Champions Promulgated Forms| 157 Questions and Answers 100% Accurate.

Loan Assumption - ANSWER-When a new buyer takes over the seller's existing mortgage loan. legal description - ANSWER-A written description of a parcel of land which locates it precisely and will hold up in court. (Does not include address.) third party financing - ANSWER-financing that involves someone other than the seller of the property; may be conventional or government backed When inserting provisions into a contract, the license holder should only use factual statements and business details that are required for that transaction. - ANSWER-TRUE TREC prohibits a license holder from writing any lease with an option to purchase. - ANSWER-TRUE An offer should be _____ promptly because the license holder's duty is to keep the principal or client informed at all times of material information. - ANSWER-communicated No offer has a _________ over another. - ANSWER-priority of presentation In most cases, the initial offer is prepared by the agent working with the __________. The offer is delivered to the __________, who presents the offer to the seller. - ANSWER-Buyer and delivered to the Listing agent In the enforcement of the License Act, the _____________ has rule making authority. - ANSWER-Commission BROKERS-LAWYER COMMITTEE - ANSWER-13 members. 6 members are licensed Brokers, appointed by TREC. and 6 members are licensed attorneys appointed by the president of the State Bar. Contracts executed by minors are generally voidable at the option of the minor, but may be enforced by the minor against the adult party. - ANSWER-TRUE Though the sale is closed, that doesn't necessarily mean the contract has been fully executed. - ANSWER-False Fully Executed Contract - ANSWER-Terms are met, fulfilled and signed.