objective, and adherence to the statute of frauds are:: the five components
of a valid contract
11.The National Association of Realtor's ethical guidelines are known as:: -
First adopted in 1913, the National Association of Realtor's ethical
standard is laid out in the Code of Ethics.
12.How many TREC promulgated contract forms are there?: The six TREC
promulgated contract forms are: One to Four Family Residential
Contract (Resale), Unimproved Property Contract, New Home Contract
(Incomplete Construction), New Home Contract (Completed
Construction), Farm and Ranch Contract, and Residential Condominium
Contract (Resale).
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, 13.Which land description is used for elevated areas such as in a condo?: -
Vertical land description
14.Texas homestead laws would protect a primary residence from
being seized and used as collateral by:: Credit card companies
15.Can the original offer be reconsidered and accepted by a party after
they have already extended a counteroffer?: No. A counteroffer is a
rejection of the original offer, therefore, the original offer can no longer
be accepted.
16.A detailed description that uniquely identifies the property in such a
way that a surveyor would be able to locate it is called a(n):: legal
description
17.Surface, subsurface, and air rights are all parts of:: land
18.Which real estate body is made up of 9 members and which is made up
of 13 members?: The Texas Real Estate Commission is comprised of 9
members and the Broker Lawyer Committee is comprised of 13
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