TREC Promulgated Contract Forms #351 Final Exam ALL ANSWERS 2023/2024

In the State of Texas who is allowed to use a customized real estate contract? The real estate brokerage company The salesperson The broker Lawyers licensed to practice in Texas Lawyers licensed to practice in Texas Marcy is 17 and married. Her spouse is stationed in the Middle East. She purchased a home shortly before Stan, her husband returns to the United States. Select a problem that exists with this situation. Offer and acceptance issue Competency issue Consideration issue This is a valid binding contract Competency issue A contract is considered executed? When both parties agree to the negotiated contract and both parties sign the final sales contract When a buyer comes forth with an offer When a seller counters an offer with several changes When the parties involved verbally agree to mutual terms When both parties agree to the negotiated contract and both parties sign the final sales contract A void contract is: One that is not in effect Not binding Not valid All of these All of these Which of these would NOT be a requirement of a lender for a standard mortgage loan? A FICO score of at least 625 A 30% down payment An appraisal to determine the value of the home Verification of employment A 30% down payment TOE refers to: Today or eventually Time of event Trust options evaluated Time is of the essence Time is of the essence Inserting the phrase "this offer is subject to cancellation by the buyer at any time prior to acceptance" will show the seller all of the following except: Quick action is necessary The seller should make a decision The seller should accept or make a counter The buyer is not really interested his shows that the buyer is not only interested but they want a quick response from the seller. What would be an example of a good faith effort that the court would take into account and not penalize a party for failing to complete? The party deliberately failed to meet the requirements One party stopped answering their phone in efforts to stall proceedings The party in question went on an extended vacation A party suffered a serious heart attack and was in a coma for two weeks A party suffered a serious heart attack and was in a coma for two weeks Earl is including a labeled photograph showing all the machinery that he is including in the sale of his farm property. This would be considered a: Sales document Contract Testimony Exhibit Exhibit Any amendment to the contract must be ratified by: The buyer The seller The real estate salesperson The buyer and the seller The buyer and the seller When there are problems with the title of a property, this condition is called: Possession Performance Clouds on title Waste Clouds on title The State's Statute of Limitations time period is decided by: A judge hearing the case The State The jury The Federal government The State If a buyer failed to meet the terms of the contract the buyer becomes a: Tendered buyer Default buyer Default seller Tendered seller Default buyer Revocation means: To renounce To annul To rescind All of these All of these Patrick is a tenant whose lease just ran out. He is served by the landlord a notice that he must move within three days. What are Patrick's rights? The landlord does not have to renew Patrick's lease The landlord does not need cause for a non-renewal of a lease The landlord may evict when unauthorized roommates are also residing in the unit All of these All of these A Texas business entity may only act as a broker if: The business has been in operation for at least 10 years They pay a $10 fee They are from another state The business holds a license The business holds a license Where are the applicant's fingerprints sent to? Texas Department of Justice Texas Department of Public Safety Texas Department of Labor and Industries Texas Department of Internal Affairs Texas Department of Public Safety The commission may issue a temporary moral character determination. This is called: Provisional determination Prohibition ruling Protective determination Protected determination and ruling Provisional determination When might the commission waive the education requirement for an applicant? If the applicant has been licensed in Texas prior as a broker or salesperson within 6 months preceding the date the application is filed If the applicant has been licensed in the past 3 months If the applicant is a college graduate If the applicant has already passed the state exam If the applicant has been licensed in Texas prior as a broker or salesperson within 6 months preceding the date the application is filed May a person not living in Texas hold a license to practice real estate in Texas? As long as they pay the $10 fee Yes, if they have been a resident of a municipality whose boundary is on the Texas border and all other requirements are met No, a person must be a resident of Texas for the required period of time No, any person wishing to practice real estate in Texas must also reside in Texas Yes, if they have been a resident of a municipality whose boundary is on the Texas border and all other requirements are met All of the following would be considered practicing law with the exception of: Telling a client they must seek legal counsel Giving advice to a client who is appearing before a judge Preparing a legal document Advising a client on what the legal document they are looking at is all about and what they need to do Telling a client they must seek legal counsel What is the length of the term for a public member on the Broker-Lawyer Committee? Two years Four years Five years Six years Six years Paul is using a TREC form for a contract that is dated February 2003. Priscilla who works in the same office has a TREC form dated May 2014. Which form is correct? Paul's form because it was the original TREC contract form Paul's form because it allows him to fill in the blanks Priscilla's form because this form is the latest updated TREC form and the most current Paul's because he paid TREC for the right to use this older form Priscilla's form because this form is the latest updated TREC form and the most current TREC provides: Residential leases Forms for commercial property in all states Property management contracts TREC real estate forms TREC only provides forms for a real estate transaction that are intended to be used by trained licensed real estate brokers or salespersons When receiving an offer, Julie is allowed to: Stall an offer Tell a buyer she won't present it because the offer is too low Provide no advice for low offers Provide advice to her client regarding a ridiculous offe