Exam (elaborations)
promulgated contracts final exam questions and answers 2023
promulgated contracts final exam questions and answers 2023
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promulgated contracts final examquestions and answers 2023
Under TRELA, a licensee will not be in violation of practicing law without a
license if she
writes a real estate contract.
fills in the blanks on a standardized contract.
offers professional advice on Texas real estate law.
revises promulgated contracts. - -fills in the blanks on a standardized
contract.
-At what point does an offer become a contract?
After the licensee fills in all the blanks
After the buyer signs it
After the seller accepts the buyer's offer
After the seller's acceptance is communicated back to the buyer - -After the
seller's acceptance is communicated back to the buyer
-According to the Texas Real Estate Commission (TREC) a listing contract
must contain
a notice that it was prepared by an attorney licensed in the state of Texas.
disclosure about representation of clients.
a disclaimer saying that the form was not promulgated by Texas.
a provision informing the parties to the contract that real estate commissions
are negotiable. - -a notice that it was prepared by an attorney licensed in
the state of Texas.
-All of the following actions would be considered practicing law without a
license except which one?
Modify a 1997 TREC promulgated contract to fit the buyer's current scenario
to purchase a property.
Tell the client known facts about the property that might affect the title.
Give advice about the legal consequences of the purchase.
Offer a client an opinion regarding the validity of the title. - -Tell the client
known facts about the property that might affect the title.
-What group has the task to draft and revise contracts and forms for use by
licensees?
Texas Association of REALTORS
Broker-Lawyer Committee
Texas Real Estate Commission
Texas Association of Brokers-Lawyers - -Broker-Lawyer Committee
-What is the effective date of the contract?
, The date the buyer's option terminates if no additional contingencies exist.
The date the offer was originally written.
Upon the seller's acceptance and communication of that acceptance to the
buyer.
The date the contract closes and funds. - -Upon the seller's acceptance and
communication of that acceptance to the buyer.
-What are the four basic elements of a bilateral contract?
Mutual assent, Competent parties, Consideration and Legal objective
Offer, Counter offer, Agreement and Close
Agreement, Earnest money, Must be at least 18 years of age and the
purpose of the contract must be legal
Must be in writing, Cannot violate a law, Legal consideration and a Meeting
of the minds must occur - -Mutual assent, Competent parties, Consideration
and Legal objective
-What is it called when all terms in a contract are agreed to by all the parties
of the contract?
A firm deal
A concurrence
An accord
Mutual Assent - -Mutual Assent
-What term describes the status of a sales contract from the time of the
contract's signing to the day of closing?
Executory
Executed
Valid
Breached - -Executory
-If a party feels he has been wronged, what law sets the deadline for
initiating legal proceedings?
Statute of Limitations
Statute of Frauds
The Deceptive Trade Practices Act
The Real Estate Settlement Procedures Act - -Statute of Limitations
-Which of the following contract terms is designed to create an action?
Open
Straight
Working
Performance - -Performance
-Consideration is also known as
earnest money.
something in exchange for something else.
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