promulgated contracts final exam qs |Promulgated Contracts Final Exam
Containing 70 Questions with Certified Solutions 2024-2025.
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. - (answers)fills 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 - (answers)After 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. -
(answers)a 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. - (answers)Tell 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 - (answers)Broker-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. - (answers)Upon the seller's acceptance and
communication of that acceptance to the buyer.
What are the four basic elements of a bilateral contract?
Mutual assent, Competent parties, Consideration and Legal objective
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 - (answers)Mutual assent, Competent parties, Consideration and Legal objective
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
Mutual Assent - (answers)Mutual Assent
What term describes the status of a sales contract from the time of the contract's signing to the
day of closing?
Executory
Executed
Valid
, Breached - (answers)Executory
If a party feels he has been wronged, what law sets the deadline for initiating legal proceedings?
Statute of Limitations
Statute of Frauds
The Deceptive Trade Practices Act
The Real Estate Settlement Procedures Act - (answers)Statute of Limitations
Which of the following contract terms is designed to create an action?
Open
Straight
Working
Performance - (answers)Performance
Consideration is also known as
earnest money.
something in exchange for something else.
option money.
lis pendens. - (answers)something in exchange for something else.
Novation occurs when
a current contract is substituted with a new contract.
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. - (answers)a current contract is substituted with a new
contract.
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
Containing 70 Questions with Certified Solutions 2024-2025.
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. - (answers)fills 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 - (answers)After 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. -
(answers)a 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. - (answers)Tell 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 - (answers)Broker-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. - (answers)Upon the seller's acceptance and
communication of that acceptance to the buyer.
What are the four basic elements of a bilateral contract?
Mutual assent, Competent parties, Consideration and Legal objective
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 - (answers)Mutual assent, Competent parties, Consideration and Legal objective
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
Mutual Assent - (answers)Mutual Assent
What term describes the status of a sales contract from the time of the contract's signing to the
day of closing?
Executory
Executed
Valid
, Breached - (answers)Executory
If a party feels he has been wronged, what law sets the deadline for initiating legal proceedings?
Statute of Limitations
Statute of Frauds
The Deceptive Trade Practices Act
The Real Estate Settlement Procedures Act - (answers)Statute of Limitations
Which of the following contract terms is designed to create an action?
Open
Straight
Working
Performance - (answers)Performance
Consideration is also known as
earnest money.
something in exchange for something else.
option money.
lis pendens. - (answers)something in exchange for something else.
Novation occurs when
a current contract is substituted with a new contract.
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. - (answers)a current contract is substituted with a new
contract.
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
