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...

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...

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 ...

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...

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...

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...

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...

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...

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 ...

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...

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 ...

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...

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...

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 ...

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...

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 ...

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...

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...

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...

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...