Promulgated Contract Forms bundled exam 2023/2024 with 100% correct answers

When earnest money is deposited with an escrow agent, the escrow agent: correct answersA) 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 def...

If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False correct answersB) 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 li...

The lender holding the note on a property must approve a short sale or the contract will be a) terminated. b) amended to the amount owed. c) transferred to another lender. d) counteroffered. correct answersterminated. If a payment is made 10 or more days after the due date, what late fees are...

Federal Fair housing laws forbids discriminatory practices by parties including: correct answersOwners of property Lenders Real Estate Brokers all of the above Use of the TREC promulgated One to Four Family Residential Contract (resale)is allowed on the sale of a residential condominium correc...

When would it be appropriate to use the New Home Contract (Incomplete Construction)? correct answersfor 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...

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

TREC contract forms and their uses correct answers- 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 Ran...

The TREC PROMULGATED CONTRACT FORMS correct answersARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION correct answersTHE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD TREC promulgated c...

TREC has promulgated how many contract forms? correct answers6 The Seller's Disclosure Notice is a requirement of: correct answersThe Texas Property Code Which of the following are not required, according to the Property Code, to furnish a seller's Disclosure Notice correct answersSingle fam...

Information Needed to Complete Contract Forms correct answers-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 contrac...

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 correct answersB A(n) __________________ contract is defined as a contract that is binding...

Which of the following is an example of a Bilateral contract? correct answersA 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? correct answersBro...

The Broker-Lawyer Committee is: correct answersan advisory body that develops and recommends various contract forms to TREC for use by licensees. The Commission may __________ a license or take other disciplinary action authorized by this chapter if the license holder fails to use a contract form...

1. The effective date- who, what, and when? correct answersBetween 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 con...