Promulgated Contracts Bundled Exams Questions and Answers | Verified | Guaranteed Success Latest update

Under TRELA, a licensee will not be in violation of practicing law without a license if she writes a real estate contract. fills in the blanks on a standardized contract. offers professional advice on Texas real estate law. revises promulgated contracts. - fills in the blanks on a standardized c...

"Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? a. Required disclosures b. Prohibited disclosures c. Permitted disclosures d. None of these - c. Permitted disclosures If there is a field in a promulgated form for w...

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 and...

If a buyer needs to receive the funds from the sale of another property, they will need to do all of these EXCEPT: - Chapter 531 Canons of Professional Ethics and Conduct includes: - Fidelity Integrity Competency The seller contracts to furnish the buyer an existing survey, but neglects to fur...

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 parties, with one...

The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are legal purpose, competent parties, mutual assent, consideration, and _____. - In writing If a contract has been entered into with a person who has been judged to be incompetent, ...

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 signed ...

Valid - A contract that is enforceable by the courts Voidable - A contract that has the essential features of a valid contract Unenforceable - A contract that is not legally enforceable Void - A contract that doesn't meet the requirements of a valid contract Contract - A legally binding and enf...

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 provide for - t...

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 - B) Paragraph #12- Seller partic...

If a buyer needs to receive the funds from the sale of another property, they will need to do all of these EXCEPT: - Chapter 531 Canons of Professional Ethics and Conduct includes: - Fidelity Integrity Competency The seller contracts to furnish the buyer an existing survey, but neglects to fur...

If an Agent receives confidential information from a Client while the agency agreement is in force, that agent may: A) Share that information once the agreement expires B) Share that information if the Client authorizes the agent to share it C) Never share the information with another client D)...

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 s...

Which of these is appropriate to put in the Special Provisions section of the One to Four Family Residential Contract? - The Special Provisions section of the One to Four Family Residential Contract provides space for the addition of contract terms that are not already included in the sales contra...