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AFSB 151 Chapter 7 Practice Exam Questions (Answered) 2023 Which one of the following statements regarding fidelity bond claims is true? By promptly investigating a bond loss, an insurer may discover that it has recourse against persons or entities whose conduct caused or contributed to the loss, but is not relevant to the proof of loss

AFSB 151 Exam Perfectly Solved To Score A+ fidelity bonds bonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond a contract bond guaranteeing that the project will be free of liens public official bond a commercial surety bond guaranteeing that a public official will perform his or her duties faith...

AFSB 151 Exam Questions & Answers Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? A. Sureties were protected by laws that were favorable to them. B. This form of suretyship was subject to statutory law. C. This form of suretyship was subject to common law.Incorrect. Under American personal suretyship, sureties were protected by laws that were favorable to them. D. Surety bonds were required to be in writing A) ...

AFSB 151 Practice Exam Questions & Answers Graded To Pass!! Any promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led to the need for Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone Construction purcha...

AFSB 151 Practice Exam Questions & Answers Already Passed!! A type of reinsurance transaction that involves an agreement between the primary insurer and the reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and classes of business, that specifies the parties' obligations, and for which eligible risks are automatically reinsured, is Treaty reinsurance A surety's liability for a surety bond can only cease to exist when the underlying obligation/ag...

AFSB 151 Practice Exam Questions & Answers Already Passed!! A type of reinsurance transaction that involves an agreement between the primary insurer and the reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and classes of business, that specifies the parties' obligations, and for which eligible risks are automatically reinsured, is Treaty reinsurance A surety's liability for a surety bond can only cease to exist when the underlying obligation/ag...

Promulgated Contract form Practice exam (2023)Questions And Answers. If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing broker C) The salesman working with the seller and buyer D) The salesman sponsored by a broker representing the seller A) The Broker repres...

AFSB 151 Practice Exam Questions With 100% Correct Answers. Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? Sureties were protected by laws that were favorable to them Except in the case of a forfeiture bond, if the principal defaults the surety will pay Up to the bond penalty, but no more than the obligee's actual loss amount CB Construction entered into a construction contract with Lee Properties. The contract ...

AFSB 151 Final Exam Questions With Complete Solutions. A surety bond is a written document in which one party guarantees a second party's Performance to a third party for the second party's failure to fulfill an obligation. Which one of the these groups, for the most part, serves the market for fidelity and surety bonds in the United States? Multiline property-casualty insurers Sureties use what written document to authorize a producer to act as the surety's agent in bond production? ...

Final Exam Study - Promulgated Forms(Law of contracts II)Solved 100% Correct!! 1. The effective date- who, what, and when? Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last party to initial/Sign fills in the day. 2. What is the legal proceedings brought by party to a contract against another party to compel action call forth in the agreement? Breach of a contract, one-party defaults, sues for specific...

Promulgated Contracts Final 2023 Already Graded A+ If an Agent receives confidential information from a Client while the agency agreement is in force, that agent may: A) Share that information once the agreement expires B) Share that information if the Client authorizes the agent to share it C) Never share the information with another client D) share the information, but only to another agent B. Share that information if the Client authroizes the agent to share it A Buyer/Tenant Repre...

Promulgated Contracts Exam 2023 (Answered) Accessories in the real estate contract - definition, features, disposition PARAGRAPH 2.(C) Describes accessories, which, while not necessarily permanently installed or built-in, are commonly conveyed to the buyer in the sale Window air conditioning units, stove, fireplace screen, curtains and rods, blinds, window shades, door keys, mailbox keys, above ground pool, swimming pool equipment and maintenance accessories, artificial fireplace logs, an...

promulgated contracts practic exam questions and answers 2023 The lender holding the note on a property must approve a short sale or the contract will be a) terminated. b) amended to the amount owed. c) transferred to another lender. d) counteroffered. terminated. If a payment is made 10 or more days after the due date, what late fees are charged under the Seller Financing Addendum TREC 26-6? a) 1% of the sales price b) 2% of the payment amount c) 5% of the payment amount d) A $100 ...

Promulgated contracts practice exam 2023 Already Passed!! Which of these forms is least likely to be involved in the sale of unimproved property? The Unimproved Property Contract would not be involved in the sale of a condo. A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is signed and changes initialed. Today, the written acceptance of the final agreement has been communicated to the other party. What is today called? t...

Texas Promulgated Contract Forms: Mini-Quizzes | All Answered with Complete Verified Solutions 2023/2024 Performance The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? All of the above Which of the following is an example of consideration...? - Money - Personal services - Cash - All of the above Statute of Frauds A State law requiring certain contracts to be in writing and signed before they will b...

Texas Promulgated Contracts Quizzes Perfectly Solved!! The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral ...

Promulgated Contracts Exam(real estate exam 6)Already Graded A+ When would it be appropriate to use the New Home Contract (Incomplete Construction)? for a client buying a new home that is being built A buyer needs more option period time. They have asked the seller, who agreed, and signed TREC's Amendment to Contract. What else must they do to make the extension official? pay an additional option fee In TREC promulgated contracts, what does Paragraph 21: Notices provide information about...

Texas Promulgated Contract Forms & Addenda Final Exams Verified 100% Correct!! Which of the following is an example of a Bilateral contract? A Promise in exchange for a promise - Purchase Contract. Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract Who is responsible for filling in the effective date, who, when & what? Broker. Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last par...

promulgated contracts final exam questions & answers 2023 Under TRELA, a licensee will not be in violation of practicing law without a license if she writes a real estate contract. fills in the blanks on a standardized contract. offers professional advice on Texas real estate law. revises promulgated contracts. fills in the blanks on a standardized contract. At what point does an offer become a contract? After the licensee fills in all the blanks After the buyer signs it After the se...

Texas Promulgated Contracts Homework(Answered)Correctly 2023 The TREC PROMULGATED CONTRACT FORMS ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD TREC promulgated contract forms provide for third party financing, assumption seller finance a lender can withdraw the approval of a property at any time prior to closing the third...