According to trec rules - Study guides, Class notes & Summaries

PROMULGATED CONTRACTS PRACTICE TEST Exam Questions And Answers 100% Verified Agent Kara signed a buyer's representation agreement with her client that set her commission at 3%. The listing broker of the home her client chose offered 3.5% to the buyer's broker. What percentage of the sale price of the home will Kara's commission be? - answer3.5% What does Paragraph A of the Addendum for Back-Up Contract specify a back-up contract holder do when they execute the contract?* - answerdeposi...

Texas Promulgated Forms Questions and Answers Test Bank 2023 with complete solution Which of the following is TRUE for the statute of limitations for contracts for the sale of real estate and oral contracts for leases of less than one year? The statute of limitations is four years for the sale and two years for the lease. The voiding of a contract by a minor is an example of terminating a contract by operation of law. Which of the following would NOT be considered a competent party? A 30...

Texas Real Estate Exam (State) (2023/2024) Already Passed Texas Real Estate Commission (TREC) -created in 1949 -purpose: to administer the provisions of the License Act -authority to make rules and regulations -9 members (3 represent the general public, 6 are real estate brokers) -all appointed by the governor and approved by the Senate -serve 6 year terms -has the power to subpoena books, records, and witnesses -has the power to issue or revoke Real Estate Licenses Broker Lawyer Committee -wri...

Texas Pre-License - Promulgated Contracts Questions with complete solutions According to TREC rules, which of these must be delivered to the seller within three days of a contract's effective date? earnest money What are brokers required to do regarding Consumer Protection Notice TREC No. CN 1-2? post it in each office Rollback taxes are addressed in all of the following EXCEPT: Residential Service Contract Agent Sarah knows her client wants to make the sales contract c...

PROMULGATED CONTRACTS PRACTICE TEST Exam Questions And Answers 100% Verified Agent Kara signed a buyer's representation agreement with her client that set her commission at 3%. The listing broker of the home her client chose offered 3.5% to the buyer's broker. What percentage of the sale price of the home will Kara's commission be? - answer3.5% What does Paragraph A of the Addendum for Back-Up Contract specify a back-up contract holder do when they execute the contract?* - answerdeposi...

Law of Agency Unit 1 Questions and Answers 100% Pass If a buyer hires a broker under a buyer representation agreement, the principal is the: buyer. If a seller signs a listing agreement with a broker, the ________ is the listing agent. broker There is no third party customer in ________ representation. intermediary The role each party (client, broker, or customer) has in the agency relationship is determined by the type of ________ used. employment agreement Listing Agents must: work with a...

Promulgated Contracts Exam(real estate exam 6)Already Graded A+ When would it be appropriate to use the New Home Contract (Incomplete Construction)? for 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 make the extension official? pay an additional option fee In TREC promulgated contracts, what does Paragraph 21: Notices provide information about...

real estate Tennessee State Exam Questions And Answers, Over 200 Questions And Answers, Complete Solution 2023 What is the name of the Tennessee real estate regulatory body? a) Division of the Tennessee Real Estate B) Tennessee Real Estate Commission C) Board of Real Estate Regulators D) Tennessee Real Estate Board B How many members are on the Tennessee Real Estate Commission? A) 10 B) 9 C) 5 D) 15 B How many years may they serve? a) 3 years b) 5 years c) 6 years d) 4 years ...

Default of contract and types of damages (pg 137) (Ans- Liquidated Damages - The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Liquidated damages are damages that are established in the contract. Monetary Damages - The injured party may "seek such other relief as may be provided by law." This would be an award of monetary damages by the court. Because monetary damages are awarded by the ...

An agency relationship exists when one person, the ______________ acts for, or on the behalf of another person, the _____________________. Agent, principal Which of the following is ground for suspension or revocation of license by TREC? Splitting commission with a person other than a license holder The commission can deny licensure to an applicant based on the applicants? Moral character What form must an agent provide to a potential client at the first substantive discu...