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Aceable Agent - Promulgated Contracts Exam Questions And Answers
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Aceable Agent - Promulgated Contracts Exam Questions And Answers
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Aceable Agent - Promulgated ContractsExam Questions And Answers
VOID - correct answer ✅A contract that has no legal effect.
VOIDABLE - correct answer ✅When one or more of the parties has the
authority to rescind the contract. It appears to be valid, but one party
may disaffirm because they are a minor, were subject to duress, or a
victim of fraud or misrepresentation.
STATUTE OF FRAUDS - correct answer ✅A law that requires real estate
contracts be in writing is the ______________________?
PAROLE EVIDENCE RULE - correct answer ✅Prevents a party to a
written contract from presenting additional evidence that adds to the
written terms of the contract.
VOID - correct answer ✅If 2 people have a legal contract for one party
to sell illegal drugs to the other party, this contract would be
_______________?
EARNEST MONEY - correct answer ✅Paragraph 5 in a sales contract?
OPTION MONEY - correct answer ✅Paragraph 23 in a sales contract?
,Aceable Agent - Promulgated Contracts
Exam Questions And Answers
DOCTRINE OF LACHES - correct answer ✅Legal loss of a right with the
thought that "if you don't use it, you lose it."
EFFECTIVE DATE - correct answer ✅A written contract has been
accepted, signed, and communicated to the other party.
PAROLE EVIDENCE RULE - correct answer ✅Prevents a party to a
written contract from presenting additional evidence that adds to the
written
PAROLE EVIDENCE RULE - correct answer ✅Prevents a party
LICENSE ACT - correct answer ✅If a licensed agent uses an old
promulgated TREC form, what is this in violation of?
PARAGRAPH 2D EXCLUSIONS - correct answer ✅If a seller does not
want to leave a chandelier where should they put this information in
the 1-4 Family Residential Contract?
NON-REALTY ITEMS ADDENDUM - correct answer ✅What addendum
can you attach to the sales contract if your client wishes to have
additional personal property to stay with the property (that is not listed
in Paragraph 2B or 2C)?
, Aceable Agent - Promulgated Contracts
Exam Questions And Answers
LTV RATIO - correct answer ✅Loan to value ratio that represents how
much of the sales price is covered by the mortgage loan.
RECOURSE LOAN - correct answer ✅Loan in which the lender is allowed
to seize the collateral property and could go after the borrower's other
assets if the sale of the property doesn't cover the whole amount owed
to the lender.
SEND A WRITTEN DEMAND TO THE TITLE CO - correct answer ✅After a
real estate transaction fails, both parties can't agree who gets the
earnest money, what should a buyer's agent do?
SELLER - correct answer ✅Who should the option money be delivered
to?
PARAGRAPH 23 - correct answer ✅What paragraph is used for option
period?
ENDORSEMENTS - correct answer ✅Amendments to the standard
coverage in a title policy.
RESTRICTIVE COVENANT - correct answer ✅Provision in a deed limiting
the use of property and prohibiting certain uses.
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