Promulgated Contract Forms - Unit 2 – test Correct 100%
An attorney appointed to the Broker-Lawyer Committee resigns before the expiration of his term. Which entity would appoint his replacement? - ANSWERSPresident of the State Bar
Once an offer has been communicated to the offeree, it does not stay open forever. Which is not a way to terminate an offer? - ANSWERSCapacity of either party
Which of the following statements is true regarding multiple offers? - ANSWERSa. A seller may receive, review, and negotiate several offers simultaneously.
b. The broker should present all offers with equal priority.
**c. All of the choices apply.
d. All offers must be presented to the seller unless instructed otherwise by the seller.
In Texas, real estate licensees use contract forms drafted by: - ANSWERSthe Texas Real Estate Broker-Lawyer Committee.
The Broker-Lawyer Committee is: - ANSWERSan advisory body that develops and recommends various contract forms to TREC for use by licensees.
The term "delivery" means the personal receipt by the: - ANSWERSa. seller.
**b. all of the choices apply.
c. party's authorized agent.
d. buyer.
All of the following are promulgated addenda, except the: - ANSWERSa. Amendment to
Contract.
b. Third Party Financing Condition Addendum for Credit Approval.
**c. Seller's Disclosure of Property Condition.
d. Addendum for Sale of Other Property by Buyer.
The duty of a real estate licensee is to: - ANSWERSassist clients with completing the TREC-promulgated contract forms.
When filling out promulgated contract forms, licensees should: - ANSWERSonly fill in the blanks provided.
Which of the following is not a promulgated purchase contract form? - ANSWERSa. Unimproved Property Contract
**b. Condominium Resale Certificate
An attorney appointed to the Broker-Lawyer Committee resigns before the expiration of his term. Which entity would appoint his replacement? - ANSWERSPresident of the State Bar
Once an offer has been communicated to the offeree, it does not stay open forever. Which is not a way to terminate an offer? - ANSWERSCapacity of either party
Which of the following statements is true regarding multiple offers? - ANSWERSa. A seller may receive, review, and negotiate several offers simultaneously.
b. The broker should present all offers with equal priority.
**c. All of the choices apply.
d. All offers must be presented to the seller unless instructed otherwise by the seller.
In Texas, real estate licensees use contract forms drafted by: - ANSWERSthe Texas Real Estate Broker-Lawyer Committee.
The Broker-Lawyer Committee is: - ANSWERSan advisory body that develops and recommends various contract forms to TREC for use by licensees.
The term "delivery" means the personal receipt by the: - ANSWERSa. seller.
**b. all of the choices apply.
c. party's authorized agent.
d. buyer.
All of the following are promulgated addenda, except the: - ANSWERSa. Amendment to
Contract.
b. Third Party Financing Condition Addendum for Credit Approval.
**c. Seller's Disclosure of Property Condition.
d. Addendum for Sale of Other Property by Buyer.
The duty of a real estate licensee is to: - ANSWERSassist clients with completing the TREC-promulgated contract forms.
When filling out promulgated contract forms, licensees should: - ANSWERSonly fill in the blanks provided.
Which of the following is not a promulgated purchase contract form? - ANSWERSa. Unimproved Property Contract
**b. Condominium Resale Certificate
