Texas Promulgated Contract Forms Questions (Answered) 100% 2023

Texas Promulgated Contract Forms Questions (Answered) 100% 2023 An agreement that allows a tenant to purchase a property during the lease term. a. Promulgated forms b. Counteroffer c. Unauthorized practice of law d. Lease-purchase agreement e. Offeror ((Correct Ans:- D TREC-promulgated lease forms are for a term of no more than ________________ days. a. 180 b. 30 c. 90 d. 60 ((Correct Ans:- C A(n) ________________ is a rejection of the original offer coupled with a new offer. a. Counteroffer b. Acceptance c. Net sheet d. Notification ((Correct Ans:- A The party to whom an offer is submitted is known as the _______________. a. License holder b. Offeree c. Buyer d. Broker ((Correct Ans:- B TREC publishes promulgated forms for _________________. a. Lease purchase agreements b. Cooperatives c. Right of first refusal d. Residential transactions ((Correct Ans:- D Brokers receiving multiple offers must submit ______________ to the seller. a. Only those offers the broker deems serious b. Offers in the order in which they were submitted c. All offers, regardless of the timing of submission d. Offers which exceed the seller's asking price ((Correct Ans:- C An offer may be terminated _______________, prior to acceptance by the offeree. a. Within 7 days b. At any time c. Within 24 hours d. Within 72 hours ((Correct Ans:- B Under the legal concept of ________________, an offer is presumed to have been delivered to the principal when it is delivered to the agent. a. Presentation b. Imputed notice c. Notification d. Lis pendens ((Correct Ans:- B When a seller receives an offer, the __________________ should prepare a net sheet, which is an estimate of the net proceeds of the offer. a. Buyer b. Seller c. Listing Agent d. Buyer's Agent ((Correct Ans:- C The unauthorized practice of law by license holders led TREC to create the _____________, which writes residential contract forms. a. State Bar of Texas b. Broker-Lawyer Committee c. Texas Association of REALTORS® d. Federal Housing Administration ((Correct Ans:- B Personal property included in a sale. a. Assumption b. Parties c. Government loans d. Non-realty items e. Legal description ((Correct Ans:- D