Expert Minds

Default of contract and types of damages (pg 137) (Ans- Liquidated Damages - The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Liquidated damages are damages that are established in the contract. Monetary Damages - The injured party may "seek such other relief as may be provided by law." This would be an award of monetary damages by the court. Because monetary damages are awarded by the ...

abstract of title (Ans- an abbreviated history of a property, including info on any transfers, grantts, wills, conveyances, liens, and encumbrances acceleration clause (Ans- clause in a security instrument (mortgage/deed of trust) which makes the entire loan amount due immediately upon default Accession (Ans- refers to the acquisition of new land or real property by artificial or natural means actual damages (Ans- monetary compensation given to an injured party for losses that w...

Abstract of Title: (Ans- An abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances. Example: Before Alice purchases the house on 1701 J J Solice Drive, she should ask for the property's abstract of title. Addendum: (Ans- An additional form attached to a real estate contract Example: Percy is adding an Addendum for Reservation of Oil, Gas, and Other Minerals to his ranch home sale because he wants to retain the rights ...

allodial system (Ans- system of ownership in which land is owned completely, without an obligation of services or duties to another conventional life estate (Ans- a type of freehold life estate created by a deed or will that lasts for the duration of the tenant's life deed restriction (Ans- a provision in a deed that restricts the land use of a property defeasible fee estate (Ans- also known as fee simple defeasible or qualified fee, is a type of freehold estate in which the pe...

Drafts and revises contract forms for use in real estate transactions in the state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee (Ans- E Forms published by TREC that are mandatory for license holders to use in real estate transactions int he state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee (Ans- A Allows an aggrieved consumer t...

The TREC residential contract forms are: (Ans- Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: (Ans- fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. (Ans- goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: (Ans- Enter into a Seller's Temporary Residential Lease The Buyer and Seller Temp...

adaptation (Ans- the use and modification of a particular item for a specific use in a property — specific use for a property could deem an item as real property Annexation (Ans- attaching (or affixing) personal property to real estate in a way that transforms the personal property into real property Beneficiary (Ans- the recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy bill of sale (Ans- a certificate of transfer of personal ...

All of the following acts on the part of a real estate broker would constitute steering and thus be prohibited under the Fair Housing Act EXCEPT: A) directing a prospective buyer of one minority group to work only with a salesperson of the same minority group and to look at areas dominated by that minority group B) directing a member of one minority group away from properties located in areas dominated by other races C) referring a member of one minority group to properties located only i...

Contract Law (Ans- Contract law, which governs the issuance of insurance policies, is concerned with the obligations agreed upon between parties and stipulated in a contract. Contract law ensures that a contract is legally valid and that the legal obligations of the contract are carried out. For a contract to be legally enforceable in court, there must have been an exchange of value (consideration), mutual agreement of the parties (offer and acceptance) and a legal purpose. Parties to the con...

1-A nurse is assessing a client who started taking furosemide 2 days ago and has a potassium level 3.1. Which of the following findings should the nurse expected? Depressed deep tendon reflexes. 2-A nurse is caring for a client who has an infection and is starting to take gentamicin. Which of the following client laboratory test should the nurse monitor to detect an adverse effect of the medication? Creatinine 3- A nurse is administering bumetanide to a client who has ascites. The nurse shou...