- Study guides, Class notes & Summaries

The name of the seller(s) as listed on the deed - Answer-What does an agent first need from the seller when preparing a contract...? The last name of the seller(s) The name of the seller(s) as listed on their license The name of the seller(s) as listed on the deed None of the above The seller's title policy - Answer-When preparing a contract, where should the agent look to find the name of the seller(s)...? The seller's title policy The seller's license The seller's birth certi...

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6 pages

Written in 2023/2024

Grade A+

knowledgeispower1

When does TREC regulate a licensee.... - Answer-when the licensee is selling a house for a client Legal agreement between parties to do or not to do a certain act for consideration - Answer-Contract Law that requires all contracts for real property to be in writing to be enforceable - Answer-Statute of Frauds what is an example of good consideration - Answer-love of a friend What does Duress mean - Answer-use of force When a person listens to both sides of the situation and makes ...

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9 pages

Written in 2023/2024

Grade A+

knowledgeispower1

The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? - Answer-Performance Which of the following is an example of consideration? - Answer-Money, personal services, cash A State law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as the? - Answer-Statute of Frauds Which of the following is an example of a forbearance contract? - Answer-Options contrac...

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17 pages

Written in 2023/2024

Grade A+

knowledgeispower1

To have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed - Answer-Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Unenforceable Voidable Executed Expired - Answer-Voidable In order to be considered a competent party, an individual must be of the age of the...? Majority Minority Other party None of the above - Answer-Majority A contract ...

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40 pages

Written in 2023/2024

Grade A+

knowledgeispower1

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 has them sign the contract and then takes it to the title company. Thi...

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9 pages

Written in 2023/2024

Grade A+

knowledgeispower1

The Texas Real Estate Commission prohibits a license holder from using a sales contract drafted by A) the broker. B) an attorney. C) the seller. D) the buyer. - Answer-A Protected classes under the Fair Housing Act include all of the following EXCEPT A) gender. B) age. C) race. D) color. - Answer-B The One to Four Family Residential Contract requires the survey to be acceptable to the A) seller. B) buyer. C) title company. D) broker. - Answer-c The Broker-Lawyer...

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8 pages

Written in 2023/2024

Grade A+

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When earnest money is deposited with an escrow agent, the escrow agent: - Answer-A) Is not responsible for the performance of any signatory B) Has the right to secure written release of all signatories C) Is not liable for interest on the money How does the Texas Real Estate License Act define the first face-to-face meeting with required agency disclosure? - Answer-When a substantive dialogue about a specific real property occurs If a property was built before 1978, what specific addendum ...

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5 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Which of the following is not addressed by a TREC-Promulgated form? - Answer-A purchase using a contract for deed Which law requires a contract for real property to be in writing and signed to be enforceable? - Answer-Texas Statute of Frauds Which of the following is the best way to extend the closing date on a contract? - Answer-Using the TREC amendment to contract and have the buyers and the sellers sign it A buyer and seller enter into a written contract for the sale of a four-bedroo...

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5 pages

Written in 2023/2024

Grade A+

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B - Answer-In addition to the four essential elements, which of the following is necessary to make a real estate sales contract valid? A. all of the answers shown B. it must be in writng C. the mortgage lender must be listed D. the closing must take place at a lender's place of business B - Answer-Mutual agreement is also referred to as A. mutual assent B. all of the answers shown C. offer and acceptance D. meeting of the minds B - Answer-An offeror revokes an offer and ...

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21 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Lesson 1 - Answer-Contract Law Overview Practice of Law - Answer-involves giving legal advice to clients, drafting legal documents for clients, and representing clients in legal negotiations and court proceedings such as lawsuits. The practice of law is applied to the professional services of an attorney at law, barrister, solicitor, or civil law notary. However, there is a substantial amount of overlap between the practice of law and various other professions where clients are represented b...

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60 pages

Written in 2023/2024

Grade A+

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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 property Contract. 5. New Home Contract (Competed construction) 6. New Home Contract (Completed construction) If a buyer buys a property in a brand new subdivision, but their home hasn't been built yet, what contract will be needed for the transact...

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3 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Which of the following mean that the offer and acceptance was genuine and freely made by all parties? Mutual consent Offer and acceptance Genuine assent None of the choices apply - Answer-C What document should an assignor use to be released entirely from any obligations or secondary liability? Assignment Cancellation Novation Revocation - Answer-C If the assignor wants to be released entirely from any obligation or secondary liability for the contract, it may be done by novati...

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9 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Lease With Option To Buy Form - Answer-There are no TREC or TAR forms for a lease with option to buy They need an attorney to draw up the form Implied Contract - Answer-Created by the actions of the parties The Third Party Financing Addendum - Answer-Contains the words "time is of the essence" Assignment - Answer-Transfers contract obligations to another party but does not relieve the original party from liability Express Contract - Answer-May be an oral agreement that is a very s...

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4 pages

Written in 2023/2024

Grade A+

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In 1939, the legislator passed what law? - Answer- Real Estate Dealers License Act (REDLA) which meant all RE agents must obtain a license Competent Parties Summary:(3) - Answer- Must be 18 + years of age Must be mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a licensee in which of the following situations? - Answer- when license sell house for client: which the licensee is acting in a third-party position What is a legal agreement be...

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15 pages

Written in 2023/2024

Grade A+

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What's a Promulgate? - Answer-means that it is a widely used contract or form endorsed by a governing group. This group can be a trade association or a government entity. In Texas, what are the two entities that promulgate contracts? - Answer-Texas Real Estate Commission (TREC) or the Texas Association of REALTORS® (TAR). TREC does not furnish - Answer-employment contracts like the listing agreement, buyer's representation agreement, property management agreement, etc. But, the Texas As...

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7 pages

Written in 2023/2024

Grade A+

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to waive a contingency on the addendum for sale of other property by buyer, one must do all of these except: - Answer-provide evidence to support a decision to waive the contingency a cost that is not pre-rated by the title company is: - Answer-homeowner’s insurance which of these properties built before 1978 is exempt from the lead-based paint hazard disclosure? - Answer-senior/disabled housing the condominium resale certificate is filled out by: - Answer-a representative of the home...

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6 pages

Written in 2023/2024

Grade A+

knowledgeispower1

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 In the business o...

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25 pages

Written in 2023/2024

Grade A+

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The TREC PROMULGATED CONTRACT FORMS - Answer-ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A 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 TREC promulgated contract forms provide for - Answer-third party financing, assumption seller finance a lender can withdraw the approval of a property - Answer-at any time prior to closing the third party financing addend...

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5 pages

Written in 2023/2024

Grade A+

knowledgeispower1

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...

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13 pages

Written in 2023/2024

Grade A+

knowledgeispower1

The six elements of a valid real estate contract - Answer- Competent parties Consideration Mutual agreement (mutual assent) Lawful objective In writing and signed by the parties Contain a legal description Competent Parties - Answer- a person who is at least 18 years old, sane, and sober Consideration - Answer- Something, usually money, is being given in exchange for something else Mutual Agreement (Mutual Assent) - Answer- parties must enter the contract freely and voluntarily ...

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2 pages

Written in 2023/2024

Grade A+

knowledgeispower1