Promulgated Contracts Champions EXAM PACKAGE DEAL (BUNDLE) WITH COMPLETE QUESTIONS AND ANSWERS 100% ACCURATE Promulgated Contracts Champions EXAM PACKAGE DEAL (BUNDLE) WITH COMPLETE QUESTIONS AND ANSWERS 100% ACCURATE Promulgated Contracts Champions EXAM PACKAGE DEAL (BUNDLE) WITH COMPLETE Q...
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Void Contract - ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract - ANSWER-A contract between two parties to commit an illegal act is a void contract. Ele...
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Add to cartVoid Contract - ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract - ANSWER-A contract between two parties to commit an illegal act is a void contract. Ele...
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 - ANSWER-B) Paragraph #12- ...
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Add to cartIf 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 - ANSWER-B) Paragraph #12- ...
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...
mutual consent - ANSWER-a "meeting of the minds" Unilateral Contract - ANSWER-A contract in which only one party Is obligated to perform. one sided Consideration - ANSWER-something given in exchange for a promise Option - ANSWER-an agreement between a buyer and seller giving the buyer the...
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Add to cartmutual consent - ANSWER-a "meeting of the minds" Unilateral Contract - ANSWER-A contract in which only one party Is obligated to perform. one sided Consideration - ANSWER-something given in exchange for a promise Option - ANSWER-an agreement between a buyer and seller giving the buyer the...
The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are: legal purpose, competent parties, mutual assent, consideration and ____________. (a) Signature of witnesses (b) In writing (c) Acknowledgment by a notary (d) Recording in co...
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Add to cartThe five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are: legal purpose, competent parties, mutual assent, consideration and ____________. (a) Signature of witnesses (b) In writing (c) Acknowledgment by a notary (d) Recording in co...
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...
An attempt to induce panic selling in a given neighborhood. - ANSWER-Blockbusting A(n) _________________ property is one where a particular event has affected the desirability of said property. - ANSWER-Stigmatized (ex: murder or haunting) A(n) _________________ occurs when a buyers assumes an...
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Add to cartAn attempt to induce panic selling in a given neighborhood. - ANSWER-Blockbusting A(n) _________________ property is one where a particular event has affected the desirability of said property. - ANSWER-Stigmatized (ex: murder or haunting) A(n) _________________ occurs when a buyers assumes an...
TREC contract forms - ANSWER-1. 1 - 4 family residential contract 2. Third party financing addendum 3. Loan Assumption addendum 4. Addendum for release of liability 5. Seller Financing Addendum 1 - 4 family residential contract - ANSWER-States parties involved, what is being sold and excl...
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Add to cartTREC contract forms - ANSWER-1. 1 - 4 family residential contract 2. Third party financing addendum 3. Loan Assumption addendum 4. Addendum for release of liability 5. Seller Financing Addendum 1 - 4 family residential contract - ANSWER-States parties involved, what is being sold and excl...
Cashiers check or wire transfer - ANSWER-Good Funds What does a buyer need to bring to closing? - ANSWER-Good Funds Where is Good Funds in the TREC promulgated form? - ANSWER-Paragraph 9.B(2) T/F Title companies may accept a small personal check from a buyer as part of the good funds if the...
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Add to cartCashiers check or wire transfer - ANSWER-Good Funds What does a buyer need to bring to closing? - ANSWER-Good Funds Where is Good Funds in the TREC promulgated form? - ANSWER-Paragraph 9.B(2) T/F Title companies may accept a small personal check from a buyer as part of the good funds if the...
Mutual Consent - ANSWER-"meeting of the minds" unilateral contract - ANSWER-A contract in which only one party is obligated to perform consideration - ANSWER-Something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to pur...
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Add to cartMutual Consent - ANSWER-"meeting of the minds" unilateral contract - ANSWER-A contract in which only one party is obligated to perform consideration - ANSWER-Something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to pur...
TREC contract forms & their uses - pg 35 - ANSWER-The contract form: is the One to Four Family Residential Contract (Resale). One to four means that it can be used for single-family properties, duplexes, triplex properties, and four-unit buildings. A building with five or more living units would b...
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Add to cartTREC contract forms & their uses - pg 35 - ANSWER-The contract form: is the One to Four Family Residential Contract (Resale). One to four means that it can be used for single-family properties, duplexes, triplex properties, and four-unit buildings. A building with five or more living units would b...
COLIC - ANSWER-Elements of a Valid & Enforceable Contract: 1. Competent Parties 2. Offer & Accept (Mutual Consent) 3. Legal Purpose 4. In Writing 5. Consideration Void Contract - ANSWER-Invalid from the beginning Voidable Contract - ANSWER-Cannot be enforced Earnest Money - ANSWER-Earn...
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Add to cartCOLIC - ANSWER-Elements of a Valid & Enforceable Contract: 1. Competent Parties 2. Offer & Accept (Mutual Consent) 3. Legal Purpose 4. In Writing 5. Consideration Void Contract - ANSWER-Invalid from the beginning Voidable Contract - ANSWER-Cannot be enforced Earnest Money - ANSWER-Earn...
lead based paint disclosure - ANSWER-a federal disclosure requirement for residential properties built prior to 1978 TREC has promulgated forms for what? - ANSWER-residential transactions the number of days allowed for objections to title or survey is - ANSWER-the number of days entered in PAR...
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Add to cartlead based paint disclosure - ANSWER-a federal disclosure requirement for residential properties built prior to 1978 TREC has promulgated forms for what? - ANSWER-residential transactions the number of days allowed for objections to title or survey is - ANSWER-the number of days entered in PAR...
The two most common disclosure forms include - ANSWER-Texas Real Estate Commission, and Texas Association of REALTORS® A conventional loan is best described as any loan - ANSWER-that is not a government loan. A "meeting of the minds" - ANSWER-Mutual consent A contract in which only one ...
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Add to cartThe two most common disclosure forms include - ANSWER-Texas Real Estate Commission, and Texas Association of REALTORS® A conventional loan is best described as any loan - ANSWER-that is not a government loan. A "meeting of the minds" - ANSWER-Mutual consent A contract in which only one ...
An attempt to induce panic selling in a given neighborhood. a. Blockbusting b. Stigmatized c. Steering d. Straw buyer e. Reasonable Accommodation - ANSWER-a. Blockbusting A(n) _________________ property is one where a particular event has affected the desirability of said property. a. U...
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Add to cartAn attempt to induce panic selling in a given neighborhood. a. Blockbusting b. Stigmatized c. Steering d. Straw buyer e. Reasonable Accommodation - ANSWER-a. Blockbusting A(n) _________________ property is one where a particular event has affected the desirability of said property. a. U...
Which of the following statements is true regarding the Information About Brokerage Services form? - ANSWER-It must be presented to prospective sellers or buyers regardless of whether they become clients or customers. The Addendum for Coastal Area Property is based on §33.135 of which Texas Code...
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Add to cartWhich of the following statements is true regarding the Information About Brokerage Services form? - ANSWER-It must be presented to prospective sellers or buyers regardless of whether they become clients or customers. The Addendum for Coastal Area Property is based on §33.135 of which Texas Code...
1. The effective date- who, what, and when? - ANSWER-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 ...
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Add to cart1. The effective date- who, what, and when? - ANSWER-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 ...
TREC contract forms and their uses - ANSWER-- Sales Contracts: 1) One-to-Four Family Contract (Resale) 2) New Home Contract (Incomplete Construction) 3) New Home Contract (Completed Construction) 4) Unimproved Property Contract 5) Residential Condominium Contract (Resale) 6) Farm and Ranch Con...
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Add to cartTREC contract forms and their uses - ANSWER-- Sales Contracts: 1) One-to-Four Family Contract (Resale) 2) New Home Contract (Incomplete Construction) 3) New Home Contract (Completed Construction) 4) Unimproved Property Contract 5) Residential Condominium Contract (Resale) 6) Farm and Ranch Con...
If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - ANSWER-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 ...
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Add to cartIf a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - ANSWER-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 ...
TERLA - ANSWER-- Texas Real Estate License Act - Created in 1939 TREC - ANSWER-- Texas Real Estate Commission - Created in 1949 to administer/enforce TERLA Real Estate Center - ANSWER-- Located at Texas A&M University - Created in 1970 TREC-Promulgated Forms/Leases (Residential): -...
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Add to cartTERLA - ANSWER-- Texas Real Estate License Act - Created in 1939 TREC - ANSWER-- Texas Real Estate Commission - Created in 1949 to administer/enforce TERLA Real Estate Center - ANSWER-- Located at Texas A&M University - Created in 1970 TREC-Promulgated Forms/Leases (Residential): -...
Wrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER-fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER-90 days __________ extend above the surface without limitation. - ANSWER-air r...
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Add to cartWrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER-fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER-90 days __________ extend above the surface without limitation. - ANSWER-air r...
The TREC residential contract forms are: - ANWER-Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: - ANWER-fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. - ANWER-goods ...
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Add to cartThe TREC residential contract forms are: - ANWER-Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: - ANWER-fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. - ANWER-goods ...
Texas Real Estate Commission - ANSWER-Created by the legislature in 1949 to carry out the provisions of TRELA Unauthorized Practice of Law - ANSWER-When license holders add provisions to contracts that go beyond the factual business details they are engaging in.. Deceptive Trade practices act ...
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Add to cartTexas Real Estate Commission - ANSWER-Created by the legislature in 1949 to carry out the provisions of TRELA Unauthorized Practice of Law - ANSWER-When license holders add provisions to contracts that go beyond the factual business details they are engaging in.. Deceptive Trade practices act ...
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...
mutual consent - ANSWER-a "meeting of the minds" unilateral contract - ANSWER-a contract in which only one party is obligated to perform unenforceable contract - ANSWER-a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable c...
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Add to cartmutual consent - ANSWER-a "meeting of the minds" unilateral contract - ANSWER-a contract in which only one party is obligated to perform unenforceable contract - ANSWER-a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable c...
mutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invali...
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Add to cartmutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invali...
One to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominiu...
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Add to cartOne to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominiu...
One to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominiu...
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Add to cartOne to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominiu...
Mutual Consent - ANSWER-Often referred to as a "meeting of the minds." Five Elements Of A Valid and Enforceable Contract - ANSWER-COLIC 1. Competent parties 2. Offer and acceptance (mutual consent) 3. Legal purpose 4. In writing (when required by law) 5. Consideration Unilateral Contrac...
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Add to cartMutual Consent - ANSWER-Often referred to as a "meeting of the minds." Five Elements Of A Valid and Enforceable Contract - ANSWER-COLIC 1. Competent parties 2. Offer and acceptance (mutual consent) 3. Legal purpose 4. In writing (when required by law) 5. Consideration Unilateral Contrac...
What contract form would you use if you're an agent selling a townhome - ANSWER-1-4 family What type of transaction are TRECS contract promulgated forms used for - ANSWER-Residential Who are buyers supposed to hire for inspections - ANSWER-TREC licensed Inspectors What % does the lender re...
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Add to cartWhat contract form would you use if you're an agent selling a townhome - ANSWER-1-4 family What type of transaction are TRECS contract promulgated forms used for - ANSWER-Residential Who are buyers supposed to hire for inspections - ANSWER-TREC licensed Inspectors What % does the lender re...
mutual consent - ANSWER-a "meeting of the minds" unilateral contract - ANSWER-a contract in which only one party is obligated to perform unenforceable contract - ANSWER-a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable c...
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Add to cartmutual consent - ANSWER-a "meeting of the minds" unilateral contract - ANSWER-a contract in which only one party is obligated to perform unenforceable contract - ANSWER-a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable c...
mutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invali...
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Add to cartmutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invali...
Loan Assumption - ANSWER-When a new buyer takes over the seller's existing mortgage loan. legal description - ANSWER-A written description of a parcel of land which locates it precisely and will hold up in court. (Does not include address.) third party financing - ANSWER-financing that involv...
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Add to cartLoan Assumption - ANSWER-When a new buyer takes over the seller's existing mortgage loan. legal description - ANSWER-A written description of a parcel of land which locates it precisely and will hold up in court. (Does not include address.) third party financing - ANSWER-financing that involv...
Competent Parties Offer and acceptance ( mutual consent) Legal Purpose In writing (when required by law) Consideration - ANSWER-Elements of a contract to be valid contract binding parties with one or more duties - ANSWER-executory contract both parties made promise - ANSWER-bilateral on...
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Add to cartCompetent Parties Offer and acceptance ( mutual consent) Legal Purpose In writing (when required by law) Consideration - ANSWER-Elements of a contract to be valid contract binding parties with one or more duties - ANSWER-executory contract both parties made promise - ANSWER-bilateral on...
Void Contract -ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract -ANSWER-A contract between two parties to commit an illegal act is a void contract. Eleme...
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Add to cartVoid Contract -ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract -ANSWER-A contract between two parties to commit an illegal act is a void contract. Eleme...
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