TREC Promulgated Contract Forms #351 Final Exam 2023/2024

TREC Promulgated Contract Forms #351 Final Exam 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