Knowledgeispower1

An agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time. a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - Answer- D A "meeting of the minds" a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - Answer- A A contract that cannot be enforced due to some flaw or other issue in the contract. a. Mutual consent ...

use of standard contract forms - Answer- when negotiating contracts binding the sale, exchange, lease, or rental of property promulgated - Answer- issued by TREC for mandatory use by license holders exceptions - Answer- - license functioning solely as principal - agency of US Government requires a different form - prepared by principal - no other form exists and is prepared by an attorney- at - law licensed in Texas forms may be reproduced - Answer- - numbered copies obtained from T...

REDLA - Answer-Real Estate Dealer's License Act This act was administered by the Secretary of State until 1949 when the Texas Real Estate Commission (TREC) assumed the administrative responsibilities associated with it. In 1949, the REDLA was changed into the Texas Real Estate License Act (TRELA) T/F: All contracts must be in writing to be enforceable by law - Answer-FALSE BUT, a contract for the purchase of real estate must be in writing to be enforceable. Competent Party - Answer-- Mu...

Why would you use the TREC No. 10-6 Addendum For Sale of Other Property By Buyer? - Answer When a buyer wants to purchase a home but needs to sell his current home to do so. How is the TREC No. 10-6 Addendum for Sale of Other Property by Buyer. used? - Answer The agent working with the buyer will write up an offer and then attach this addendum to the One to Four Family Residential Contract (Resale). What is true regarding the closing date for The agent working with the buyer will write up ...

Can a contract have 0 dollars as earnest money? - Answer-yes if the parties to the contract agree. What 2 things are earnest money used for in a real estate contract? - Answer-1. good faith money 2. Liquidated damages What are 2 types of options? - Answer-Option to terminate the contract and the option to buy. Both have time frames. What is meant by title insurance protecting consumers against hidden risks? - Answer-Deed could be threatened by forgery, similar names or errors in record...

Which of the following is an example of a Bilateral contract? - Answer-A Promise in exchange for a promise - Purchase Contract. Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract Who is responsible for filling in the effective date, who, when & what? - Answer-Broker. Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last party to initial/Sign fills in the day. Broker. Last party to accep...

Condominium - Answer-A form of ownership of real property that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a...? Condominium Tenancy in common Cooperative Time-share Residential Condominium Contract - Resale - Answer-Which of the following contracts should be used when purchasing a condominium apartment...? One to Four Family Residential Contract - Resale Multi-family Residential Contract - Resale Residential Condom...

Earnest money - Answer-A down payment made by a purchaser of real estate as evidence of good faith is referred to as...? Buy-down money Earnest money Discount money Origination deposit Trust funds - Answer-Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction is known as...? Earnest funds Agent fees Deposit funds Trust funds Earnest money - Answer-Which of the following acts as liquidated dama...

The name of the seller(s) as listed on the deed - Answer-What does an agent first need from the seller when preparing a contract...? The last name of the seller(s) The name of the seller(s) as listed on their license The name of the seller(s) as listed on the deed None of the above The seller's title policy - Answer-When preparing a contract, where should the agent look to find the name of the seller(s)...? The seller's title policy The seller's license The seller's birth certi...

When does TREC regulate a licensee.... - Answer-when the licensee is selling a house for a client Legal agreement between parties to do or not to do a certain act for consideration - Answer-Contract Law that requires all contracts for real property to be in writing to be enforceable - Answer-Statute of Frauds what is an example of good consideration - Answer-love of a friend What does Duress mean - Answer-use of force When a person listens to both sides of the situation and makes ...