Course 6 chapter 2 Rules, Laws, and Regulations CYU part 2

Which of the following forms are not promogulated by TREC?

Residential listing agreements

At what point does an offer become a contract?

When all parties have signed/initialed the contracts and both parties have been notified

When can an agent use their own forms in a transaction?

When they are buying properties for themselves

Which of the following statements best defines "promulgated"?

a form has been made public and its use mandated

Which of the following types of sellers would most likely use a contract prepared by an attorney?

a new home builder

Under the TRELA a real estate license agent will not be in violation of practicing law without a license if they do what?

fill in the blanks on a standardized contract

Who authorizes a licensee to strike information from a contract?

principal to a transaction

If a seller changes one item on an offer, what does that offer become?

rejected of the entire offer

What can TREC do if a real estate agent fails to use a required contract form?

suspend the agents license

All of which of the following actions would be considers practicing law without a license except which one?

tell the client the known facts about the property that might effect the title

Which of the following is an exception to an agent using a promulgated form?

the form is prepared and required by the property owner

An initial counteroffer would be best described as what?

the sellers offer to the buyer

How is the effective date of the contract determined?

after both parties have signed/initialed the contract and all have been notified of such