Texas Promulgated Contracts Questions And Answers Latest Top Score.
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Texas Promulgated Contracts
Institution
Texas Promulgated Contracts
Texas Promulgated Contracts Questions And Answers Latest Top Score.
In 1939, the legislator passed what law? - correct answer. Real Estate Dealers License Act (REDLA) which meant all RE agents must obtain a license
Competent Parties Summary:(3) - correct answer. Must be ...
Texas Promulgated Contracts Questions
And Answers Latest Top Score.
In 1939, the legislator passed what law? - correct answer. Real Estate Dealers
License Act (REDLA) which meant all RE agents must obtain a license
Competent Parties Summary:(3) - correct answer. Must be 18 + years of age
Must be mentally competent
Cannot be temporary incompetent
The Texas Real Estate Commission regulates a licensee in which of the following
situations? - correct answer. when license sell house for client: which the licensee is
acting in a third-party position
What is a legal agreement between parties to do (performance) or not to do
(forbearance) a certain act for consideration? - correct answer. a contract
Mutual Assent Summary (2) - correct answer. Agreement to all the terms
Agreement by all the parties
two types of consideration - correct answer. Valuable consideration is something of
value
Good consideration is love and affection
Consideration Summary - correct answer. Something given in exchange for
something else
Assignment - correct answer. One of the parties to a contract may choose to assign
the contract to a third individual.
Notation - correct answer. write up a new agreement with the existing parties
,Mediation(non-binding) - correct answer. the third party mediator is simply a
facilitator attempting to keep both parties talking until they can reach a solution
(preferred method)
no schooling needed
Arbitration - correct answer. the arbitrator listens to both sides of the situation and
makes a decision. His or her decision is binding and court action cannot be pursued.
require law degree/similar
Litigation - correct answer. actually lawsuit - and costly
What law requires all contracts for real property to be in writing to be enforceable? -
correct answer. Statute of Frauds
Recording Acts require - correct answer. that any claim, interest, or ownership in
real estate be placed in the public records in the county where the property is located.
What is duress? - correct answer. use of force
Valid contract - correct answer. 3 of 6 - When a written agreement is legal and every
item is completely agreed to, it is said to be which of the following?
Void contract - correct answer. When an essential element is missing in an
agreement and the courts would not hold it as a contract, then the agreement would be:
Voidable contract - correct answer. When one party could change their mind and
exit a contract, it is said to be:
An unenforceable contract - correct answer. When one party may be in default but
because of the nature of the agreement, the damaged party would not have the ability
to sue the other party in court, this is what type of contract?
Express contracts - correct answer. verbal or in writing that is clear and definite and
would, therefore, be considered express contracts.
implied contract. - correct answer. any contract that is not clear is usually an implied
contract. The agreement is indicated through the actions of the parties rather than the
written word.
Bilateral contracts - correct answer. Both parties have rights and obligations
unilateral contract - correct answer. is a contract in which a party promises to
perform without expectation of performance by the other party.
, 1 of 6 - When all promises in a contract have been met, that contract is called what? -
correct answer. executed
2 of 6 - What is a contract called where there are still promises that need to be fulfilled?
- correct answer. executory
elements of contract(4) - correct answer. agreement
consideration
competant
legal objective
Amendment - correct answer. contract has already been agreed to and both parties
want to change some part of it, it is best for a real estate professional to use an
amendment.
When a change needs to be made to a Residential Contract, what is the best way to
handle it? - correct answer. amendment to contract adendum
What law requires any amendment or addenda used must be in writing and signed by
both parties to be enforceable? - correct answer. statue of fraud
Four Corners Doctrine - correct answer. This means that the interpretation of any
disputed clause will be influenced by the document as a whole.
What rule in contract cases prevents a party to a written contract from presenting oral
evidence that contradicts or adds to the written terms of the contract that appears to be
whole? - correct answer. parol evidence
How long is the statue of limitation in Texas, written and verbally? - correct answer.
4 years written
2 years oral
Discharge of a Contract - correct answer. Black's Law Dictionary defines "discharge"
as to release; liberate; annul; unburden
If a buyer or seller should breach a contract (meaning break a contract), the other party
has three choices to remedy the situation: (3) - correct answer. specific performance
Specific damage
termination
Are licensee prohibited from practicing law or give legal advice? - correct answer.
false
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