promulgated contracts final exam with correct answers

promulgated contracts final exam with correct answers Under TRELA, a licensee will not be in violation of practicing law without a license if she writes a real estate contract. . offers professional advice on Texas real estate law. revises promulgated contracts. At what point does an offer become a contract? After the licensee fills in all the blanks After the buyer signs it After the seller accepts the buyer's offer According to the Texas Real Estate Commission (TREC) a listing contract must contain disclosure about representation of clients. a disclaimer saying that the form was not promulgated by Texas. a provision informing the parties to the contract that real estate commissions are negotiable. All of the following actions would be considered practicing law without a license except which one? Modify a 1997 TREC promulgated contract to fit the buyer's current scenario to purchase a property. Give advice about the legal consequences of the purchase. Offer a client an opinion regarding the validity of the title. What group has the task to draft and revise contracts and forms for use by licensees? Texas Association of REALTORS Texas Real Estate Commission Texas Association of Brokers-Lawyers What is the effective date of the contract? The date the buyer's option terminates if no additional contingencies exist. The date the offer was originally written. . The date the contract closes and funds. What are the four basic elements of a bilateral contract? Offer, Counter offer, Agreement and Close Agreement, Earnest money, Must be at least 18 years of age and the purpose of the contract must be legal Must be in writing, Cannot violate a law, Legal consideration and a Meeting of the minds must occur What is it called when all terms in a contract are agreed to by all the parties of the contract? A firm deal A concurrence An accord What term describes the status of a sales contract from the time of the contract's signing to the day of closing? Executed Valid Breached If a party feels he has been wronged, what law sets the deadline for initiating legal proceedings? Statute of Frauds The Deceptive Trade Practices Act The Real Estate Settlement Procedures Act Which of the following contract terms is designed to create an action? Open Straight Working Consideration is also known as earnest money. . option money. lis pendens. Novation occurs when . something in a contract still needs to be executed. a buyer transfers his or her rights to a contract to another. two contracts are valid simultaneously. Seller Brittany has agreed to a contract term that allows the buyer to purchase her property within two months at an agreed upon price. Which contract feature has Brittany agreed to? Habendum clause The right of first refusal These types of agreements are unenforceable in the state of Texas What is the probably best action a seller can take if he or she wants to take a fixture prior to closing? Mark the item with a tag that states that the item does not convey. List the item in the remarks section of the MLS as not conveying. Place a notice on the inside of the front door telling any potential buyers that the item does not convey. In completing a sales contract, the sale price should equal the market price. . .the appraised value. the loan amount and closing costs. When a transfer fee is enforced, who receives the payment? The owner of the property The state of Texas The homeowners association What agreement is typically made when a buyer moves in before the actual close? Short-term lease agreement Seller's Temporary Lease The TREC promulgated purchase agreement addresses this and no further documentation is needed. Which of the following statements best defines "promulgate"? To disperse To define a code of conduct To disseminate What happens to the penalty funds collected from transfer fee violators? They are placed in the HUD general revenue fund. They are placed in the Real Estate Recovery Fund. They are placed in a holding account to distribute to the victims. In which of the following situations would a temporary lease be inappropriate? When the seller stays in the property for three days after closing. When the buyer moves in the week prior to the closing date. When the buyer moves in six months prior to the closing. On the TREC promulgated Unimproved Property Contract, in what paragraph would you find information regarding potential annexation? Casualty Loss Property Condition Default Which of the following transactions would use Form 9-10, Unimproved Property Contract? The sale of a condominium The sale of land with no utilities The sale of an office building