Aceable Agent - Promulgated Contracts.pdf file:///C:/Users/HP/Desktop/NIW/Aceable%20Agent%20-%20Promu
Aceable Agent - Promulgated Contracts
1. A contract that has no legal effect.
ANS VOID
2. When one or more of the parties has the authority to rescind the contract. It appears
to be valid, but one party may disaffirm because they are a minor, were subject to duress,
or a victim of fraud or misrepresentation.
ANS VOIDABLE
3. A law that requires real estate contracts be in writing is the
?
ANS STATUTE OF FRAUDS
4. Prevents a party to a written contract from presenting additional evidence that adds
to the written terms of the contract.
ANS PAROLE EVIDENCE RULE
5. If 2 people have a legal contract for one party to sell illegal drugs to the other party, this
contract would be ?
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,Aceable Agent - Promulgated Contracts.pdf file:///C:/Users/HP/Desktop/NIW/Aceable%20Agent%20-%20Promu
ANS VOID
6. Paragraph 5 in a sales contract?
ANS EARNEST MONEY
7. Paragraph 23 in a sales contract?
ANS OPTION MONEY
8. Legal loss of a right with the thought that "if you don't use it, you lose it."
ANS DOCTRINE OF LACHES
9. A written contract has been accepted, signed, and communicated to the other party.
ANS EFFECTIVE DATE
10. Prevents a party to a written contract from presenting additional evidence that adds
to the written
ANS PAROLE EVIDENCE RULE
11. Prevents a party
ANS PAROLE EVIDENCE RULE
12. If a licensed agent uses an old promulgated TREC form, what is this in violation
of?
ANS LICENSE ACT
13. If a seller does not want to leave a chandelier where should they put this information
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,Aceable Agent - Promulgated Contracts.pdf file:///C:/Users/HP/Desktop/NIW/Aceable%20Agent%20-%20Promu
in the 1-4 Family Residential Contract?
ANS PARAGRAPH 2D EXCLU- SIONS
14. What addendum can you attach to the sales contract if your client wishes to have
additional personal property to stay with the property (that is not listed in Paragraph 2B or
2C)?
ANS NON-REALTY ITEMS ADDENDUM
15. Loan to value ratio that represents how much of the sales price is covered by the
mortgage loan.
ANS LTV RATIO
16. Loan in which the lender is allowed to seize the collateral property and could go
after the borrower's other assets if the sale of the property doesn't cover the whole
amount owed to the lender.
ANS RECOURSE LOAN
17. After a real estate transaction fails, both parties can't agree who gets the earnest
money, what should a buyer's agent do?
ANS SEND A WRITTEN DEMAND TO THE TITLE CO
18. Who should the option money be delivered to?
ANS SELLER
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Aceable Agent - Promulgated Contracts
1. A contract that has no legal effect.
ANS VOID
2. When one or more of the parties has the authority to rescind the contract. It appears
to be valid, but one party may disaffirm because they are a minor, were subject to duress,
or a victim of fraud or misrepresentation.
ANS VOIDABLE
3. A law that requires real estate contracts be in writing is the
?
ANS STATUTE OF FRAUDS
4. Prevents a party to a written contract from presenting additional evidence that adds
to the written terms of the contract.
ANS PAROLE EVIDENCE RULE
5. If 2 people have a legal contract for one party to sell illegal drugs to the other party, this
contract would be ?
1/
1 of 19 8/20/2024, 12:35
,Aceable Agent - Promulgated Contracts.pdf file:///C:/Users/HP/Desktop/NIW/Aceable%20Agent%20-%20Promu
ANS VOID
6. Paragraph 5 in a sales contract?
ANS EARNEST MONEY
7. Paragraph 23 in a sales contract?
ANS OPTION MONEY
8. Legal loss of a right with the thought that "if you don't use it, you lose it."
ANS DOCTRINE OF LACHES
9. A written contract has been accepted, signed, and communicated to the other party.
ANS EFFECTIVE DATE
10. Prevents a party to a written contract from presenting additional evidence that adds
to the written
ANS PAROLE EVIDENCE RULE
11. Prevents a party
ANS PAROLE EVIDENCE RULE
12. If a licensed agent uses an old promulgated TREC form, what is this in violation
of?
ANS LICENSE ACT
13. If a seller does not want to leave a chandelier where should they put this information
2/
2 of 19 8/20/2024, 12:35
,Aceable Agent - Promulgated Contracts.pdf file:///C:/Users/HP/Desktop/NIW/Aceable%20Agent%20-%20Promu
in the 1-4 Family Residential Contract?
ANS PARAGRAPH 2D EXCLU- SIONS
14. What addendum can you attach to the sales contract if your client wishes to have
additional personal property to stay with the property (that is not listed in Paragraph 2B or
2C)?
ANS NON-REALTY ITEMS ADDENDUM
15. Loan to value ratio that represents how much of the sales price is covered by the
mortgage loan.
ANS LTV RATIO
16. Loan in which the lender is allowed to seize the collateral property and could go
after the borrower's other assets if the sale of the property doesn't cover the whole
amount owed to the lender.
ANS RECOURSE LOAN
17. After a real estate transaction fails, both parties can't agree who gets the earnest
money, what should a buyer's agent do?
ANS SEND A WRITTEN DEMAND TO THE TITLE CO
18. Who should the option money be delivered to?
ANS SELLER
3/
3 of 19 8/20/2024, 12:35
