Contract Forms Promulgated Document Set - Study Answer Collection

Contract Forms Promulgated Document Set - Study Answer Collection What might be a reason for the necessity to change the closing date of a contract? - The repairs will take longer than expected. - The seller needs more time to find another home. - The buyer cannot get out of his or her lease. - All of the above. - answer - All of the above. What damages could a seller possibly claim if the buyer is in breach of a contract? - Loss of marketing time - Any fees actually paid - Mental duress - All of the above - answer - All of the above What was the Texas Real Estate License Act called in 1939? - The Real Estate Dealer's License Act - The Broker's Act of 1939 - The Real Estate Settlement Procedures Act - The Real Estate Investment Act - answer - The Real Estate Dealer's License Act How difficult was the real estate license to acquire prior to the 1930's? - There were only 50 questions and all were true/false. - The same test as today, with updates - The test was based on practical experience, not questions. - There was no test - answer - There was no test Which of these forms is a Texas Real Estate Commission (TREC) promulgated form? - Broker-agent employment contract - New Home Contract (Completed Construction) - Listing Agreement - Residential Lease Agreement - answer - New Home Contract (Completed Construction) What type of contract dispute results in going to court and usually involves attorneys and research? - Litigation - Mediation - Arbitration - Sublimation - answer - Litigation What repairs might be noted on the Texas Real Estate Commission Amendment to Contract? - Swimming pool has missing tiles that are to be replaced. - The sink in the main bathroom is cracked and is to be replaced. - Fix leaky pipe in the laundry room. - All of the above. - answer - All of the above What is the legal age in Texas to enter into a valid, binding contract? - 17 -18 - 21 - Any age - answer - 18 How many amendments are allowed on a valid contract? - No more than two without a rewrite - Only one - Multiple - Amendments are not allowed after 10 days after acceptance - answer - Multiple The Texas Real Estate License Act was formerly known as: - The Texas Agent Licensing Law - The Real Estate Broker Act - The Real Estate Dealer's License Act - The Real Estate Licensing and Regulation Act - answer - What is another term for "rewritten"? - Rescission - Revocation - Renunciation - Reformation - answer - Reformation Which of the following is a real estate agent allowed to do? - Practice law, on a limited basis - Give legal advice to represented clients - Give advice as to the pricing of an owner's property - Discourage any principal from employing a lawyer - answer - Give advice as to the pricing of an owner's property Which of the following statements is true regarding offers? - If the seller's counter-offer is rejected, the seller can then accept the original offer. - Acceptance of most of the contract terms creates an implied contract. - The buyer may withdraw his offer any time prior to acceptance by the seller. - Oral acceptance in the presences of a witness binds the parties until the written signatures can be obtained. - answer - The buyer may withdraw his offer any time prior to acceptance by the seller. The Broker-Lawyer Committee is made up of: - 4 lawyers, 4 brokers, and two members of the public. - 6 lawyers and 5 brokers - 3 lawyers, 3 brokers, and 3 public members - 6 lawyers, 6 brokers, and one member of the public - answer - 6 lawyers, 6 brokers, and one member of the public What is another term for "cancellation"? - Rescission - Revocation - Renunciation - Reformation - answer - Rescission What is the maximum amount of commission allowed by law? - 18% - 6% - 1% of sales price - No limit - answer - No limit Can a real estate agent use a contract drafted by a builder/owner of new homes? - Yes, it is an exception. - No, only Texas Real Estate Commission promulgated forms can be used by real est