Promulgated contracts practice exam| 88 Questions| Correct Answers| Verified!! COMPLETE PACKAGE DEAL 2023

If a Buyer wants the Seller to pay some or all of their closing costs, it should be added to the contract in: A) Paragraph #11 (Special Provisions) B) Paragraph #12 - Seller participation in the Buyer's costs C) Third Part financing Addendum D) All of the above - ANSWERSB) Paragraph #12- ...

When earnest money is deposited with an escrow agent, the escrow agent: - ANSWERSA) 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 th...

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 - ANSWERSB A(n) __________________ contract is defined as a contract that is binding on th...

Which of these forms is least likely to be involved in the sale of unimproved property? - ANSWERSThe Unimproved Property Contract would not be involved in the sale of a condo. A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is ...

TREC has promulgated how many contract forms? - ANSWERS6 The Seller's Disclosure Notice is a requirement of: - ANSWERSThe Texas Property Code Which of the following are not required, according to the Property Code, to furnish a seller's Disclosure Notice - ANSWERSSingle family new residences...

Which of the following is an example of a Bilateral contract? - ANSWERSA 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? - ANSWERSBroker. Between...

The TREC PROMULGATED CONTRACT FORMS - ANSWERSARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION - ANSWERSTHE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD TREC promulgated contract form...

If a buyer negotiates a contract on a property with the Addendum for Property Subject to Mandatory Membership in a Homeowners' Association and asks to receive the documents with five days of the effective date, how long after receipt does the buyer have to terminate? - ANSWERS3 days A buyer deci...

mutual consent - ANSWERSa "meeting of the minds" unilateral contract - ANSWERSa contract in which only one party is obligated to perform unenforceable contract - ANSWERSa contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable c...

An attorney appointed to the Broker-Lawyer Committee resigns before the expiration of his term. Which entity would appoint his replacement? - ANSWERSPresident of the State Bar Once an offer has been communicated to the offeree, it does not stay open forever. Which is not a way to terminate an off...