Texas Promulgated Contracts Questions And Answers Latest Top Score.
2 views 0 purchase
Course
Texas Promulgated Contracts
Institution
Texas Promulgated Contracts
Texas Promulgated Contracts Questions And Answers Latest Top Score.
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 - correct an...
Texas Promulgated Contracts Questions
And Answers Latest Top Score.
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 - correct answer. B
A(n) __________________ contract is defined as a contract that is binding on the
parties, with one or more of the parties having contractual duties that have not yet been
performed.
(a) Executory
(b) Executed
(c) Bilateral
(d) Void - correct answer. A
In the business of real estate, ___________ is defined as something given in exchange
for a promise.
(a) Consideration
(b) Mutual assent
(c) A bribe
(d) Legal subject matter - correct answer. A
,The TREC-promulgated contract forms:
(a) Are for optional use by real estate licensees
(b) Are drafted by the Broker-Lawyer Committee
(c) Are promulgated by the legislature
(d) Are used in both commercial and residential transactions - correct answer. B
In a lease with a "right of first refusal" provision:
(a) The price is set when the lease agreement is negotiated
(b) The tenant has promised to buy the property
(c) The TREC promulgated form must be used
(d) The tenant has the right to match or better any offer the landlord receives to prevent
the property from being sold to someone else - correct answer. D
TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions - correct answer. D
An offer can be communicated by ___________________.
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the above - correct answer. B
The Third Party Financing Addendum For Credit Approval is used when:
(a) The buyer is obtaining FHA financing
, (b) Paragraph 4.A(2)(a) is checked in the contract
(c) The buyer is obtaining VA financing
(d) The buyer is obtaining any kind of financing - correct answer. B
In the Third Party Financing Addendum for Credit Approval:
(a) The buyer has no incentive to obtain financial approval
(b) The buyer has a definite time to notify seller of the inability to obtain financing
approval
(c) The buyer's earnest money will not be returned if the buyer does not obtain financing
(d) The option period is explained - correct answer. C
The Third Party Financing Addendum for Credit Approval cannot be used for:
(a) VA guaranteed loans
(b) FHA insured loans
(c) Seller Financing
(d) Texas Veterans Loans - correct answer. B
According to the Seller Financing Addendum, the interest rate is:
(a) Set at 6%
(b) Negotiated between the parties
(c) Set by TREC
(d) Determined at closing - correct answer. A
___________________ occurs when a buyer assumes and agrees to pay the seller's
existing mortgage.
(a) Loan assumption
(b) Seller liability
(c) Seller lien
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 techgrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
