Promulgated Contract Forms Exam Bundle

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...

an owner is entitled to receive copies of any document that governs the establishment, or operation of a subdivision - True When the seller owns 75% of his minerals and reserves 50% of the minerals.... - 50% of 75% If the buyer decides to terminate the contract under any of his/her right...

The "Special Provisions" paragraph (#11) of the Residential Contract is for: - Inserting factual statements and business details where no addendum is required If a bonus is offered by an owner or an owner's agent, Buyer's broker: - May retain the additional compensation The biggest m...

Contract: - A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract: - A contract that has been approved and is required to be used by license holders In Texas, what are the two entities that promulgate contracts? - TREC and TAR In a rea...

Valid Contract - is one that meets all of the requirements of law Void Contract - is invalid from the beginning and does not affect the parties EX: a contract to perform an illegal act is a void contract Voidable Contract - is one that cannot be enforced against one of more of the pa...

TREC contract forms & their uses - These contract forms expedite real estate transactions and reduce controversies while containing safeguards adequate to protect the interest of the principals to the transaction TREC has promulgated sales contract forms for most residential properties, includin...

Ch 1. 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 Ch 1. If a contract has been entered into with a person who has been judged to be ...

Void Contract - Is invalid from the beginning and has no effect on the parties Valid contract - One that meets all the requirements of law Voidable contract - One that cannot be enforced against one or more of the parties Unenforceable contract - One that cannot be enforced due ...

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...

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 pa...

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

Information Needed to Complete Contract Forms - -Elements and Practice 1-4 Family Residential Contract (Resale): The heading of this contract contains; date the contract form was approved by the Commission. License holders must take care to use only the most current version of a contract form. Fa...

If there is no time limit specified in an offer, then the time limit will expire: - Within a reasonable time The clause in a contract stating that "time is of the essence" would indicate: - Strict performance of certain acts within the time stated in the contract. A bilateral contract ...

TREC contract forms and their uses - - Sales Contracts: 1) One-to-Four Family Contract (Resale) 2) New Home Contract (Incomplete Construction) 3) New Home Contract (Completed Construction) 4) Unimproved Property Contract 5) Residential Condominium Contract (Resale) 6) Farm and Ranch Contrac...