Texas Promulgated BUNDLED exams 2023 with 100% correct answers

When earnest money is deposited with an escrow agent, the escrow agent: 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 fi...

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 B A(n) __________________ contract is defined as a contract that is binding on the partie...

If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing broker ...

When would it be appropriate to use the New Home Contract (Incomplete Construction)? for a client buying a new home that is being built A buyer needs more option period time. They have asked the seller, who agreed, and signed TREC's Amendment to Contract. What else must they do to make the ...

Which of the following is an example of a Bilateral contract? 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? Broker. Between the buyer a...

Which of these forms is least likely to be involved in the sale of unimproved property? The 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 sign...

Lease With Option To Buy Form 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 Created by the actions of the parties The Third Party Financing Addendum Contains the words "time is of the essence" Assig...

When does TREC regulate a licensee.... 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 Contract Law that requires all contracts for real property to be in writing to be enforceable Statute of Frauds...

TRELA changed from REDLA Texas legislature passed the Real Estate Dealer's License Act (REDLA), which required real estate agents to obtain licenses. KEY CONCEPT This act was administered by the Secretary of State until 1949 when the Texas Real Estate Commission (TREC) assumed the administrative r...

1. The effective date- who, what, and when? 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. 2. What is the legal proceedings brought by party to a contract agai...

Agent Ralph has a buyer client that wants the seller to leave them the refrigerator, built-in microwave, and vent hood. Ralph notes this expectation in the Special Provisions section. What is wrong with this scenario? It should be written in a Non-Realty Addendum, not in the Special Provisions sect...

The TREC PROMULGATED CONTRACT FORMS ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION 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 provid...

B 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 Mut...