TREC PROMULGATED CONTRACT FORMS 351
FINAL EXAM LATEST 2024-2025 ACTUAL EXAM
100 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES
Terms in this set (79)
In the State of Texas who is Lawyers licensed to practice in Texas
allowed to use a
customized real estate
contract?
The real estate brokerage
company
The salesperson
The broker
Lawyers licensed to
practice in Texas
Marcy is 17 and married. Competency issue
Her spouse is stationed in
the Middle East. She
purchased a home shortly
before Stan, her husband
returns to the United States.
Select a problem that exists
with this situation.
Offer and acceptance issue
Competency issue
Consideration issue
This is a valid binding
contract
,A contract is considered When both parties agree to the negotiated contract and
executed? both parties sign the final sales contract
When both parties agree to
the negotiated contract and
both parties sign the final
sales contract
When a buyer comes forth
with an offer
When a seller counters an
offer with several changes
When the parties involved
verbally agree to mutual
terms
A void contract is: All of these
One that is not in effect
Not binding
Not valid
All of these
Which of these would NOT A 30% down payment
be a requirement of a
lender for a standard
mortgage loan?
A FICO score of at least 625
A 30% down payment
An appraisal to determine
the value of the home
Verification of employment
TOE refers to: Time is of the essence
Today or eventually
Time of event
Trust options evaluated
Time is of the essence
, Inserting the phrase "this his shows that the buyer is not only interested but they
offer is subject to want a quick response from the seller.
cancellation by the buyer at
any time prior to
acceptance" will show the
seller all of the following
except:
Quick action is necessary
The seller should make a
decision
The seller should accept or
make a counter
The buyer is not really
interested
What would be an example A party suffered a serious heart attack and was in a
of a good faith effort that coma for two weeks
the court would take into
account and not penalize a
party for failing to
complete?
The party deliberately failed
to meet the requirements
One party stopped
answering their phone in
efforts to stall proceedings
The party in question went
on an extended vacation
A party suffered a serious
heart attack and was in a
coma for two weeks
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheAlphanurse. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
