FINC 4673 LAW OF CONTRACT EXAM NEW AND REVIEW

FINC 4673 LAW OF CONTRACT EXAM

1. A buyer defaults on a contract and the seller chooses to receive the earnest money. This i(a) A suit for specific performance

(b) Money damages

(c) Liquidated damages

(d) Mutual rescission

2. In a residential lease with a "right of first refusal" provision:

(a) The price is set when the lease agreement is negotiated

(b) The tenant has promised to buy the property

(c) The TREC promulgated form must be used

(d) The tenant has the right to match or better any offer the landlord receives to prevent t3. Bill is the buyer purchasing a property from Sally. All contingencies have been met and thannounces that she has changed her mind and is going to keep the property. Bill is determidefault remedy in the contract that could result in Bill acquiring the property is

(a) Monetary damages

(b) Liquidated damages

(c) Punitive damages

(d) Specific Performance

4. Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. The selleweek after closing. Elmer said that would be no problem and entered the following text to PProperty for 7 days after closing and funding.” In this case, Elmer has:

(a) Properly represented the interests of both parties

(b) Completed the contract according to established regulations and procedures

(c) Engaged in the unlawful practice of law

(d) Violated numerous provisions of RESPA

(a) FHA

(b) VA

(c) Conventional (d)

Any of the above

5. Texas Veteran's Housing Assistance Program loans can be:

6. The four economic characteristics of land are: scarcity, fixity, situs and .

(a) Modification

(b) Indestructability

(c) Nonhomogeneity

(d) Immobility

(a) Joe should notify the buyer that he will not present the offer because it is too low

(b) Joe should hold on to the offer for several days just to see if a better one comes in

(c) Joe should call the buyer and insist that a more satisfactory offer be presented

(d) Joe should present the offer to the seller

(a) A title commitment

(b) An attorney's opinion of title

(c) A complete written history of title

(d) A summary of the current condition of the title

(a) 14 days

(b) 30 days

(c) 60 days

(d) 90 days

(a) A unilateral contract

(b) A sales contract

(c) A lease

(d) None of the above

11. The Special Provisions paragraph of the contract allows license holders to insert:

(a) F business details

(b) Statements not addressed in the contract

(c) Information for which there is no TREC promulgated addendum, lease or mandatory fo(d) All of the above

12. A seller is going to continue to occupy a property for two days after closing. In this case, form.

(a) True

(b) False

7. Joe is an agent at Tried and True Realty. He gets a $150,000 offer on a property that is lishe would accept no less than $185,000 for the property. Knowing the seller’s “bottom line,” 8. An abstract of title is:

9. The Buyer and Seller Temporary Residential Lease forms are good for any period up to:

10. An option is: