PROMULGATED CONTRACT FORMS

2023/2024 Promulgated Contract Forms Champions school of real estate Exam VERIFIED 100% CORRECT

Promulgated Contract Forms final exam Latest Questions 2024 with Correct Answers.

Essential elements of a contract include: A. Competent parties B. Offer and acceptance C. Consideration D. All of the above - ANSWER >>>>D. All of the above (**also includes legality of object) A contract must include all of these items except: A. Legal Description B. Sales Price C. Names of parties D. Type of loan - ANSWER >>>>D. Type of loan If a Seller counters a Buyer's offer, it is considered a rejection. A. True B. False - ANSWER >>>>TRUE ...

Promulgated Contract Forms - Champions School Of Real Estate Latest Test

Contract: A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract: A contract that has been approved and is required to be used by license holders In Texas, what are the two entities that promulgate contracts? TREC and TAR In a real estate sale, the license holder must use the appropriate TREC-promulgated form UNLESS another contract form is required by the buyer's lender. FALSE (Explanation: In a real estate sale, the license holder must ...

When earnest money is deposited with an escrow agent, the escrow agent: 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? When a substantive dialogue about a specific real property occurs If a property was built before 1978, what specific addendum is required? Discl...

The lender holding the note on a property must approve a short sale or the contract will be a) terminated. b) amended to the amount owed. c) transferred to another lender. d) counteroffered. terminated. If a payment is made 10 or more days after the due date, what late fees are charged under the Seller Financing Addendum TREC 26-6? a) 1% of the sales price b) 2% of the payment amount c) 5% of the payment amount d) A $100 flat fee 5% of the payment amount The _______________ means t...

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 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 A In the business of real estate, ___...

A "meeting of the minds" mutual consent A contract in which only one party is obligated to perform unilateral contract Transfers all of the rights related to the contract to another party known as an assignee asignment A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed executory contract Occurs when a new contract is substituted for an existing one novation A contract that lacks mutuality voidable...

If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False B) False If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing broker C) The salesman working with the seller and buyer D) The salesman sponsored...

When would it be appropriate to use the New Home Contract (Incomplete Construction)? for a client buying a new home that is being built A buyer needs more option period time. They have asked the seller, who agreed, and signed TREC's Amendment to Contract. What else must they do to make the extension official? pay an additional option fee In TREC promulgated contracts, what does Paragraph 21: Notices provide information about? where to send official notices about the contract If a seller...