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Texas Promulgated Contract Forms & Addenda Final Exams With Complete Solutions
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Texas Promulgated Contract Forms &Addenda Final Exams With Complete
Solutions
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 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 accept must
communicate back to other party & fill in the date
-What is a legal proceeding brought by a party to a contract against another
party to compel action called for in the agreement? - -Breach of a contract,
one-party defaults, sues for specific performance, seek other relief -
arbitration, mediation, injunction to sue for compensatory Damages.
-If a seller fails to provide the buyer with the seller's disclosure of property
condition as required by Section 5.008 of the Texas Property Code, what is
the status of the purchase contract? - -Voidable at the option of the buyer.
Voidable by buyer any time prior to closing and the earnest money will be
refunded to the buyer.
-Which term identifies the substitution of a new contract for an existing
contract? - -Novation
-When using a Power of Attorney to transfer title to real property? - -
Attorney-in-fact - Legal description and the subject of the authority
-Who must convey to the principal all known information that would affect
the principal's decision to accept or reject offers? - -Licensee - the listing
agent/selling agent
-When a legally enforceable promise is exchanged for a legally enforceable
promise? - -It is a Bilateral Contract.
-If the seller has already sent a counteroffer to a prospective buyer and then
receives another offer that is even better, the seller: - -Withdraw the
counteroffer first then consider new offer
, -Which law requires the contract for real property to be in writing and signed
to be enforceable? - -Statute of Frauds
-To have a valid real property contract, something of value must be
exchanged. This is called: - -Consideration
-When may a potential purchase's offer to buy real estate be withdrawn? - -
at any time before it's accepted
-Which of the following is NOT addressed by a TREC-promulgated contract? -
-Lease with an option to purchase. Lease purchase - new Condo contract
-When is a financing addendum not required? - -When the buyer pays in
cash. When third financing addendum is waived
-Items that are preprinted in paragraphs 1 and 2 of the contract include all
the following except? - -Exclusions
-When will the third party financing addendum credit approval not be used?
- -1. all cash
2. When Third Part Financing contingency is waived
-Which addenda will the Purchaser use when purchasing a property for
cash? - -None- no addendum will be used.
-Which addendum is commonly used in a transaction involving a 90 percent
fixed rate loan with PMI? - -Third party financing addendum.
-What form is used if the buyer wants the seller to leave the refrigerator
with the home after closing? - -Non-- Reality items addendum
-In Third party financing addendum for credit approval, what should the Cap
On interest rates? - -MARKET RATE-----
Should be on what the buyer and lender have agreed on and it should not
exceed that amount.
-Federal law dictates that an addendum addressing the possible presence of
lead-based paint and lead based paint hazard be attached to the purchase
agreement when the house is being so that was built before? - -Prior to
1978.
-Earnest money is to be deposited? - -By the close of the escrow agent's
second business day following the signing of the agreement.
By the end of the 2nd business day after the effective date. days of the
effective date of the contract.
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