Promulgated Contract Forms

A mutual agreement

When offer and acceptance has occurred, both parties enter into ______. A contingency A mutual agreement Consideration Understanding

Six

Of the nine total members of TREC, how many members are licensed brokers? Five Four Six Three

B (Legal and mental capacity)

In contract law, a "legally competent" party is a party who has the ______ to enter into a contract. A. Financial resources B. Legal and mental capacity C. Legal background D. Motivation and means

Use or threat of force

In contract law, undue influence differs from duress in that duress includes ______. Deception Fraud Trickery Use or threat of force

They're minors

In the eyes of the law, why do people under age 18 lack contractual ability? Because _______ They have insufficient resources. They lack intelligence They're immature They're minors

Non-realty items

Items of personal property included in a Texas sale are considered ______ and can be negotiated in an addendum of the same name. Accessories Exclusions Improvement Non-realty items

A lawful objective

Jack and Al, who are neighbors, enter into an agreement not to permit their real estate agents to sell their homes to families of color. This agreement lacks ______, so it's void. A lawful objective A mutual agreement A purpose Two parties

Executory

Jerry and Lewis have entered into a sales contract. They're about three weeks into the transaction, with several terms of the agreement yet to be met. What type of contract do Jerry and Lewis have? Executed Executory Option Unilateral

D (The contract is in writing and signed by the parties)

Valid real estate contacts require competent parties, a legal description, consideration, a lawful objective, mutual agreement, and _______. A. A reasonable sales price B. At least 10% earnest money C. At least three addenda D. The contract is in writing and signed by the parties

Statute of frauds

Which Texas law requires contracts for real property to be in writing? Property code Real estate code of ethics Statute of frauds Statute of limitations

The client

A Texas licensee may only strike through a clause or line item if it is not applicable to the transaction and the deletion is at the request of ______. The buyer's agent The client The managing broker The seller's agent

A (In the Buyer's Credit Approval paragraph)

Allison is helping her buyer complete a Seller Financing Addendum to a sales contract. Where should she put that the buyer needs a $40,000 loan at a 6% fixed rate from the seller to be paid back in 120 monthly payments? A. In the Buyer's Credit Approval paragraph B. In the Credit Documentation paragraph C. In the Deed of Trust paragraph D. In the Promissory Note paragraph

D (Will stand up in court)

An enforceable contract is one that ______. A. An attorney has reviewed B. Has been signed and witnessed C. The authorities can be called upon to enforce D. Will stand up in court

Voidable

As part of the sales contract, Garth, the seller, was supposed to provide a copy of the seller's disclosure to the buyer, Melanie, but he failed to do so. What type of contract is this? Implied Incomplete Valid Voidable

D (The party possessing legal capacity)

If a party to a contract lacks legal capacity but enters into a contract anyway, which party may void the contract? A. Both parties B. The broker C. The party lacking legal capacity D. The party possessing legal capacity

Void

If a real estate contract in Texas is written for an illegal purpose, it is _________. Permissible and valid Void Voidable by the buyer or seller Voidable by the seller

A (Addendum for the Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement)

Toby is a seller who is willing to allow the buyer to assume his mortgage. In addition, to the Loan Assumption Addendum, what other addendum might Toby consider using if he'd like to limit his responsibility if the buyer defaults on the loan? A. Addendum for the Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement B. Non-Realty Items Addendum C. Seller Financing Addendum D. Third Party Financing Addendum

Loan assumption addendum

When a buyer takes over the seller's mortgage loan, which of the following addenda must be checked on the TREC One to Four Family Residential Sales Contract (Resale) to indicate this? Both the Loan Assumption and the Seller Financing Addenda Loan Assumption Addendum Seller Financing Addendum Third Party Financing Addendum

Resale certificate

Which type of document is issued by an HOA and is provided by the seller in a transaction? Addendum Amendment Notice Resale certificate

The governor of Texas

Who is responsible for appointing the members of the commission? The governor of Texas The mayors of every city in the state of Texas The public through a vote The secretary of state in Texas

C (Okay if Marvin's client required that form)

Licensee Marvin is using a real estate contract form drawn up by his property owner client, instead of using a form with a similar purpose promulgated by the Texas Real Estate Commission. This is ______. A. A violation of real estate rules and regulations B. Illegal C. Okay if Marvin's client required that form D. Okay if the form was required by the buyer

Novation

Lou and Lannie, two unmarried siblings, decide to buy a vacation home. They enter into a contract with the seller, Amanda. A week after signing the contract, Lou and Lannie have a falling out. Now their brother Larry wants to buy the home with Lou, and Lannie wants no part of the purchase anymore. Amanda agrees, and they substitute Larry for Lannie in the contract, leaving Lannie with no further liability. This is an example of ______. Assignment Fraud Misrepresentation Novation

Buyer

Marco enters into a contract to acquire real property in return for some form of consideration. On the contract, he's regarded as the ______. Agent Broker Buyer Seller

Assignment

Mary agreed to buy her mother's house when her mother planned to move to a senior living community. They signed a purchase agreement, but when Mary had to move because of work, she signed her rights in the contract over to her sister, Tina. Mary may still owe money if Tina can't come up with the agreed-upon funds. What's happening in this scenario? Assignment Breach Novation Performance

Innocent Misrepresentation

Megan, a seller, tells the party buying her home that the property will soon be part of the public water system. She makes this claim based on erroneous information supplied to her by the city. The buyer relies upon this information and moves forward with the purchase of the home. This is an example of ______. Duress Fraud Innocent misrepresentation Undue influence

Valid

Melinda, an attorney for the seller, was extremely satisfied with the purchase offer her client signed. The sales contract contained all of the essential elements. What type of contract is this? Executed Implied Valid Void

Undue influence

Regarding the need for consent for a contract to be valid, which of the following exists when an act of persuasion overcomes another person's free will and judgment? Duress Fraud Innocent misrepresentation Undue influence

C (In the Sales Price section)

Soon-Yi Chin is making an offer to purchase a three-bedroom, three-bath house on the outskirts of Austin. She is offering $270,500 for the property. Where on the TREC residential One to Four Family (resale) sales contract should she indicate the price she's offering? A. In the Price Offered Addendum B. In the Purchase Offer section C. In the Sales Price section D. In the Third Party Financing Addendum

Unilateral

Sylvan, the seller, and Eric, the buyer, have signed an option agreement, which is an offer to purchase a specific piece of real estate without the obligation to buy it. Until Eric exercises his option to buy, only Sylvan is bound by the option agreement; he may not sell the property to anyone else during the option period. What type of contract is this? Bilateral Executed Mutual Unilateral

A (By adding your broker's business logo)

You'd like to add your own touches to the TREC forms that are being used in your office. How can you modify the forms? A. By adding your broker's business logo B. By replacing the Equal Housing Opportunity logo with your own C. By replacing the form title with the name of your broker D. By replacing the version number with today's date

B (Salvador Valen, an unmarried person)

You're helping a buyer, Salvador Valen, complete the TREC residential resale contract. He's not married. Which of the following is the best way to identify him in the contract? A. Salvador Valen B. Salvador Valen, an unmarried person C. Salvador Valen, buyer D. Sal Valen, an unmarried person

Immediately

You've just received an offer from a potential buyer for a property you listed. When should you present the offer to your client? Immediately Never Two weeks after you receive the offer When the seller asks for it

D (Write "rejected" on Kevin's offer)

Your seller client, William, had multiple offers to consider. He decided to move forward with Ryan's offer, and reject the offer from Kevin. What should your client do with the offer from Kevin? A. Ignore the offer from Kevin B. Send a non-acceptance letter to Kevin C. Sign the offer from Kevin D. Write "rejected" on Kevin's offer

Valuable

xWhich of the following types of consideration can be an exchange of money for a promise, an exchange of an item of value for money, or an agreement between the parties to do or not do something? Good One-time Valuable Valueless

Bilateral

Desmond has a signed listing agreement with his clients, the Harpers. In exchange for helping the Harpers list, market, and sell their home, the Harpers have agreed to pay Desmond a commission. What type of agreement do Desmond and the Harpers have? Bilateral Executed Mutual Unilateral

Void

Warren signed a contract with the Samsons for the sale of property he didn't own. What type of contract is this? Enforceable Unilateral Void Voidable

Six years

What is the term length for a member of the Texas Real Estate Commission? Six years There is no expiration on the terms of commission members, but they must be reappointed annually. Three years Two years

Mentally

A legally competent party means that an individual has the capacity, legally and ______, to enter into a contract. Financially Mentally Morally Purposefully

Legally competent parties

A valid contract must include which of the following elements? Counter-offer Electronic signature Fairness clause Legally competent parties

A (Loan Assumption Addendum)

Buyer Nick is making an offer to purchase a home for $250,000. He's paying $50,000 of that in cash as closing, and would like to assume the sellers' mortgage loan of $200,000. Which addendum to the TREC residential One to Four Family (resale) contract will Nick need to complete? A. Loan Assumption Addendum B. Seller Financing Addendum C. Short Sale Addendum D. Third Party Financing Addendum

Consideration

Carl and Sadie, who are neighbors, got into a disagreement about early-morning noise on the weekends. The two came to an agreement: Carl promised to not mow the lawn before 10 a.m., and Sadie promised to put bark collars on her dogs in the early morning hours. Their promises represent the ______ in their agreement. Consideration Flaw Legal competency Undue influence

Loan assumption

Carol and her husband, Mick, have decided that instead of taking out a loan to help finance their property purchase, they are going to take up where the seller left off on the seller's current mortgage. What type of financing is this? Contingency Loan assumption Seller financing Third party

B (Give notice to the buyer that the contract is terminated within seven days of the expiration of the delivery date)

Chandra is a seller who is considering financing a loan for a buyer. According to the Seller Financing Addendum, the buyer agreed to deliver credit documentation within five days of the effective date of the contract. That time has passed, and Chandra has not received the credit documentation, so she decides to terminate the contract. What must Chandra do next? A. Collect the earnest money, since the buyer is in breach of contract. B. Give notice to the buyer that the contract is terminated within seven days of the expiration of the delivery date. C. Nothing; the contract will automatically terminate. D. Return the earnest money to the buyer.

Assignment

Cindy enters into a contract to buy Jarod's home. She then transfers her right to purchase to her twin sister, Maud, for a small fee. But Maud neglects to fulfill the buyer's obligations under the contract, and Jarod is able to pursue Cindy, who's still liable. This is an example of ______. Assignment Fraud Mutual mistake Novation

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? Hector Only a judge Sadie Sadie or Hector

Zero

How many lawyers does the governor appoint to the Broker-Lawyer Committee? Four One Six Zero

Nine

How many members does TREC have? 10 Nine Six Three

D ("Seller financing is when the seller extends credit to the buyer for the purchase of the property. The buyer then pays back the loan with interest, over time")

How would a licensee explain seller financing to a buyer? A. "Seller financing is another term for comparing the listing price of the property to the market." B. "Seller financing is when the buyer assumes the seller's mortgage loan." C. "Seller financing is when the seller accepts the buyer's third-party financing arrangements as part of the offer." D. "Seller financing is when the seller extends credit to the buyer for the purchase of the property. The buyer then pays back the loan with interest, over time."

D (Nothing; the buyer's credit is deemed approved if the seller does not terminate the contract within seven days of the date of delivery of the credit documentation)

If Alex, a seller, approves of the buyer's credit documentation, which the buyer delivered on time according to the terms of their Seller Financing Addendum, what must Alex do to show his approval of the seller financing? A. Alex must give notice that the contract is terminated. B. Alex must give notice to the buyer that the buyer's credit has been approved. C. Alex must return the credit documentation to the buyer. D. Nothing; the buyer's credit is deemed approved if the seller does not terminate the contract within seven days of the date of delivery of the credit documentation.

D (Kathleen Leary and Trent Carpenter are unmarried persons buying a property together)

If buyers are identified as "Kathleen Leary and Trent Carpenter, as tenants in common," which of the following is true? A. Kathleen Leary and Trent Carpenter are divorced from one another. B. Kathleen Leary and Trent Carpenter are married. C. Kathleen Leary and Trent Carpenter are partners. D. Kathleen Leary and Trent Carpenter are unmarried persons buying a property together.

C (The contract must be written for a legal purpose)

In Texas, a real estate contract must be for a lawful objective. What does this mean? A. An attorney must review and approve the contract prior to the parties signing it. B. A state-approved form must be used to prepare the contract. C. The contract must be written for a legal purpose. D. The parties to the contract must be mentally capable of entering into the contract.

Executory

In Texas, contracts for deed, lease-purchase agreements, and lease-option agreements are referred to as ______ contracts. Bilateral Executed Executory Unilateral

C (A lease that is for one year or less)

In Texas, which of the following real estate contracts does not have to be in writing to be enforceable? A. A contract for the sale of goods totaling $500 or more B. A contract that conveys the ownership or interest in real property C. A lease that is for one year or less D. A prenuptial agreement

Consent

In a real estate transaction, which of the following is established when the parties enter into an agreement voluntarily with full understanding of the contract terms? Consent Consideration Legal competency Legal purpose

Cash down payment

In paragraph 3 of the TREC One to Four Family Residential Sales Contract (Resale), the______ plus the sum of all financing will equal the sales price offered. Broker's commission Cash down payment Cost of the title policy Earnest money

D (The first payment due after closing)

In the Loan Assumption Addendum, when does the buyer agree to pay the initial payment toward the loan? A. At closing B. By the end of the month of closing C. By the first of the month after closing D. The first payment due after closing

A (Good consideration is a gift)

In what way does good consideration differ from valuable consideration? A. Good consideration is a gift B. Good consideration is a promise to do something C. Good consideration is llegal. D. Valuable consideration must always be in cash, but good consideration may be a loan.

B (She is not required to use a TREC form per the exception that she is selling the home on her own)

Jessica is selling her own home. What promulgated form must she use per TREC rules? A. Addendum for Sale of Other Property B. She is not required to use a TREC form per the exception that she is selling the home on her own C. She must get an attorney to represent her if she is selling her home on her own D. The One to Four Family Residential Contract Form

Tortious interference

Joan decided to bring a lawsuit against you since you failed to present her with the offer in a timely manner. What type of lawsuit is this? Unintentional tort Tortious interference Defamation Strict liability

Letter of non-acceptance

Juan and Natalie are preparing to send written notice that they are not accepting an offer from a potential buyer, but that they'd like the offeror to consider submitting a new offer (the couple even gives the offeror some ideas of how to make the new offer more acceptable). What is the type of the letter they will send? Letter of first recognition Letter of first refusal Letter of non-acceptance Letter of reference

D (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? A. Karen is free to counter the offer from James. B. Karen must let Fred know of the offer from James. C. Karen must wait to hear from Fred. D. Karen must withdraw the counter-offer to Fred before responding to James's offer

D (Third Party Financing Addendum)

Kay Waters is seeking first and second mortgage loans from her bank and a mortgage broker in order to finance the purchase of a property. When she completed the TREC sales contract, which addendum will she use to describe her financing? A. Loan Assumption Addendum B. Seller Financing Addendum C. Short Sale Addendum D. Third Party Financing Addendum

D (A TREC-promulgated addendum form)

Kimmy's buyer clients want the seller to leave behind the workbench that is in the basement—something that was not originally identified as an inclusion in the original Texas sales contract. Which of the following will Kimmy use to indicate the change? A. A letter of request from the buyers to the seller B. An amendment form C. An electronically generated memo D. A TREC-promulgated addendum form

TREC

On which entity's website can you reference to find promulgated contract forms? Labor law The Department of Taxation TREC TRELA

D (Recommend that the Arnolds review the sales contract with an attorney before signing it)

Reggie has thoroughly reviewed the sales contract with his clients, the Arnolds, and has confirmed that they understand all of the terms and provisions. What should Reggie do next? A. Ask the Arnolds if he can provide them with any legal advice about the contract. B. Ask the Arnolds to complete a satisfaction survey and rate their experience with him. C. Make a copy of the contract and send it to the seller's agent. D. Recommend that the Arnolds review the sales contract with an attorney before signing it.

Seller financing

Russel Maverick likes to get things done quickly, so when he decided to buy Kent Regent's property, he asked Kent if he'd be willing to take a promissory note for the difference between the down payment and the purchase price that he would pay off in installments. Kent agreed. What type of financing is this? Contingency Loan assumption Seller financing Third party

Must be a lawyer

Samantha, a licensee, helped her client buy his home by assisting with legal advice. Assuming Samantha hasn't violated any laws, we know that Samantha ________. Doesn't need a real estate license Must be a lawyer Must have a broker license Must have at least a sales agent license

C (Leave each box unchecked and write "N/A" in the blank)

Texas buyer Jessie does not need to take out a loan to purchase the property she wants to buy. How should she indicate this in paragraph 3B) Sum of All Financing of the TREC residential One to Four Family (resale) contract? A. Draw a line through each of the financing items. B. Ignore the section entirely. C. Leave each box unchecked and write "N/A" in the blank. D. Put her initials to the right of each finance item and write in "no, thanks."

B (The Kents' purchase offer)

Texas licensee Alexandra is helping her clients, the Kents, fill out the Sales Price section of the TREC residential One to Four Family (resale) contract. What amount will they put in this space? A. The difference between the down payment and loan amounts B. The Kents' purchase offer C. The seller's listing price D. The seller's listing price, minus the down payment and loan amounts

D (Withdraw their counter-offer to Conner)

The Butlers have countered an offer from Conner, but then they receive an even better offer from Audrey. What should the Butlers do before accepting Audrey's offer? A. Accept the offer from Conner. B. Reject the offer from Conner. C. Send a letter of non-acceptance to Conner. D. Withdraw their counter-offer to Conner.

$500

The Loan Assumption Addendum to the TREC residential One to Four Family (resale) sales contract allows for a variance of ______ in the amount of the total principal balance at time of closing. $1,000 $1,500 $500 Whatever the parties agree to

Executory

The Nettles have accepted the Briars' purchase offer, and both parties have signed the sales contract. What type of contract do the Nettles and the Briars have? Executed Executory Unilateral Voidable

Unenforceable

Which type of contract won't stand up in court? Enforceable Executed Executory Unenforceable

C (To make contractual terms crystal clear to the parties involved and to protect the parties involved)

The purpose of promulgated forms in Texas is ______. A. To employ the Texas Broker-Lawyer Committee B. To make all transactions seamless by requiring all transactions to use one form, no exceptions C. To make contractual terms crystal clear to the parties involved and to protect the parties involved D. To prohibit lawyers from creating their own real estate transaction forms

D (Third Party Financing Addendum)

Veteran Shirley Beckles is seeking VA-guaranteed financing to purchase a three-bedroom, two-bath home in Dallas. Which addendum will she need to include in the TREC residential One to Four Family (resale) contract? A. Loan Assumption Addendum B. Seller Financing Addendum C. Short Sale Addendum D. Third Party Financing Addendum

B (Give notice to the buyer that the contract is terminated within seven days of the date of delivery of the credit documentation)

Vinnie is a seller who is considering financing a loan to a potential buyer. In the Seller Financing Addendum, Vinnie agreed to a delivery date five days after the effective date of the sales contract. The buyer delivered the documentation on time, but Vinnie doesn't approve the buyer's credit. What must Vinnie do to terminate the contract? A. Collect the earnest money, since the buyer is in breach of contract. B. Give notice to the buyer that the contract is terminated within seven days of the date of delivery of the credit documentation. C. Nothing; the contract will automatically terminate. D. Return the earnest money to the buyer.

Both parties

Wendell's buyer client has made an offer on a property that's already under contract. Wendell needs to add the TREC Addendum for Back-Up Contract to the sales contract. Who's required to sign this addendum? Both parties Nobody The attorneys for both parties The buyer of the first contract

C (Contracts must be written for a legal purpose)

What does lawful objective mean? A. To be legal, contracts must involve a lawyer. B. Only contracts that state an objective are legal. C. Contracts must be written for a legal purpose. D. As long as a contract has an objective statement, and that statement has been written by a lawyer, the contract is legal.

To officially publish

What does promulgate mean? To create To define a code of conduct To officially publish To correct a wrong

D (When something of value is given in exchange for something of value)

What is consideration? A. When all parties receive a copy of the contract for their records B. When one party takes time to consider if she's going to accept the other party's offer C. When the buyer decides to rescind his offer D. When something of value is given in exchange for something of value

D (A property owner may prepare an alternate form)

What is one of the exceptions to the rules requiring the use of TREC-promulgated forms? A. A broker may prepare an alternate form. B. A buyer may prepare an alternate form. C. A licensee may prepare an alternate form. D. A property owner may prepare an alternate form.

B (This paragraph is the buyer's agreement to deliver documents that show creditworthiness within a certain time period)

What is the purpose of the Credit Documentation paragraph of the Seller Financing Addendum? A. This paragraph describes the terms for the repayment of the loan. B. This paragraph is the buyer's agreement to deliver documents that show creditworthiness within a certain time period. C. This paragraph provides for taxes and insurance escrow. D. This paragraph secures the note with the deed of trust.

D (A law that requires that certain types of contracts be in writing to prevent injury from fraudulent conduct)

What is the statute of frauds? A. A symbol of justice that depicts that the legal system is always vigilant against all forms of deception B. A federal law that requires that all acts of fraud be documented C. An old English law that identifies the degree of punishment meted act for acts of forgery D. A law that requires that certain types of contracts be in writing to prevent injury from fraudulent conduct

Enforceable

What type of contract do you have once the seller has accepted the buyer's offer in writing and the buyer has been notified of the acceptance? Enforceable Executed Executory Unenforceable

Real Estate Dealers License Act

What was the name of the first licensing act in Texas? Real Estate Dealers License Act Texas Association of REALTORS® Texas Real Estate Commission Texas Real Estate License Act

Addendum

When Dashiell received the purchase offer for his bungalow, he was surprised to see a page added to the contract requesting that an attorney review the contract. What is Dashiell looking at? Addendum Amendment Annotation Appendix

A (Performance must take place within a "reasonable time")

When a contract doesn't provide specific dates for when the terms need to be met, what should the parties assume regarding performance of the contract? A. Performance must take place within a "reasonable time." B. The contract will be done when all of the parties have met their obligations and not before. C. The courts will decide if the parties have met their respective contractual obligations. D. This contract provides an opportunity to sue for breach of contract.

Exception

When a real estate transaction involving a governmental agency takes place, the forms used in the transaction will need to be provided by that agency. This is what is known as an ______ to TREC's rule. Addition Amendment Exception Omission

C (One or both parties have completed only a portion of the terms agreed to in the contract)

When does partial performance of a contract occur? A. Both parties fully meet the terms of the contract. B. Due to circumstances out of their control, the parties cannot legally or practically do what they've agreed to do. C. One or both parties have completed only a portion of the terms agreed to in the contract. D. One party did not meet the terms of the contract in the specified time frame and is being required to do exactly what was agreed to in the contract.

D (One party has met most but not all of the terms specified in the contract, and may be required to pay damages for the terms not met)

When does substantial performance of a contract occur? A. Both parties fully meet the contract's terms. B. One or both parties have completed only a portion of the terms agreed to in the contract. C. One party did not meet the terms of the contract in the specified timeframe and is being required to do exactly what was agreed to in the contract. D. One party has met most but not all of the terms specified in the contract, and may be required to pay damages for the terms not met.

B (The lot, block, and subdivision information is part of a recorded plat)

When preparing a sales contract, where can a licensee look for the legal description of a property that's located in a city? A. The description provided on the MLS is enough. B. The lot, block, and subdivision information is part of a recorded plat. C. The metes-and-bounds legal description is needed. D. The street address is sufficient.

C (On the deed or owner's title policy)

Where would the buyer's agent find the seller's legal name, which is needed to complete the Parties paragraph of the TREC residential One to Four Family (resale) contract? A. In the Buyer Representation Agreement B. In the listing agreement C. On the deed or owner's title policy D. On the seller's passport

B (Barbara Harrison, administrator of the estate of Geoffrey Harrison, deceased)

Which as an acceptable way to identify Barbara Harrison as the administrator of her late husband, Geoffrey Harrison's, estate? A. Barbara and Geoffrey Harrison B. Barbara Harrison, administrator of the estate of Geoffrey Harrison, deceased C. Barbara Harrison and husband Geoffrey Harrison, deceased D. Geoffrey Harrison, deceased, and his wife Barbara Harrison

Texas Real Estate Commission

Which authority is responsible for providing promulgated contract forms and enforcing license law in Texas? Texas Real Estate Commission Texas Real Estate License Law The Broker-Lawyer Committee The Secretary of State

Texas real estate commission

Which entity administers license law in Texas? Commission of Texas Real Estate Real Estate Department of Texas Texas Department of Real Estate Texas Real Estate Commission

Consideration

Which of the following elements is always required for a real estate contract to be valid? Attorney review Consideration Earnest money Profit

A (Information about the buyer's agreement to take over care of a group of local feral cats after closing and in perpetuity)

Which of the following pieces of information would you find in the Special Provisions section of the sales contract? A. Information about the buyer's agreement to take over care of a group of local feral cats after closing and in perpetuity B. Information about the buyer's offer being contingent upon the sale of their property C. Information about the buyer's third-party financing D. Information about the licensee acting on behalf of a relative

Statute of Frauds

Which of the following requires that a legal description of the property be included in a real estate contract in Texas? Property Code Real Estate Code of Ethics Statute of Frauds Statute of Limitations

Enforceable

Which term describes a contract that will stand up in court? Enforceable Executed Executory Unenforceable

C ("A VA entitlement is a financial guaranty from the government to repay a portion of a VA loan in the event of default. Because the VA entitlement is a specific amount, the parties may apply to have the VA entitlement restored once the loan is assumed")

Zelda is a Texas licensee working with a buyer and she's explaining the Addendum for the Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement. Which of the following explanations accurately describes what restoration of seller's VA entitlement means? A. "A VA entitlement is a financial guaranty from the government. Restoration of the Seller's VA entitlement means that the buyer becomes eligible for the protection that the VA loan offers." B. "A VA entitlement is a financial guaranty from the government. Restoration of the seller's VA entitlement means that the seller can qualify for loans to restore a fixer-upper." C. "A VA entitlement is a financial guaranty from the government to repay a portion of a VA loan in the event of default. Because the VA entitlement is a specific amount, the parties may apply to have the VA entitlement restored once the loan is assumed." D. "A VA entitlement is a financial guaranty from the government to repay a portion of a VA loan in the event of default. Restoration of the seller's VA entitlement means that the seller is released from liability for the VA loan."