Texas Promulgated Forms Questions and Answers Final Exam

Which of the following is not addressed by a TREC-Promulgated form? - Answer-A purchase using a contract for deed Which law requires a contract for real property to be in writing and signed to be enforceable? - Answer-Texas Statute of Frauds Which of the following is the best way to extend the closing date on a contract? - Answer-Using the TREC amendment to contract and have the buyers and the sellers sign it A buyer and seller enter into a written contract for the sale of a four-bedroom home. If either party defaults under the contract, the other party has how much time to file a lawsuit for specific performance? - Answer-Four years When a legally enforceable promise is exchanged for a legally enforceable promise, - Answer-A contract is created Which of the following is not an essential element of a contract for the purchase of a one to four family residential resale property? - Answer-Earnest money When using a power of attorney to transfer title to real property, - Answer-The document must include the legal description of the subject of the authority Which of the following is an example of a bilateral contract? - Answer-purchase contract In Texas, the statute of limitations for a non-defaulting party to an oral contract to enforce their rights in the event of default is - Answer-Four years All of the following promulgated forms provided that "time is of the essence" except - Answer-Loan assumption addendum When may a potential purchaser's offer to buy real estate be withdrawn? - Answer-Anytime prior to seller acceptance and buyer notification of acception How many resale certificates are currently promulgated by TREC? - Answer-two Who may give opinions concerning the status or validity of title to real estate? - Answer-An attorney The promulgated form for the purchase of one to four family residential contract (resale) was authorized by the - Answer-Texas broker lawyer committee