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99 Cards in this Set
- Front
- Back
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Bilateral contract example |
A purchase contract |
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What is a legal preceding brought about by a party to a contract against another party to compel action for in the agreement? |
A suit for specific performance |
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Which term identifies the substitution of a new contract for an existing contract |
Notation |
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Who must convey to the principal all known information that would affect the principals decision to accept or reject offers? |
The licensee |
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When a legally enforceable promise is exchanged for a legally enforceable promise |
A contract is created |
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Which law requires a contract for real property to be in writing and signed to be enforceable |
Texas statute of frauds |
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To have a valid real property contract, something of value must be exchanged. This is called |
Consideration |
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An agent may explain the general content, factual statements, and business details contained in the promulgated firms so long as the agent does NOT give legal advice |
TRUE |
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When does an offer become binding? |
When the last party has signed and the other party has been notified |
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Agents may determine whether they are using correct version TREC form by |
Verifying current firms in the TREC website |
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Items that are printed in paragraphs 1&2 of the contract include all of the following EXCEPT |
Marital status |
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When will the Third Party Financing Addendum NOT be used? |
When 4A2b is selected |
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Which addenda will the purchaser use when purchasing a property for cash? |
The purchaser will not need to use any of the financing addenda |
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Which addendum is commonly used in a transaction involving a 90% fixed rate loan? |
Third Party Financing Addendum for Credit Approval |
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Which form is used if the buyer wants the seller to leave the refrigerator with the home after closing? |
Non-Realty ItemsAddendum |
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What information is needed in paragraph 1 of the One to Four Family Residential Contract |
Names of the parties |
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In the Third Partt Financing Addendum for credit approval, what should be the cap on interest rates? |
A rate the buyer will pay that is available in the market |
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The premium for title insurance policies |
Is the same throughout the state |
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If the seller furnishes the existing survey to the buyer, but is NOT acceptable to the buyers lender, the cost of the new survey will be at who's expense? |
Party negotiated in the contract |
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Which form is used for the owner to tell the buyer about known Problems with the property? |
Sellers disclosure of Property condition |
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Which is acceptable language for special provisions in paragraph 11 in TREC contract forms? |
The buyer will do a walk through |
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Can a party accept earnest money as liquidated damages and also sue the other party for specific performance? |
NO |
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If clients want an agent to write a statement that defines a legal remedy |
The agent should advise them to consult an attorney |
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What is something an agent should never out in paragraph 11 of the TREC- promulgated contract? |
Statements making the contract "time is of the essence" |
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A good use of paragraph 11 of the TREC promulgated contract form is to |
Add a factual statement or business detail to the agreement |
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Which contract would be used for a 50-acre tract with a small cottage outside the city? |
Farm and ranch contract |
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Which form must be displayed in the residential brokers office? |
TREC consumer information notice |
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Who is responsible for filling in the effective date on the promulgated purchase contracts? |
The broker |
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Who is responsible for filling in the effective date on the promulgated purchase contracts? |
The broker |
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If the seller has already sent a counter offer of a prospective buyer and then received another offer that is even better the seller |
Should withdraw the first counter, before answering the new offer |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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When a licensee is using a builders contract or a form prepared by an attorney that is not promulgated by TR EC what is the wisest way to notify the buyer about the title insurance or abstracts |
Using TREC notice to prospective buyer |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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When a licensee is using a builders contract or a form prepared by an attorney that is not promulgated by TR EC what is the wisest way to notify the buyer about the title insurance or abstracts |
Using TREC notice to prospective buyer |
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Which of the following is not true about paragraph 11 special provisions |
Anything that is addressed in one of the TR EC addenda can adequately and Leagally be set down in the special provisions paragraph paragraph 11 if so desired by licensee this is Moss |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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When a licensee is using a builders contract or a form prepared by an attorney that is not promulgated by TR EC what is the wisest way to notify the buyer about the title insurance or abstracts |
Using TREC notice to prospective buyer |
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Which of the following is not true about paragraph 11 special provisions |
Anything that is addressed in one of the TR EC addenda can adequately and Leagally be set down in the special provisions paragraph paragraph 11 if so desired by licensee this is Moss |
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Regarding closing in the buyers possession of the property |
Closing Mustic her on her before a specific date while possession is normally granted at the happening of the defined event |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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When a licensee is using a builders contract or a form prepared by an attorney that is not promulgated by TR EC what is the wisest way to notify the buyer about the title insurance or abstracts |
Using TREC notice to prospective buyer |
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Which of the following is not true about paragraph 11 special provisions |
Anything that is addressed in one of the TR EC addenda can adequately and Leagally be set down in the special provisions paragraph paragraph 11 if so desired by licensee this is Moss |
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Regarding closing in the buyers possession of the property |
Closing Mustic her on her before a specific date while possession is normally granted at the happening of the defined event |
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Which of the following may be addressed in paragraph 11 special provisions |
The buyer wants to inspect the property prior to closing |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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When a licensee is using a builders contract or a form prepared by an attorney that is not promulgated by TR EC what is the wisest way to notify the buyer about the title insurance or abstracts |
Using TREC notice to prospective buyer |
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Which of the following is not true about paragraph 11 special provisions |
Anything that is addressed in one of the TR EC addenda can adequately and Leagally be set down in the special provisions paragraph paragraph 11 if so desired by licensee this is Moss |
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Regarding closing in the buyers possession of the property |
Closing Mustic her on her before a specific date while possession is normally granted at the happening of the defined event |
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Which of the following may be addressed in paragraph 11 special provisions |
The buyer wants to inspect the property prior to closing |
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Which of the following characteristics of insulation installed in A new home must builders reveal |
The R-value |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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When a licensee is using a builders contract or a form prepared by an attorney that is not promulgated by TR EC what is the wisest way to notify the buyer about the title insurance or abstracts |
Using TREC notice to prospective buyer |
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Which of the following is not true about paragraph 11 special provisions |
Anything that is addressed in one of the TR EC addenda can adequately and Leagally be set down in the special provisions paragraph paragraph 11 if so desired by licensee this is Moss |
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Regarding closing in the buyers possession of the property |
Closing Mustic her on her before a specific date while possession is normally granted at the happening of the defined event |
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Which of the following may be addressed in paragraph 11 special provisions |
The buyer wants to inspect the property prior to closing |
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Which of the following characteristics of insulation installed in A new home must builders reveal |
The R-value |
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Which form does not address rollback taxes |
One to four family residential contract |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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When a licensee is using a builders contract or a form prepared by an attorney that is not promulgated by TR EC what is the wisest way to notify the buyer about the title insurance or abstracts |
Using TREC notice to prospective buyer |
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Which of the following is not true about paragraph 11 special provisions |
Anything that is addressed in one of the TR EC addenda can adequately and Leagally be set down in the special provisions paragraph paragraph 11 if so desired by licensee this is Moss |
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Regarding closing in the buyers possession of the property |
Closing Mustic her on her before a specific date while possession is normally granted at the happening of the defined event |
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Which of the following may be addressed in paragraph 11 special provisions |
The buyer wants to inspect the property prior to closing |
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Which of the following characteristics of insulation installed in A new home must builders reveal |
The R-value |
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Which form does not address rollback taxes |
One to four family residential contract |
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Which form and forms a customer or client how agents represent consumers of real estate services |
Information about brokerage services |
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The seller will provide a copy of the restrictive covenant at the buyers expense according to the contract |
If the seller furnishes the existing survey to the buyer but it is not acceptable to the buyers lender the cost of a new survey will be at who's expense?
The party negotiated in the contract |
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Which addendum warrants buyers that Texas may have the right to take their property |
Addendum for property located Seaward of the gulf intracoastal waterway |
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When is the seller required to deliver a title commitment to the buyer |
20 days after the title company received the contract |
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The notice about obtaining an Ashot or title policy is a required notice from |
The licensee to the buyer |
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When a licensee is using a builders contract or a form prepared by an attorney that is not promulgated by TR EC what is the wisest way to notify the buyer about the title insurance or abstracts |
Using TREC notice to prospective buyer |
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Which of the following is not true about paragraph 11 special provisions |
Anything that is addressed in one of the TR EC addenda can adequately and Leagally be set down in the special provisions paragraph paragraph 11 if so desired by licensee this is Moss |
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Regarding closing in the buyers possession of the property |
Closing Mustic her on her before a specific date while possession is normally granted at the happening of the defined event |
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Which of the following may be addressed in paragraph 11 special provisions |
The buyer wants to inspect the property prior to closing |
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Which of the following characteristics of insulation installed in A new home must builders reveal |
The R-value |
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Which form does not address rollback taxes |
One to four family residential contract |
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Which form and forms a customer or client how agents represent consumers of real estate services |
Information about brokerage services |
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Brokerage fees are in agreement between the |
Seller and the listing broker and the buyer and the buyer's broker |
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Brokerage fees are in agreement between the |
Seller and the listing broker and the buyer and the buyer's broker |
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The fair housing act protection of people with disability |
Requires a building with a no pets policy must allow visually impaired tenant to keep a guide dog |
