promulgated forms - champions school Questions and Correct Answers/ Latest Update / Already Graded

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promulgated forms - champions school Questions
and Correct Answers/ Latest Update / Already Graded
Competent Parties

Offer and acceptance ( mutual consent)

Legal Purpose

In writing (when required by law)

Consideration

Ans: Elements of a contract to be valid


contract binding parties with one or more duties

Ans: executory contract


both parties made promise

Ans: bilateral


one party made promise

Ans: unilateral


agreement between buyer and seller or tenant and landlord (right of first refusal -
tenant and landlord)

Ans: option


CHANGES to the contract

Ans: amendment



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ADDITIONS to the contract

Ans: addendum


transfers rights

Ans: assignment


new contract substituted for an existing one

Ans: novation


2 years oral

4 years verbal

Ans: statue of limitations


always to protect consumer (all of the above)

Ans: law rules/ regulation


9 members

protect consumers

unlawful practice of law

license holder is not qualified to craft provisions

Ans: TRELA


1. one to four

2. new home - incomplete

3. new home - complete

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4. unimproved property

5. residential condominium contract

6. farm and ranch

Ans: TREC 6 promulgated forms


NOT a promulgated form

Ans: LISTING AGREEMENT


TREC does not have forms for

Ans: first right of refusal or option to purchase


phone

fax

email

letter

hand delivery

Ans: offers must be communicated by


presumed to be delivered to the principal when it is delivered to the agent

Ans: imputed notice


party making the offer

Ans: offeror


party to whom the offer is being made to

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