Law of contracts practice test Exam Questions AND Correct
Answers
- ✔✔
A loan that fails to meet the criteria set forth by Fannie Mae
and Freddie Mac - ✔✔non conforming loan
A loan that meets certain criteria that are accepted by Fannie
Mae and Freddie Mac - ✔✔conforming loan
According to the TREC One to Four Family Residential Contract
(Resale), what recourse does a buyer have if a seller is unable
to complete agreed-upon repairs and treatments prior to
closing? - ✔✔The buyer can extend the closing date up to five
days to allow the seller to complete the repairs.
Amanda Blake wants to buy a property. Edgar, her husband,
will have ownership interest in the property. If they select
Kimmy Faulkner, a broker, to represent them, whose names
must appear as parties to the buyer agency agreement? -
✔✔amanda, edgar and kimmy
, An advantage of organizing a business as a limited liability
company is its ______. - ✔✔Limits on the liability of members
for company debts or other obligations
Charles is selling his property to Seth. Charles is financing part
of the transaction for Seth, who will make payments to
Charles while Charles retains the property title. What is this
an example of? - ✔✔land contract
devisee - ✔✔The person named as the recipient of real
property in a will is called the _______.
estate of severalty - ✔✔Ownership by one person, one
corporation, one partnership
How many days after receiving the Texas buyer's list of
objections to defects, exceptions, or encumbrances to title
does the seller have to cure the objections under the TREC
One to Four Family Residential Contract (Resale)? - ✔✔15
days
In addition to the property address, the lease agreement start
and end dates, and the monthly rent and deposit amounts,
Answers
- ✔✔
A loan that fails to meet the criteria set forth by Fannie Mae
and Freddie Mac - ✔✔non conforming loan
A loan that meets certain criteria that are accepted by Fannie
Mae and Freddie Mac - ✔✔conforming loan
According to the TREC One to Four Family Residential Contract
(Resale), what recourse does a buyer have if a seller is unable
to complete agreed-upon repairs and treatments prior to
closing? - ✔✔The buyer can extend the closing date up to five
days to allow the seller to complete the repairs.
Amanda Blake wants to buy a property. Edgar, her husband,
will have ownership interest in the property. If they select
Kimmy Faulkner, a broker, to represent them, whose names
must appear as parties to the buyer agency agreement? -
✔✔amanda, edgar and kimmy
, An advantage of organizing a business as a limited liability
company is its ______. - ✔✔Limits on the liability of members
for company debts or other obligations
Charles is selling his property to Seth. Charles is financing part
of the transaction for Seth, who will make payments to
Charles while Charles retains the property title. What is this
an example of? - ✔✔land contract
devisee - ✔✔The person named as the recipient of real
property in a will is called the _______.
estate of severalty - ✔✔Ownership by one person, one
corporation, one partnership
How many days after receiving the Texas buyer's list of
objections to defects, exceptions, or encumbrances to title
does the seller have to cure the objections under the TREC
One to Four Family Residential Contract (Resale)? - ✔✔15
days
In addition to the property address, the lease agreement start
and end dates, and the monthly rent and deposit amounts,
