Knowledgeispower1

The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? - Answer-Performance Which of the following is an example of consideration? - Answer-Money, personal services, cash A State law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as the? - Answer-Statute of Frauds Which of the following is an example of a forbearance contract? - Answer-Options contrac...

To have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed - Answer-Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Unenforceable Voidable Executed Expired - Answer-Voidable In order to be considered a competent party, an individual must be of the age of the...? Majority Minority Other party None of the above - Answer-Majority A contract ...

Which of these promulgated forms does NOT include "Time is of the essence"? - Answer-Loan Assumption Addendum A couple starts celebrating the sale of their home after their listing agent calls them with the news that they've received an acceptable offer. The listing agent says he is coming over to get their acceptance and signatures. However, by the time the agent arrives the sellers are completely inebriated. The agent has them sign the contract and then takes it to the title company. Thi...

The Texas Real Estate Commission prohibits a license holder from using a sales contract drafted by A) the broker. B) an attorney. C) the seller. D) the buyer. - Answer-A Protected classes under the Fair Housing Act include all of the following EXCEPT A) gender. B) age. C) race. D) color. - Answer-B The One to Four Family Residential Contract requires the survey to be acceptable to the A) seller. B) buyer. C) title company. D) broker. - Answer-c The Broker-Lawyer...

When earnest money is deposited with an escrow agent, the escrow agent: - Answer-A) Is not responsible for the performance of any signatory B) Has the right to secure written release of all signatories C) Is not liable for interest on the money How does the Texas Real Estate License Act define the first face-to-face meeting with required agency disclosure? - Answer-When a substantive dialogue about a specific real property occurs If a property was built before 1978, what specific addendum ...

Which of the following is not addressed by a TREC-Promulgated form? - Answer-A purchase using a contract for deed Which law requires a contract for real property to be in writing and signed to be enforceable? - Answer-Texas Statute of Frauds Which of the following is the best way to extend the closing date on a contract? - Answer-Using the TREC amendment to contract and have the buyers and the sellers sign it A buyer and seller enter into a written contract for the sale of a four-bedroo...

B - Answer-In addition to the four essential elements, which of the following is necessary to make a real estate sales contract valid? A. all of the answers shown B. it must be in writng C. the mortgage lender must be listed D. the closing must take place at a lender's place of business B - Answer-Mutual agreement is also referred to as A. mutual assent B. all of the answers shown C. offer and acceptance D. meeting of the minds B - Answer-An offeror revokes an offer and ...

Lesson 1 - Answer-Contract Law Overview Practice of Law - Answer-involves giving legal advice to clients, drafting legal documents for clients, and representing clients in legal negotiations and court proceedings such as lawsuits. The practice of law is applied to the professional services of an attorney at law, barrister, solicitor, or civil law notary. However, there is a substantial amount of overlap between the practice of law and various other professions where clients are represented b...

How many TREC promulgated contracts are there? - Answer-6 Name the 6 TREC Promulgated forms. - Answer-1. 1 to 4 family residential sales contract resale. 2. Residential Condominium Contract (Resale) 3. Farm and Ranch Contract 4. Unimproved property Contract. 5. New Home Contract (Competed construction) 6. New Home Contract (Completed construction) If a buyer buys a property in a brand new subdivision, but their home hasn't been built yet, what contract will be needed for the transact...

Which of the following mean that the offer and acceptance was genuine and freely made by all parties? Mutual consent Offer and acceptance Genuine assent None of the choices apply - Answer-C What document should an assignor use to be released entirely from any obligations or secondary liability? Assignment Cancellation Novation Revocation - Answer-C If the assignor wants to be released entirely from any obligation or secondary liability for the contract, it may be done by novati...