promulgated contracts final exam qs & ans 2024

promulgated contracts final exam qs & ans 2024 Under TRELA, a licensee will not be in violation of practicing law without a license if she writes a real estate contract. fills in the blanks on a standardized contract. offers professional advice on Texas real estate law. revises promulgated contracts. - answerfills in the blanks on a standardized contract. 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 After the seller's acceptance is communicated back to the buyer - answerAfter the seller's acceptance is communicated back to the buyer According to the Texas Real Estate Commission (TREC) a listing contract must contain a notice that it was prepared by an attorney licensed in the state of Texas. 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. - answera notice that it was prepared by an attorney licensed in the state of Texas. 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. Tell the client known facts about the property that might affect the title. Give advice about the legal consequences of the purchase. Offer a client an opinion regarding the validity of the title. - answerTell the client known facts about the property that might affect the title. What group has the task to draft and revise contracts and forms for use by licensees? Texas Association of REALTORS Broker-Lawyer Committee Texas Real Estate Commission Texas Association of Brokers-Lawyers - answerBroker-Lawyer Committee 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. Upon the seller's acceptance and communication of that acceptance to the buyer. The date the contract closes and funds. - answerUpon the seller's acceptance and communication of that acceptance to the b