contract forms

Commitment for title insurance

20 days, 15-day automatic extension, or three days prior to closing, whichever comes first

Statute of Limitations

A law which says that if legal remedy is sought against a person, the pursuer must bring a court action within a specified period of time; in Texas, the statute of limitations is four years.

Bert's Shirts, an Illinois corporation

Bert's Shirts is a corporation chartered in Illinois. What's the best way to identify Bert's Shirts as a party in a TREC residential resale contract?

Good consideration is a gift

In what way does good consideration differ from valuable consideration?

The original sales agreement and any addenda

Real estate professionals handle many documents related to real estate transactions. Which one of the items listed below is one of the most important in detecting mortgage fraud?

The Texas Real Estate License Act

Vanessa has had her Texas real estate broker's license for 12 years. What law stipulates the requirements Vanessa must follow to keep her license?

Whether or not consent to property transfer is required

Which information is required in the Deed of Trust paragraph in the Seller Financing Addendum?

Karen must withdraw the counter-offer to Fred before responding to James's offer

Karen, the seller, has sent a counter-offer to Fred, a potential buyer. Before Fred accepts the counter-offer on the Texas property, Karen receives another offer from James that is even better. She wants to accept James's offer. What should Karen do?

Fraud in Real Estate and Stock Transactions

Which of the following states that the person who committed the fraud, as well as anyone who knew about the fraud, failed to disclose it, and benefited from it, can be held liable for actual damages?

To give buyers the opportunity to request subdivision information

What is the purpose of the Addendum for Property Subject to Mandatory Membership in a Property Owners Association?

Novation

When a new agreement can be written between the original parties

In the Special Provisions section

Maura is representing three buyer clients and there is only room enough in the Parties section of the TREC One To Four Family Residential Contract (Resale) to list two of the three names. Where should she note the name of the third buyer?

The number of days in the proration period

Which of the following bits of data is crucial in a proration?

Unit number

Which of the following does the Residential Condominium Contract (Resale) reference?

TWCCRD

In Texas, when HUD receives a discrimination complaint, it forwards this complaint to what organization?

Recover damages for construction defects

Chapter 27 of the Texas Property Code requires that buyers follow certain procedures in order to ______.

Hector

Hector signs a contract to buy a home belonging to Sadie. Before closing, it's discovered that Hector is only 17 years old. Since he's a minor, he's not considered legally competent to enter into a contract. Which of the following parties is allowed to void the contract?

Six years

How long is a member of TREC's term?

Peter must remove the crops before closing.

Peter is selling his ranch and has decided to exclude his cotton crop from the sale. Which of the following is true?

Discharge of contract

When parties to a contract agree to terminate it