- Study guides, Class notes & Summaries

All of the above - Answer-Which of the following is an example of consideration...? Money Personal services Cash All of the above Competent parties - Answer-A party to a contract that is forced to sign a contract under duress violates this element of a valid contract...? Consideration Competent parties Mutual agreement Lawful objective Novation - Answer-The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...

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9 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Broker-Lawyer Committee - members? - what do they do with contract forms intended for use by licensees? - Answer-- 6 brokers selected by the commission - 6 lawyers appointed by the president of the State Bar of Texas - 1 member appointed by the governor - draft and revise What is the different between TREC promulgated and TREC approved forms? - Answer-- promulgated are generally mandatory while approved may be used but are not mandatory When a licensee fills out promulgated forms, wh...

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5 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Broker Lawyer Committee - Answer-13 members 6 brokers - appointed by commission 6 lawyers 1 public member Draft and revise contract forms The answer is drafts and edits forms. The Broker-Lawyer Committee drafts and edits forms, whereas TREC approves and promulgates forms. What does the buyer need to provide the seller in paragraph 7D(2) of the One to Four Family Residential Contract? A) Residential service contract name B) Buyer's requested repairs C) Title insurance address D) ...

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6 pages

Written in 2023/2024

Grade A+

knowledgeispower1

When a contract contains all of the essential elements that make it legally sufficient or enforceable and is binding in a court of law, it is - Answer-The answer is valid. A valid contract meets all of the required essential elements (i.e., offer and acceptance, consideration, legal purpose, consent, and legal capacity). A valid legal contract must have - Answer-legally competent parties. The parties must be of legal age and have enough mental capacity to understand the nature or consequences...

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13 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. Th...

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12 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Broker Lawyer Committee member brake down - Answer-13 members, 6 lawyers by president of state bar of texas, 6 brokers by TREC, 1 public member appointed by governor The Broker-Lawyer Committee -------contact forms intended for use by licensees. - - Answer-draft and revised TREC --------forms drafted by the Broker-Lawyer Committee. - Answer-promulgates or approves Promulgate vs approve - Answer-meaning in TREC: Promulgate = mandatory to use (we bring it to the table the consumer may cho...

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17 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 Equitable Owner - Answer-Buyer has equitable title and is known as the owner in equity or equitable owner Voidable Contrasts can include: - Answer-- Minor - Seller Disclosure - Fraud - Association Documents - MUD Bilateral Contract - Answer-A promise in exchange for a promise...

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43 pages

Written in 2023/2024

Grade A+

knowledgeispower1

unilateral contract involves - Answer promise in exchange for an act. Executory contract - Answer1) an enforceable contract that is in the process of being fulfilled; 2) in Texas, a contract-for-deed, lease-purchase, or lease-option; 3) a contract involving the sale of a residence that will take place more than 180 days after the execution of the contract. A fully executed contract is one in which all parties have fulfilled all promises made in the agreement; closing and funding oc...

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16 pages

Written in 2023/2024

Grade A+

knowledgeispower1

Texas Promulgated Contract Forms Quiz QUESTIONS AND ANSWERS Consideration

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11 pages

Written in 2023/2024

Grade A+

hurryben

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+

lectknancy

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+

lectknancy

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+

lectknancy

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+

lectknancy

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+

lectknancy

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...

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3 pages

Written in 2023/2024

Grade A+

lectknancy

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...

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15 pages

Written in 2023/2024

Grade A+

lectknancy

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 ...

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28 pages

Written in 2023/2024

Grade A+

lectknancy

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 licence holders exceptions - Answer- - licencee 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 ...

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4 pages

Written in 2023/2024

Grade A+

lectknancy

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...

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7 pages

Written in 2023/2024

Grade A+

lectknancy

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 ...

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3 pages

Written in 2023/2024

Grade A+

lectknancy