Trec promulgated - Study guides, Class notes & Summaries

Broker's Price Opinion (BPO) A broker's price opinion is the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property Closing The completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount Comparative Market Analysis (CMA) A report comparing the prices of sold homes that are similar to the subject property (called comparables), created by a license ho...

Drafts and revises contract forms for use in real estate transactions in the state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee (Ans- E Forms published by TREC that are mandatory for license holders to use in real estate transactions int he state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee (Ans- A Allows an aggrieved consumer t...

TREC Promulgated Contract Forms #351 Final Exam 2023/2024

In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. a. 1939 b. 1929 c. 1949 d. 1993 - ANSWER c. 1949 TREC has only _______ promulgated lease forms. a. 1 b. 2 c. 3 d. 4 - ANSWER b. 2 In the TAR® Seller's Disclosure the seller should _______. a. prepare the disclosure when the listing is taken b. be the only one completing this form or any part of it c. none of the above d. both a and b - ANSWER d. both a and b Which of the fo...

TREC Promulgated Contract Forms #351 Final Exam 2023/2024

TREC Promulgated Contract Forms #351 Final Exam With Complete Solution()

Texas Promulgated Contracts Homework(Answered)Correctly 2023 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 third party financing, assumption seller finance a lender can withdraw the approval of a property at any time prior to closing the third...

Law of Contracts - CHAMPIONS School of Real Estate THE PURPOSE AND FOCUS OF THE LICENSE ACT, AND OF TREC, IS TO PROTECT THE __________________. PUBLIC TREC ESTABLISHED THE _____________________________________ TO WRITE THE RESIDENTIAL CONTRACT FORMS THAT ARE THEN PROMULGATED BY TREC. BROKER LAWYER COMMITTEE ___________________________ MEANS PUBLISHED, OR MADE OF PUBLIC RECORD, AND THESE FORMS ARE THEN MANDATORY FOR AGENTS TO USE, WITH JUST A FEW EXCEPTIONS. PROMULGATED FAILURE...

Describe at least two requirements under TRELA. (Ans- Act created by Texas Congress 1) All professionals are licensed 2) Use same policy, procedures, and forms. Providing correct documentations and forms during a transaction. TREC wanted to get things standardized. TREC was created in 1949 and that's when it began administrating TRELA. Real Estate Dealers license Act was enacted in 1939 for salesperson and brokers. TRELA is the present act which is active and administered until present day. ...

Promulgated Contract Forms (Exam Review) Questions and Answers (Graded A) Promulgated Contract Forms (Exam Review) Questions and Answers (Graded A) Promulgated Contract Forms (Exam Review) Questions and Answers (Graded A) TREC contract forms and their uses - ANSWER-- 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 ...