property taxes must be current and
outstanding mortgages and judgments must be resolved before
A) Executed contract
B) Loan origination
C) Inspection of property
D) Closing - CORRECT ANSWER D) Closing
In the Deceptive Trade Practices Act, licensees can be held liable for
all of the following EXCEPT:
A) Practicing real estate with an expired licenses
B) Misrepresent a material fact
C) Commit an unconscionable act
D) Fail to disclose information with the intention of inducing a
consumer into a transaction - CORRECT ANSWER A) Practicing real
estate with an expired licenses
Which of the following is not an expressed contract?
A) Oral contracts
B) Written contracts
, C) Implied contracts
D) All are expressed contracts - CORRECT ANSWER C) Implied
contracts
Real estate in Texas is conveyed with a:
A) Deed of Trust
B) Title policy
C) Deed
D) Bill of sale - CORRECT ANSWER C) Deed
A sum of money due by certain and expressed agreement.
A) Mortgage
B) Note
C) Debt
D) Lien - CORRECT ANSWER C) Debt
Nonhomogeneity, immobility and indestructibility are examples of
A) Physical characteristics of property
B) Economic characteristics
C) Bundle of legal rights of property
D) Mineral rights of property - CORRECT ANSWER A) Physical
characteristics of property
If a party to the contract defaults, what option(s) does the non-
defaulting have?
A) Terminate the contract and receive the earnest money
B) Enforce specific performance
C) Both A and B
D) Either A or B - CORRECT ANSWER D) Either A or B
wrong C) Both A and B
The inheritance of an ancestor's property according to the laws of
Descent and Distribution.
