Lin can terminate the contract, but she will forfeit her earnest money - This is not true. Also called an installment contract, a land contract or a real estate contract. Assume that the pure expectations hypothesis of the term structure is correct. Prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value (including payments, commissions, fees, gifts, or special privileges) for the referral of settlement business. A(n) __________ is an area of land separating one land use from another. The government's right to regulate land usage. The Texas Real Estate License Act- passed by legislation to protect the public. - Mortgages and Trust Deeds Exam (elaborations) - Law of contracts exam 2. Many hard money loans are made by private investors, generally in their local areas. 4. d. encroachments. An agreement between two or more parties to do something or to refrain from doing something. But the law exempted many users because they already provided information to the government in other ways, and after a stretch of relatively wet years, the legislative . A(n) __________ is a provision in a contract that requires that a certain act or event happens in order for the contract to be binding on the party. Real Estate Exam: Law of Contracts Flashcards | Quizlet Todd planted two live oaks and four magnolia trees on his 3-acre property. The type of law that deals with the relationship between the parties to a transaction, sales agents and brokers is: __________ is the body of laws and regulations enacted by federal and state legislative bodies. In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. Are created by statute of law. A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise.". Contract B. Chapter 6 - Law of Agency and Real estate.docx. Does the firm earn positive or negative profits? An offer becomes a binding contract when it is signed by all parties, and the acceptance is communicated to the offering party. Law of Contracts - Practice Exam If a person has been judged to be incompetent, a contract is _________ because the person never had the capacity to enter into a contract in the first place. The seller told Elmer that he wanted to stay in the property for at least a week after closing. An offer may be withdrawn at any time prior to its acceptance by the offeree. Contract B. Includes both real and personal property (fixtures and furnishings). He owns 3 trucks. Due to his consumption of alcohol, the closing cannot take place because Bryan's client is not legally _____ to sign. Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. This is a (a) A suit for specific performance (b) Money damages (c) Liquidated damages (d) Mutual rescission Liquidated damages. If a broker receives more than one offer, all offers must be presented to the seller unless instructed otherwise.
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