Exam (elaborations) Texas Promulgated Contract Forms Exam Questions with Complete Solutions Exam (elaborations) Texas Promulgated Contract Forms Exam Questions with Complete Solutions Exam (elaborations) Texas Promulgated Contract Forms Exam Questions with Verified Answers Exam (elaborations...
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unilateral contract involves - Answer promise in exchange for an act. Executory contract - Answer1) an enforceable contract that is in the process of being fulfilled; 2) in Texas, a contract-for-deed, lease-purchase, or lease-option; 3) a contract involving the sale of a residence that wi...
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Add to cartunilateral contract involves - Answer promise in exchange for an act. Executory contract - Answer1) an enforceable contract that is in the process of being fulfilled; 2) in Texas, a contract-for-deed, lease-purchase, or lease-option; 3) a contract involving the sale of a residence that wi...
The six elements of a valid real estate contract: - Answer-Competent parties Consideration Mutual agreement (mutual assent) Lawful objective In writing and signed by the parties Contain a legal description Equitable Owner - Answer-Buyer has equitable title and is known as the owner in equity...
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Add to cartThe six elements of a valid real estate contract: - Answer-Competent parties Consideration Mutual agreement (mutual assent) Lawful objective In writing and signed by the parties Contain a legal description Equitable Owner - Answer-Buyer has equitable title and is known as the owner in equity...
Broker Lawyer Committee member brake down - Answer-13 members, 6 lawyers by president of state bar of texas, 6 brokers by TREC, 1 public member appointed by governor The Broker-Lawyer Committee -------contact forms intended for use by licensees. - - Answer-draft and revised TREC --------forms ...
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Add to cartBroker Lawyer Committee member brake down - Answer-13 members, 6 lawyers by president of state bar of texas, 6 brokers by TREC, 1 public member appointed by governor The Broker-Lawyer Committee -------contact forms intended for use by licensees. - - Answer-draft and revised TREC --------forms ...
Which of these promulgated forms does NOT include "time is of the essence"? - Answer- Loan Assumption Addendum A couple starts celebrating the sale of their home after their listing agent calls them with the news that they've received an acceptable offer. The listing agent says he is coming ov...
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Add to cartWhich of these promulgated forms does NOT include "time is of the essence"? - Answer- Loan Assumption Addendum A couple starts celebrating the sale of their home after their listing agent calls them with the news that they've received an acceptable offer. The listing agent says he is coming ov...
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 - Answer-The answer is valid. A valid contract meets all of the required essential elements (i.e., offer and acceptance, consideration, legal purpose, consent...
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Add to cartWhen 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 - Answer-The answer is valid. A valid contract meets all of the required essential elements (i.e., offer and acceptance, consideration, legal purpose, consent...
Broker Lawyer Committee - Answer-13 members 6 brokers - appointed by commission 6 lawyers 1 public member Draft and revise contract forms The answer is drafts and edits forms. The Broker-Lawyer Committee drafts and edits forms, whereas TREC approves and promulgates forms. What does the buyer...
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Add to cartBroker Lawyer Committee - Answer-13 members 6 brokers - appointed by commission 6 lawyers 1 public member Draft and revise contract forms The answer is drafts and edits forms. The Broker-Lawyer Committee drafts and edits forms, whereas TREC approves and promulgates forms. What does the buyer...
Broker-Lawyer Committee - members? - what do they do with contract forms intended for use by licensees? - Answer-- 6 brokers selected by the commission - 6 lawyers appointed by the president of the State Bar of Texas - 1 member appointed by the governor - draft and revise What is the differ...
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Add to cartBroker-Lawyer Committee - members? - what do they do with contract forms intended for use by licensees? - Answer-- 6 brokers selected by the commission - 6 lawyers appointed by the president of the State Bar of Texas - 1 member appointed by the governor - draft and revise What is the differ...
All of the above - Answer-Which of the following is an example of consideration...? Money Personal services Cash All of the above Competent parties - Answer-A party to a contract that is forced to sign a contract under duress violates this element of a valid contract...? Consideration C...
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Add to cartAll of the above - Answer-Which of the following is an example of consideration...? Money Personal services Cash All of the above Competent parties - Answer-A party to a contract that is forced to sign a contract under duress violates this element of a valid contract...? Consideration C...
The six elements of a valid real estate contract - Answer- Competent parties Consideration Mutual agreement (mutual assent) Lawful objective In writing and signed by the parties Contain a legal description Competent Parties - Answer- a person who is at least 18 years old, sane, and sober ...
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Add to cartThe six elements of a valid real estate contract - Answer- Competent parties Consideration Mutual agreement (mutual assent) Lawful objective In writing and signed by the parties Contain a legal description Competent Parties - Answer- a person who is at least 18 years old, sane, and sober ...
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 - Answer-B A(n) __________________ contract is defined as a contract that is binding on th...
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Add to cartThe 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 - Answer-B A(n) __________________ contract is defined as a contract that is binding on th...
The TREC PROMULGATED CONTRACT FORMS - Answer-ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION - Answer-THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD TREC promulgated contract form...
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Add to cartThe TREC PROMULGATED CONTRACT FORMS - Answer-ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION - Answer-THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD TREC promulgated contract form...
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 - Answer-B A(n) __________________ contract is defined as a contract that is binding on th...
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Add to cartThe 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 - Answer-B A(n) __________________ contract is defined as a contract that is binding on th...
to waive a contingency on the addendum for sale of other property by buyer, one must do all of these except: - Answer-provide evidence to support a decision to waive the contingency a cost that is not pre-rated by the title company is: - Answer-homeowner’s insurance which of these properties...
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Add to cartto waive a contingency on the addendum for sale of other property by buyer, one must do all of these except: - Answer-provide evidence to support a decision to waive the contingency a cost that is not pre-rated by the title company is: - Answer-homeowner’s insurance which of these properties...
What's a Promulgate? - Answer-means that it is a widely used contract or form endorsed by a governing group. This group can be a trade association or a government entity. In Texas, what are the two entities that promulgate contracts? - Answer-Texas Real Estate Commission (TREC) or the Texas Asso...
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Add to cartWhat's a Promulgate? - Answer-means that it is a widely used contract or form endorsed by a governing group. This group can be a trade association or a government entity. In Texas, what are the two entities that promulgate contracts? - Answer-Texas Real Estate Commission (TREC) or the Texas Asso...
In 1939, the legislator passed what law? - Answer- Real Estate Dealers License Act (REDLA) which meant all RE agents must obtain a license Competent Parties Summary:(3) - Answer- Must be 18 + years of age Must be mentally competent Cannot be temporary incompetent The Texas Real Estate Co...
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Add to cartIn 1939, the legislator passed what law? - Answer- Real Estate Dealers License Act (REDLA) which meant all RE agents must obtain a license Competent Parties Summary:(3) - Answer- Must be 18 + years of age Must be mentally competent Cannot be temporary incompetent The Texas Real Estate Co...
Lease With Option To Buy Form - Answer-There are no TREC or TAR forms for a lease with option to buy They need an attorney to draw up the form Implied Contract - Answer-Created by the actions of the parties The Third Party Financing Addendum - Answer-Contains the words "time is of the essenc...
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Add to cartLease With Option To Buy Form - Answer-There are no TREC or TAR forms for a lease with option to buy They need an attorney to draw up the form Implied Contract - Answer-Created by the actions of the parties The Third Party Financing Addendum - Answer-Contains the words "time is of the essenc...
Which of the following mean that the offer and acceptance was genuine and freely made by all parties? Mutual consent Offer and acceptance Genuine assent None of the choices apply - Answer-C What document should an assignor use to be released entirely from any obligations or secondary liabil...
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Add to cartWhich of the following mean that the offer and acceptance was genuine and freely made by all parties? Mutual consent Offer and acceptance Genuine assent None of the choices apply - Answer-C What document should an assignor use to be released entirely from any obligations or secondary liabil...
How many TREC promulgated contracts are there? - Answer-6 Name the 6 TREC Promulgated forms. - Answer-1. 1 to 4 family residential sales contract resale. 2. Residential Condominium Contract (Resale) 3. Farm and Ranch Contract 4. Unimproved property Contract. 5. New Home Contract (Competed con...
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Add to cartHow many TREC promulgated contracts are there? - Answer-6 Name the 6 TREC Promulgated forms. - Answer-1. 1 to 4 family residential sales contract resale. 2. Residential Condominium Contract (Resale) 3. Farm and Ranch Contract 4. Unimproved property Contract. 5. New Home Contract (Competed con...
Lesson 1 - Answer-Contract Law Overview Practice of Law - Answer-involves giving legal advice to clients, drafting legal documents for clients, and representing clients in legal negotiations and court proceedings such as lawsuits. The practice of law is applied to the professional services of an ...
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Add to cartLesson 1 - Answer-Contract Law Overview Practice of Law - Answer-involves giving legal advice to clients, drafting legal documents for clients, and representing clients in legal negotiations and court proceedings such as lawsuits. The practice of law is applied to the professional services of an ...
B - Answer-In addition to the four essential elements, which of the following is necessary to make a real estate sales contract valid? A. all of the answers shown B. it must be in writng C. the mortgage lender must be listed D. the closing must take place at a lender's place of business ...
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Add to cartB - Answer-In addition to the four essential elements, which of the following is necessary to make a real estate sales contract valid? A. all of the answers shown B. it must be in writng C. the mortgage lender must be listed D. the closing must take place at a lender's place of business ...
Which of the following is not addressed by a TREC-Promulgated form? - Answer-A purchase using a contract for deed Which law requires a contract for real property to be in writing and signed to be enforceable? - Answer-Texas Statute of Frauds Which of the following is the best way to extend the...
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Add to cartWhich of the following is not addressed by a TREC-Promulgated form? - Answer-A purchase using a contract for deed Which law requires a contract for real property to be in writing and signed to be enforceable? - Answer-Texas Statute of Frauds Which of the following is the best way to extend the...
When earnest money is deposited with an escrow agent, the escrow agent: - Answer-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 th...
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Add to cartWhen earnest money is deposited with an escrow agent, the escrow agent: - Answer-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 th...
The Texas Real Estate Commission prohibits a license holder from using a sales contract drafted by A) the broker. B) an attorney. C) the seller. D) the buyer. - Answer-A Protected classes under the Fair Housing Act include all of the following EXCEPT A) gender. B) age. C) race. D)...
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Add to cartThe Texas Real Estate Commission prohibits a license holder from using a sales contract drafted by A) the broker. B) an attorney. C) the seller. D) the buyer. - Answer-A Protected classes under the Fair Housing Act include all of the following EXCEPT A) gender. B) age. C) race. D)...
Which of these promulgated forms does NOT include "Time is of the essence"? - Answer-Loan Assumption Addendum A couple starts celebrating the sale of their home after their listing agent calls them with the news that they've received an acceptable offer. The listing agent says he is coming ove...
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Add to cartWhich of these promulgated forms does NOT include "Time is of the essence"? - Answer-Loan Assumption Addendum A couple starts celebrating the sale of their home after their listing agent calls them with the news that they've received an acceptable offer. The listing agent says he is coming ove...
To have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed - Answer-Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Unenforceable Voidable Executed Ex...
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Add to cartTo have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed - Answer-Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Unenforceable Voidable Executed Ex...
The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? - Answer-Performance Which of the following is an example of consideration? - Answer-Money, personal services, cash A State law requiring certain contracts to...
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Add to cartThe execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? - Answer-Performance Which of the following is an example of consideration? - Answer-Money, personal services, cash A State law requiring certain contracts to...
When does TREC regulate a licensee.... - Answer-when the licensee is selling a house for a client Legal agreement between parties to do or not to do a certain act for consideration - Answer-Contract Law that requires all contracts for real property to be in writing to be enforceable - Answer-S...
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Add to cartWhen does TREC regulate a licensee.... - Answer-when the licensee is selling a house for a client Legal agreement between parties to do or not to do a certain act for consideration - Answer-Contract Law that requires all contracts for real property to be in writing to be enforceable - Answer-S...
The name of the seller(s) as listed on the deed - Answer-What does an agent first need from the seller when preparing a contract...? The last name of the seller(s) The name of the seller(s) as listed on their license The name of the seller(s) as listed on the deed None of the above The sell...
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Add to cartThe name of the seller(s) as listed on the deed - Answer-What does an agent first need from the seller when preparing a contract...? The last name of the seller(s) The name of the seller(s) as listed on their license The name of the seller(s) as listed on the deed None of the above The sell...
Earnest money - Answer-A down payment made by a purchaser of real estate as evidence of good faith is referred to as...? Buy-down money Earnest money Discount money Origination deposit Trust funds - Answer-Money, or other things of value, that a real estate agent receives on behalf of the p...
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Add to cartEarnest money - Answer-A down payment made by a purchaser of real estate as evidence of good faith is referred to as...? Buy-down money Earnest money Discount money Origination deposit Trust funds - Answer-Money, or other things of value, that a real estate agent receives on behalf of the p...
Condominium - Answer-A form of ownership of real property that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a...? Condominium Tenancy in common Cooperative Time-share Residential Condominium Contract - Resale - Answer-Which o...
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Add to cartCondominium - Answer-A form of ownership of real property that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a...? Condominium Tenancy in common Cooperative Time-share Residential Condominium Contract - Resale - Answer-Which o...
Which of the following is an example of a Bilateral contract? - Answer-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? - Answer-Broker. Between...
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Add to cartWhich of the following is an example of a Bilateral contract? - Answer-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? - Answer-Broker. Between...
Can a contract have 0 dollars as earnest money? - Answer-yes if the parties to the contract agree. What 2 things are earnest money used for in a real estate contract? - Answer-1. good faith money 2. Liquidated damages What are 2 types of options? - Answer-Option to terminate the contract and ...
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Add to cartCan a contract have 0 dollars as earnest money? - Answer-yes if the parties to the contract agree. What 2 things are earnest money used for in a real estate contract? - Answer-1. good faith money 2. Liquidated damages What are 2 types of options? - Answer-Option to terminate the contract and ...
Why would you use the TREC No. 10-6 Addendum For Sale of Other Property By Buyer? - Answer When a buyer wants to purchase a home but needs to sell his current home to do so. How is the TREC No. 10-6 Addendum for Sale of Other Property by Buyer. used? - Answer The agent working with the buyer will...
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Add to cartWhy would you use the TREC No. 10-6 Addendum For Sale of Other Property By Buyer? - Answer When a buyer wants to purchase a home but needs to sell his current home to do so. How is the TREC No. 10-6 Addendum for Sale of Other Property by Buyer. used? - Answer The agent working with the buyer will...
REDLA - Answer-Real Estate Dealer's License Act This act was administered by the Secretary of State until 1949 when the Texas Real Estate Commission (TREC) assumed the administrative responsibilities associated with it. In 1949, the REDLA was changed into the Texas Real Estate License Act (TRELA) ...
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Add to cartREDLA - Answer-Real Estate Dealer's License Act This act was administered by the Secretary of State until 1949 when the Texas Real Estate Commission (TREC) assumed the administrative responsibilities associated with it. In 1949, the REDLA was changed into the Texas Real Estate License Act (TRELA) ...
use of standard contract forms - Answer- when negotiating contracts binding the sale, exchange, lease, or rental of property promulgated - Answer- issued by TREC for mandatory use by license holders exceptions - Answer- - license functioning solely as principal - agency of US Government requ...
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Add to cartuse of standard contract forms - Answer- when negotiating contracts binding the sale, exchange, lease, or rental of property promulgated - Answer- issued by TREC for mandatory use by license holders exceptions - Answer- - license functioning solely as principal - agency of US Government requ...
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 - Answer- D A "meeting of the minds" a. Mutual consent ...
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Add to cartAn 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 - Answer- D A "meeting of the minds" a. Mutual consent ...
A competent party is one that is: - Answer-At least 18 years of age Mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a licensee in which of the following situations? - Answer-When the licensee is selling a house for a client What is a legal agreem...
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Add to cartA competent party is one that is: - Answer-At least 18 years of age Mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a licensee in which of the following situations? - Answer-When the licensee is selling a house for a client What is a legal agreem...
1. The TREC promulgated contract forms: - Answer- Are drafted by the Broker-Lawyer Committee 2. In a lease with "right of first refusal" provision: - Answer- The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else 3....
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Add to cart1. The TREC promulgated contract forms: - Answer- Are drafted by the Broker-Lawyer Committee 2. In a lease with "right of first refusal" provision: - Answer- The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else 3....
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