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Texas Real Estate Principles I- Unit 9 questions & answers. $9.19   Add to cart
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Texas Real Estate Principles I- Unit 9 questions & answers.
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Texas Real Estate Principles I- Unit 9 questions & answers.

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  • September 13, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • texas real estate principles i unit 9 questions

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  • Texas Principles of Real Estate 1
  • Texas Principles of Real Estate 1

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Texas Real Estate Principles I- Unit 9
questions & answers.
What may happen if the defaulting party in a contract refuses to release the escrow money under a
TREC promulgated contract? ANS -The defaulting party will be liable to the other party for liquidated
damages.



What must happen for a nondefaulting party in a contract to receive earnest money being held in
escrow under a TREC promulgated contract? ANS -The defaulting party must sign a release form and
provide it to the title company.



Jerry and Mark agree that Jerry will buy Mark's farm for $400,000 cash. This is an example of ANS -a
bilateral contract.



If an option is NOT exercised within the time specified, the ANS -optionor's obligation and the
optionee's right will expire.



Forms that are promulgated by the Texas Real Estate Commission are drafted by ANS -the Texas Real
Estate Broker-Lawyer Committee.



Acceptance of a written offer to purchase real estate requires the signature of ANS -the offeree



In real estate sales contracts, which term is used to establish the effective date of the contract? ANS -
Date of final acceptance



Which is an act or a promise that is offered by one party to induce another to enter into a contract?
ANS -Consideration



A promulgated contract form is drawn up, signed by the prospective buyer, and presented by the broker
to the seller. This is ANS -an offer.

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