Texas Promulgated Contracts Bundled Exams with Complete Solution | Verified | Guaranteed Success

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 - ...

If a Buyer wants the Seller to pay some or all of their closing costs, it should be added to the contract in: A) Paragraph #11 (Special Provisions) B) Paragraph #12 - Seller participation in the Buyer's costs C) Third Part financing Addendum D) All of the above - B) Paragraph #12- Seller partic...

What's a Promulgate? - means that it is a widely used contract or form endorsed by a governing group. This group can be a trade association or a government entity. In Texas, what are the two entities that promulgate contracts? - Texas Real Estate Commission (TREC) or the Texas Association of REA...

1. The TREC promulgated contract forms: - Are drafted by the Broker-Lawyer Committee 2. In a lease with "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 to someone else 3. TREC promulgated f...

B - In addition to the four essential elements, which of the following is necessary to make a real estate sales contract valid? A. all of the answers shown B. it must be in writng C. the mortgage lender must be listed D. the closing must take place at a lender's place of business B - Mutual a...

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 first...

An agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time. a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - D A "meeting of the minds" a. Mutual consent b. Unilatera...

When a contract contains all of the essential elements that make it legally sufficient or enforceable and is binding in a court of law, it is - The answer is valid. A valid contract meets all of the required essential elements (i.e., offer and acceptance, consideration, legal purpose, consent, and...

When the buyer assumes the sellers loan, the ______ becomes responsible for repayment of the loan as well as any other obligations to the lender. - Buyer Lenders view non-realty items within the real estate contract to be ______, and therefore the value of those items needs to be deducted from th...

The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? - Performance Which of the following is an example of consideration? - Money, personal services, cash A State law requiring certain contracts to be in writing an...

To have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed - Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Unenforceable Voidable Executed Expired - ...

A competent party is one that is: - At least 18 years of age Mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a licensee in which of the following situations? - When the licensee is selling a house for a client What is a legal agreement between par...