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28 Cards in this Set
- Front
- Back
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What 4 things does Senate Bill 489 do? |
1. Allows a broker to act as an intermediary. 2. Requires a licensee to provide the IABS at first substantive dialogue. 3. Requires a licensee to disclose who they represent at first contact. 4. Limits the liability on a licensee for acts of misrepresentation if they are unaware |
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Define a subagent |
A licensee who represents the seller while being sponsored by a broker other than the listing broker. |
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If a buyer does not have the sellers disclose when the contract is executed, what is the case? |
The buy can terminate the contract within 7 days of receiving the sellers disclosure. |
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How many days does a licensee have to enter a new listing into the MLS? |
5 days |
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How long is the protection period in the listing agreement? |
It is negotiable |
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Can a licensee advertise another broker's listing? |
Yes, with the permission of that broker |
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What are the exceptions of standard contract forms for use by licensees? |
Contract prepared by attorneys, or by government agencies, or by property owners or their lawyers. |
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Who writes the promulgated contract forms? Who promulgates them? |
The Broker Lawyer Committee writes them TREC promulgates them. |
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How many days is "Time is of the Essence" |
Not a set amount of days; as soon as possible |
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How many days is the sellers & buyers temporary lease agreement good for? |
90 days |
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Do all offers have to be presented to a seller? In what particular order? |
Yes, no particular order |
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Who is responsible for filling in the effective date on the contract? |
The broker |
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TREC has promulgated contract forms for what kind of transactions? |
Most residential properties including Farm & Ranch |
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TREC does not have promulgated contract forms for what kind of transactions? |
Commercial transactions and for the sale of Co- Ops |
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A clause in a contract requiring a condition to be met is a ________. |
Contingency clause |
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How long does an individual have from the effective date of the contract or date of incident to file a complaint with TREC? |
4 years |
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How long does a party have to sue for non performance of a contract? |
4 years |
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How long does a broker have to deposit earnest money into a trust account? |
By the end of the second business day |
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What does the Statute of Frauds require? |
That all contracts must be in writing to be enforceable. |
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What is the only exemption to the Statute of Frauds? |
A lease for less than 1 year |
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If lender required repairs exceed X% of the sales price, the buyer can terminate the contract. |
5 % |
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What is the difference between a mediator and an arbitrator? |
Both listened to both sides of the story, arbitrator makes a decision. |
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How many days does the title company have to provide a title commitment after they receive the sales contract? |
20 days |
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TREC defines a reasonable amount of time as... |
20 days |
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Define Community Property |
Property acquired after marriage. It is jointly owned by the couple. |
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An urban homestead is at max _____ acres? A rural homestead is at max _____ acres? |
Urban is 10 acres. Rural is 200 acres. |
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What rule makes it not permitted for title companies to provide food and beverages or free MCE to licensees? |
Rule P 53 |
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When should mold be removed? What is the removal of mold called? |
If it is visible. Removal is called remediation. |
