Knowledgeispower1

Lease With Option To Buy Form - Answer-There are no TREC or TAR forms for a lease with option to buy They need an attorney to draw up the form Implied Contract - Answer-Created by the actions of the parties The Third Party Financing Addendum - Answer-Contains the words "time is of the essence" Assignment - Answer-Transfers contract obligations to another party but does not relieve the original party from liability Express Contract - Answer-May be an oral agreement that is a very s...

In 1939, the legislator passed what law? - Answer- Real Estate Dealers License Act (REDLA) which meant all RE agents must obtain a license Competent Parties Summary:(3) - 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? - Answer- when license sell house for client: which the licensee is acting in a third-party position What is a legal agreement be...

What's a Promulgate? - Answer-means that it is a widely used contract or form endorsed by a governing group. This group can be a trade association or a government entity. In Texas, what are the two entities that promulgate contracts? - Answer-Texas Real Estate Commission (TREC) or the Texas Association of REALTORS® (TAR). TREC does not furnish - Answer-employment contracts like the listing agreement, buyer's representation agreement, property management agreement, etc. But, the Texas As...

to waive a contingency on the addendum for sale of other property by buyer, one must do all of these except: - Answer-provide evidence to support a decision to waive the contingency a cost that is not pre-rated by the title company is: - Answer-homeowner’s insurance which of these properties built before 1978 is exempt from the lead-based paint hazard disclosure? - Answer-senior/disabled housing the condominium resale certificate is filled out by: - Answer-a representative of the home...

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 - 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 - Answer-A In the business o...

The TREC PROMULGATED CONTRACT FORMS - Answer-ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION - Answer-THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD TREC promulgated contract forms provide for - Answer-third party financing, assumption seller finance a lender can withdraw the approval of a property - Answer-at any time prior to closing the third party financing addend...

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 - 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 - Answer-A A federal disclos...

The six elements of a valid real estate contract - Answer- Competent parties Consideration Mutual agreement (mutual assent) Lawful objective In writing and signed by the parties Contain a legal description Competent Parties - Answer- a person who is at least 18 years old, sane, and sober Consideration - Answer- Something, usually money, is being given in exchange for something else Mutual Agreement (Mutual Assent) - Answer- parties must enter the contract freely and voluntarily ...

All of the above - Answer-Which of the following is an example of consideration...? Money Personal services Cash All of the above Competent parties - Answer-A party to a contract that is forced to sign a contract under duress violates this element of a valid contract...? Consideration Competent parties Mutual agreement Lawful objective Novation - Answer-The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...

Broker-Lawyer Committee - members? - what do they do with contract forms intended for use by licensees? - Answer-- 6 brokers selected by the commission - 6 lawyers appointed by the president of the State Bar of Texas - 1 member appointed by the governor - draft and revise What is the different between TREC promulgated and TREC approved forms? - Answer-- promulgated are generally mandatory while approved may be used but are not mandatory When a licensee fills out promulgated forms, wh...