Bundle for Texas Promulgated Contract tests compilation | everything you need | verified

An agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time. a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - D A "meeting of the minds" a. Mutual consent b. Unilatera...

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...

When earnest money is deposited with an escrow agent, the escrow agent: - A) Is not responsible for the performance of any signatory B) Has the right to secure written release of all signatories C) Is not liable for interest on the money How does the Texas Real Estate License Act define the first...

In 1939, the legislator passed what law? - Real Estate Dealers License Act (REDLA) which meant all RE agents must obtain a license Competent Parties Summary:(3) - Must be 18 + years of age Must be mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a li...

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 - t...

If a Buyer wants the Seller to pay some or all of their closing costs, it should be added to the contract in: A) Paragraph #11 (Special Provisions) B) Paragraph #12 - Seller participation in the Buyer's costs C) Third Part financing Addendum D) All of the above - B) Paragraph #12- Seller partic...

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 ...

he 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 o...

When a contract contains all of the essential elements that make it legally sufficient or enforceable and is binding in a court of law, it is - The answer is valid. A valid contract meets all of the required essential elements (i.e., offer and acceptance, consideration, legal purpose, consent, and...

When a contract contains all of the essential elements that make it legally sufficient or enforceable and is binding in a court of law, it is - The answer is valid. A valid contract meets all of the required essential elements (i.e., offer and acceptance, consideration, legal purpose, consent, and...

mutual consent - a "meeting of the minds" unilateral contract - a contract in which only one party is obligated to perform unenforceable contract - a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable contract - COLIC (competent...

Performance - The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? Consideration Novation Performance Void All of the above - Which of the following is an example of consideration...? Money Personal services ...

TRELA changed from REDLA - Texas legislature passed the Real Estate Dealer's License Act (REDLA), which required real estate agents to obtain licenses. KEY CONCEPT This act was administered by the Secretary of State until 1949 when the Texas Real Estate Commission (TREC) assumed the administrativ...

he seller - Unless otherwise stated in the Seller's Temporary Residential Lease, who shall bear the cost of all expenses for the repairs and maintenance of the property during the term of the lease...? Seller needs to release the buyer's earnest money - If both parties sign the Notice of Buyer'...