Law of Contracts Exam Questions With Appropriate
Solutions.
Valid exceptions to an alienation clause would include which of the following?
- accurate answers-The property is transferred to a living trust and the
borrower is the trust's beneficiary.
Rescission of contract is: - accurate answers-when one or both parties choose
to withdraw and nullify the agreement.
Within the real estate profession, the term "title" can mean: - accurate
answers-the right to or ownership of the land, and a way of referring to
ownership.
The DTPA allows for: - accurate answers-all of these.
Which of these is considered a relatively new concept in residential home
sales? - accurate answers-Buyer's Agency agreement.
All of the following are required for an amendment to make changes to an
existing real estate in Texas: - accurate answers-The amendment must be
included in the actual language of the contract and so required a new contract
to be signed
Areas of law are best for real estate agents to feel free to offer advice? -
accurate answers-None of these. Without appropriate legal credentials it is
not appropriate for licensees to provide any legal advice.
Forms of voluntary alienation include: - accurate answers-escheat.
Parties entering into a contract must have legal capacity, which includes all of
the following qualifications except for which of these? - accurate answers-
They must be a natural born or naturalized citizen
An advantage to buyer in a lease-purchase options is which of the following? -
accurate answers-It can be easier for a difficult to qualify buyer to purchase a
home with lower down payment
, What type of contracts are options generally considered to be? - accurate
answers-unilateral
A "mirror" will is a: - accurate answers-reciprocal will.
All of these are categories of liens, except: - accurate answers-implied liens
When a property is mortgaged, the buyer executes (signs) which two separate
instruments? - accurate answers-a promissory note and security document
Which of these IS NOT one of the "bundle of rights"? - accurate answers-
reformation
Common addenda in TX real estate contracts [TREC 1-4 Sec. 22] include all,
except for which of these? - accurate answers-seller-financing credit approval
To promulgate is to officially: - accurate answers-all of these
"One-sided" contracts are referred to formally as which of the following? -
accurate answers-unilateral contracts
To qualify for a Jumbo Loan, lenders generally require a credit score of _____ or
above, and at least ______ months of reserves in the borrower's bank account. -
accurate answers-700, 6
A housing cooperative is a co-op that: - accurate answers-owns real property,
usually residential.
So long as certain that it is initialed in ink by the appropriate parties, an
attorney or a licensee can: - accurate answers-both of these
Graduatd and index leases are what types of leases? - accurate answers-
variable
Which of these forms of ownership allows for unequal interests between the
owners? - accurate answers-tenancy in common
A title search includes a searching of public records to determine these issues,
except for? - accurate answers-credit history of the potential buyer
Solutions.
Valid exceptions to an alienation clause would include which of the following?
- accurate answers-The property is transferred to a living trust and the
borrower is the trust's beneficiary.
Rescission of contract is: - accurate answers-when one or both parties choose
to withdraw and nullify the agreement.
Within the real estate profession, the term "title" can mean: - accurate
answers-the right to or ownership of the land, and a way of referring to
ownership.
The DTPA allows for: - accurate answers-all of these.
Which of these is considered a relatively new concept in residential home
sales? - accurate answers-Buyer's Agency agreement.
All of the following are required for an amendment to make changes to an
existing real estate in Texas: - accurate answers-The amendment must be
included in the actual language of the contract and so required a new contract
to be signed
Areas of law are best for real estate agents to feel free to offer advice? -
accurate answers-None of these. Without appropriate legal credentials it is
not appropriate for licensees to provide any legal advice.
Forms of voluntary alienation include: - accurate answers-escheat.
Parties entering into a contract must have legal capacity, which includes all of
the following qualifications except for which of these? - accurate answers-
They must be a natural born or naturalized citizen
An advantage to buyer in a lease-purchase options is which of the following? -
accurate answers-It can be easier for a difficult to qualify buyer to purchase a
home with lower down payment
, What type of contracts are options generally considered to be? - accurate
answers-unilateral
A "mirror" will is a: - accurate answers-reciprocal will.
All of these are categories of liens, except: - accurate answers-implied liens
When a property is mortgaged, the buyer executes (signs) which two separate
instruments? - accurate answers-a promissory note and security document
Which of these IS NOT one of the "bundle of rights"? - accurate answers-
reformation
Common addenda in TX real estate contracts [TREC 1-4 Sec. 22] include all,
except for which of these? - accurate answers-seller-financing credit approval
To promulgate is to officially: - accurate answers-all of these
"One-sided" contracts are referred to formally as which of the following? -
accurate answers-unilateral contracts
To qualify for a Jumbo Loan, lenders generally require a credit score of _____ or
above, and at least ______ months of reserves in the borrower's bank account. -
accurate answers-700, 6
A housing cooperative is a co-op that: - accurate answers-owns real property,
usually residential.
So long as certain that it is initialed in ink by the appropriate parties, an
attorney or a licensee can: - accurate answers-both of these
Graduatd and index leases are what types of leases? - accurate answers-
variable
Which of these forms of ownership allows for unequal interests between the
owners? - accurate answers-tenancy in common
A title search includes a searching of public records to determine these issues,
except for? - accurate answers-credit history of the potential buyer
