- Study guides, Class notes & Summaries

Texas Promulgated ContractsCHAMPIONS STUDY | Q&A Latest Update 2024/2025 | 100% PASS The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - Answer -B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory(b) Ex...

-

53 pages

Written in 2024/2025

Grade A

AdelineJean

Texas Promulgated Forms Exam Questions and Answers 100% Pass Which of these promulgated forms does NOT include "time is of the essence"? - ANSWER -Loan Assumption Addendum A couple starts celebrating the sale of their home after their listing agent calls them with the news that they've received an acceptable offer. The listing agent says he is coming over to get their acceptance and signatures. However, by the time the agent arrives the sellers are completely inebriated. The agent...

-

16 pages

Written in 2024/2025

Grade A+

GraceAmelia

Texas Promulgated Contracts-CHAMPIONS STUDY Questions and Answers 100% Pass The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - ANSWER -B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed ...

-

50 pages

Written in 2024/2025

Grade A+

GraceAmelia

Texas Promulgated Contracts Exam Questions and Answers 100% Pass addenda - ANSWER -additions to a completed contract that specify supplementary information to the contract amendment - ANSWER -change or modification to an already agreed-upon contract bilateral contract - ANSWER -a contract wherein both parties are obligated to perform in an exchange of promises buyer rebate - ANSWER -anything during a transaction that causes money to go back to the buyer, either at or after closing, witho...

-

5 pages

Written in 2024/2025

Grade A+

GraceAmelia

Texas Promulgated Contract Forms Level 9 All Chapters Questions and Answers 100% Pass How many TREC promulgated contracts are there? - ANSWER -6 Name the 6 TREC Promulgated forms. - ANSWER -1. 1 to 4 family residential sales contract resale. 2. Residential Condominium Contract (Resale) 3. Farm and Ranch Contract 4. Unimproved pPoperty Contract. 5. New Home Contract (Competed construction) 6. New Home Contract (Completed construction) If a buyer buys a property in a brand new subdivision...

-

4 pages

Written in 2024/2025

Grade A+

GraceAmelia

Texas Promulgated Contracts Exam Questions and Answers The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - AnswersB A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c...

-

40 pages

Written in 2024/2025

Grade A+

Themoon

Texas Fire Alarm Rules and Statutes TFM11QUESTION AND ANSWER vehicle and commercial rules ,questions with answers

-

6 items

hurryben

Promulgated Contracts Champions Exam Package Deal (Bundle) With Complete Questions And Answers 100% Accurate Promulgated Contracts Champions Exam Package Deal (Bundle) With Complete Questions And Answers 100% Accurate Promulgated Contracts Champions Exam Package Deal (Bundle) With Complete Questions And Answers 100% Accurate Promulgated Cont

-

35 items

papersmaster01

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - ANSWER-B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - ANSWER-A A federal disclos...

-

14 pages

Written in 2023/2024

Grade A+

papersmaster01

Texas Promulgated Contract Forms & Addenda Final Exams Questions and Answers 2024

-

10 pages

Written in 2023/2024

Grade A+

wangechimanyuira

1. The TREC promulgated contract forms: - Answer- Are drafted by the Broker-Lawyer Committee 2. In a lease with "right of first refusal" provision: - Answer- The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else 3. TREC promulgated forms for: - Answer- Residential transactions 4. TREC promulgated contract forms provide for: - Answer- -Third party financing -Assumption -Seller finance 5. A lender can wit...

-

3 pages

Written in 2023/2024

Grade A+

knowledgeispower1

A competent party is one that is: - Answer-At least 18 years of age Mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a licensee in which of the following situations? - Answer-When the licensee is selling a house for a client What is a legal agreement between parties to do (performance) or not to do (forbearance) a certain act for consideration? - Answer-A contract All of the following are necessary to create a valid contract except which on...

-

15 pages

Written in 2023/2024

Grade A+

knowledgeispower1

An agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time. a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - Answer- D A "meeting of the minds" a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - Answer- A A contract that cannot be enforced due to some flaw or other issue in the contract. a. Mutual consent ...

-

28 pages

Written in 2023/2024

Grade A+

knowledgeispower1

use of standard contract forms - Answer- when negotiating contracts binding the sale, exchange, lease, or rental of property promulgated - Answer- issued by TREC for mandatory use by license holders exceptions - Answer- - license functioning solely as principal - agency of US Government requires a different form - prepared by principal - no other form exists and is prepared by an attorney- at - law licensed in Texas forms may be reproduced - Answer- - numbered copies obtained from T...

-

4 pages

Written in 2023/2024

Grade A+

knowledgeispower1

REDLA - Answer-Real Estate Dealer's License Act This act was administered by the Secretary of State until 1949 when the Texas Real Estate Commission (TREC) assumed the administrative responsibilities associated with it. In 1949, the REDLA was changed into the Texas Real Estate License Act (TRELA) T/F: All contracts must be in writing to be enforceable by law - Answer-FALSE BUT, a contract for the purchase of real estate must be in writing to be enforceable. Competent Party - Answer-- Mu...

-

7 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Why would you use the TREC No. 10-6 Addendum For Sale of Other Property By Buyer? - Answer When a buyer wants to purchase a home but needs to sell his current home to do so. How is the TREC No. 10-6 Addendum for Sale of Other Property by Buyer. used? - Answer The agent working with the buyer will write up an offer and then attach this addendum to the One to Four Family Residential Contract (Resale). What is true regarding the closing date for The agent working with the buyer will write up ...

-

3 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Can a contract have 0 dollars as earnest money? - Answer-yes if the parties to the contract agree. What 2 things are earnest money used for in a real estate contract? - Answer-1. good faith money 2. Liquidated damages What are 2 types of options? - Answer-Option to terminate the contract and the option to buy. Both have time frames. What is meant by title insurance protecting consumers against hidden risks? - Answer-Deed could be threatened by forgery, similar names or errors in record...

-

5 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Which of the following is an example of a Bilateral contract? - Answer-A Promise in exchange for a promise - Purchase Contract. Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract Who is responsible for filling in the effective date, who, when & what? - Answer-Broker. Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last party to initial/Sign fills in the day. Broker. Last party to accep...

-

10 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Condominium - Answer-A form of ownership of real property that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a...? Condominium Tenancy in common Cooperative Time-share Residential Condominium Contract - Resale - Answer-Which of the following contracts should be used when purchasing a condominium apartment...? One to Four Family Residential Contract - Resale Multi-family Residential Contract - Resale Residential Condom...

-

8 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Earnest money - Answer-A down payment made by a purchaser of real estate as evidence of good faith is referred to as...? Buy-down money Earnest money Discount money Origination deposit Trust funds - Answer-Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction is known as...? Earnest funds Agent fees Deposit funds Trust funds Earnest money - Answer-Which of the following acts as liquidated dama...

-

8 pages

Written in 2023/2024

Grade A+

knowledgeispower1