Knowledgeispower1

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...

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...

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...

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...

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...

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...

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 ...

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...

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...

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) ...

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...

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...

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...

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...

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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Pathology - Answer-A branch of medicine that deals with the structural and functional changes in tissues and organs of the body that cause or are caused by disease. Pathophysiology - Answer-A specific branch of pathology that studies functional or physiologic changes in the body that results from disease processes. Anaerobic - Answer-Metabolism and function without oxygen Apoptosis - Answer-Normal programmed cell death in tissues Autopsy - Answer-An examination of part or all of a bo...

Intracellular fluids - Answer-With the cells. 2/3-3/4 of all body fluids Extracellular Fluids - Answer-All fluids outside of the cells Interstitial fluid - Answer-Tissue Fluids, fluids between cells in tissues homeostatis - Answer-maintenance of relatively stable internal environment regardless of external changes. Blood pressure, body temperature, and fluid balances diagnosis - Answer-identification of a specific disease through signs and symptoms, lab tests and other tools etio...

The myocardial oxygen supply has fallen below demand. - Answer-A 53-year-old male presents with recurrent chest pain on exertion. He is diagnosed with angina pectoris. The pain he experiences occurs when Moderate - Answer-A patient arrives in the ER following a Traumatic Brain Injury (TBI) with a Glasgow Coma Score of 10. His TBI is classified as Angiogenesis - Answer-The process of growing new blood vessels, that is stimulated by hypoxia and vascular endothelial growth factor, is Refer...

Sodium - Answer-Main ECF ion. Potassium - Answer-Main ICF ion. Mitochondria - Answer-Organelle that produces ATP. Ribosomes - Answer-Organelles responsible for protein synthesis. Lysosomes - Answer-Organelles that degrade and recycle waste. Peroxisomes - Answer-Organelles that break down chemicals into H202, produces free radicals. Golgi Apparatus - Answer-Organelle responsible for packaging and distribution. Smooth Endoplasmic Reticulum - Answer-Organelle that synthesizes s...