Aceable Agent - Promulgated Contracts Exam with complete solutions
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Aceable Agent - Promulgated Contracts
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Aceable Agent - Promulgated Contracts
VOID - Answer- A contract that has no legal effect.
VOIDABLE - Answer- When one or more of the parties has the authority to rescind the contract. It appears to be valid, but one party may disaffirm because they are a minor, were subject to duress, or a victim of fraud or misrepresentation.
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Aceable Agent - Promulgated Contracts Exam with complete solutions
VOID - Answer- A contract that has no legal effect.
VOIDABLE - Answer- When one or more of the parties has the authority to rescind the contract. It appears to be valid, but one party may disaffirm because they are a minor, were subject to duress, or a victim of fraud or misrepresentation.
STATUTE OF FRAUDS - Answer- A law that requires real estate contracts be in writing is the ______________________?
PAROLE EVIDENCE RULE - Answer- Prevents a party to a written contract from presenting additional evidence that adds to the written terms of the contract.
VOID - Answer- If 2 people have a legal contract for one party to sell illegal drugs to the other party, this contract would be _______________?
EARNEST MONEY - Answer- Paragraph 5 in a sales contract?
OPTION MONEY - Answer- Paragraph 23 in a sales contract?
DOCTRINE OF LACHES - Answer- Legal loss of a right with the thought that "if you don't use it, you lose it."
EFFECTIVE DATE - Answer- A written contract has been accepted, signed, and communicated to the other party.
PAROLE EVIDENCE RULE - Answer- Prevents a party to a written contract from presenting additional evidence that adds to the written
PAROLE EVIDENCE RULE - Answer- Prevents a party
LICENSE ACT - Answer- If a licensed agent uses an old promulgated TREC form, what is this in violation of?
PARAGRAPH 2D EXCLUSIONS - Answer- If a seller does not want to leave a chandelier where should they put this information in the 1-4 Family Residential Contract?
NON-REALTY ITEMS ADDENDUM - Answer- What addendum can you attach to the sales contract if your client wishes to have additional personal property to stay with the property (that is not listed in Paragraph 2B or 2C)? LTV RATIO - Answer- Loan to value ratio that represents how much of the sales price is
covered by the mortgage loan.
RECOURSE LOAN - Answer- Loan in which the lender is allowed to seize the collateral property and could go after the borrower's other assets if the sale of the property doesn't cover the whole amount owed to the lender.
SEND A WRITTEN DEMAND TO THE TITLE CO - Answer- After a real estate transaction fails, both parties can't agree who gets the earnest money, what should a buyer's agent do?
SELLER - Answer- Who should the option money be delivered to?
PARAGRAPH 23 - Answer- What paragraph is used for option period?
ENDORSEMENTS - Answer- Amendments to the standard coverage in a title policy.
RESTRICTIVE COVENANT - Answer- Provision in a deed limiting the use of property and prohibiting certain uses.
1. STANDARD PRINTED EXCEPTION AS TO MARITAL RIGHTS
2. STANDARD PRINTED EXCEPTION FOR STANDBY FEES, TAXES, AND ASSESSMENTS
3. RESTRICTIVE COVENANTS (DEED RESTRICTIONS) COMMON TO THE PLATTED SUBDIVISION - Answer- What are examples of exceptions of the title policy?
RESIDENTIAL REAL PROPERTY AFFIDAVIT - Answer- A form that is completed by the seller to assure the buyer that they haven't changed the boundaries of the property since the last survey was completed.
BOTH PARTIES NEGOTIATE - Answer- According to the 1-4 Family Residential Agreement who is responsible to pay for the owner's title policy, the seller or buyer?
2ND BUSINESS DAY, CLOSE OF BUSINESS - Answer- When should an agent deposit
an earnest money check with an escrow agent?
DEFAULT - Answer- If the buyer fails to deposit the earnest money on time, they will be in ____________?
15 DAYS - Answer- How many days does a seller have to cure a valid objection listed by the buyer in Paragraph 6D?
LIST IN PARAGRAPH 6D AS A VALID OBJECTION - Answer- If the agent isn't sure of restrictions of the property, how can an agent protect the buyer and give them an out under the contract?
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