promulgated forms
Which of the following is an example of a bilateral contract...?
-Listing contract -Sales contract -Independent contractor agreement
Brokers are required to maintain copies of the lead-based paint addendum for a minimum of how many years after the transaction...?
3
Which of the following is an example of a termination of a contract by operation of law...?
A buyer has entered into a contract to purchase a commercial property but the city has now rezoned the property as residential
Amendment
A change in a legal document made by adding, altering, or omitting a certain part or term.
Optionor
A person who gives an option.
If a prospective buyer decides to rescind their offer before the seller responds, the prospective buyer should submit which of the following...?
A termination
ABC Corporation is purchasing a residential property in Houston. How should the corporation's name appear on the purchase contract...?
ABC Corporation, a Texas Corporation
Which of the following may be used as an alternative to novation...?
Amend the existing contract
If the buyer accepts the condition of the property, they are accepting the property...?
As-is
A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...?
Assignment
A ..........is submitted by a prospective buyer who wants the right of first refusal is the event the current buyer backs out of the contract during the options period?
Back-up offer
A real estate agent should advise their client that any contract they sign is...?
Binding
A valid contract must be .......... and enforceable?
Binding
Since a title policy is a contract, it is...?
Binding and enforceable
The title policy is a contract between the title company and the...?
Buyer
The One to Four Family Residential Contract - Resale is NOT used for which of the following properties...?
Condominiums
Paragraph 5 of the One to Four Family Residential Contract - Resale primarily deals with...?
Earnest money
Which of the following is an example of a restrictive covenant...?
Easements
Who pays for the title policy as stated in the purchase contract...?
Either the buyer or seller, whatever is agreed upon
An assignment can occur when a contract is...?
Executory
A real estate agent is NOT in violation of the unauthorized practice of law if they do which of the following...?
Fill-out a promulgated contract form the way it was intended
Buyers of residential properties built prior to 1978 are required by ......... to receive the Protect Your Family From Lead Based Paint booklet?
HUD
A residential service contract is also known as a...?
Home warranty
According to TREC, an offer received by an agent must be presented to the principal...?
Immediately
Any changes to a contract must be...?
Initialed by all parties
John Doe is an unmarried individual who is buying his first house. How should John's name be listed on the purchase contract...?
John Doe, An Unmarried Person
A promulgated form means the use of the form is...?
Mandatory
If one of the parties to a contract does not voluntarily agree to the contract, this element of a valid contract is violated...?
Mutual agreement
Which party is required to pay for lender required repairs and treatments...?
Neither party is required to pay
Which of the following actions by an agent may be considered as unauthorized practice of law...?
Providing opinions as to the condition of title
Which of the following prohibits the seller from requiring a specific title company as a condition of the sale...?
RESPA
A home warranty is also known as a...?
Residential Service Contract
Which of the following is responsible for issuing real estate licenses in Texas...?
Texas Real Estate Commission
Restrictive covenants are written into what document...?
The property's deed
The "excluded fixtures and accessories" section of the contract is completed by which of the following parties...?
The seller
If a buyer is looking to purchase a property with the help of a Texas Veterans loan, which of the following must in included with the purchase contract...?
Third Party Financing Addendum
Paragraph 6E of the One to Four Family Residential Contract - Resale describes which of the following...?
Title Notices
According to paragraph 6E, the seller shall provide the buyer with either an abstract of title or...?
Title policy
The purchase of a residential service contract is optional...?
True
A real estate agent who gives legal advice to a client is in violation of the...?
Unauthorized practice of law
David is a real estate agent who was recently hired to sell Andrew's home. As a curtesy, David offers to help Andrew draft a sales contract. David may be in violation of which of the following...?
Unauthorized practice of law
If a property is not located within a city, what should be included in the legal description of the property on the purchase contract...?
Unincorporated
When does an offer become a valid contract...?
When all essential elements of a contract are met
Real estate professionals must use ........... of any promulgated forms?
the most current version
Which of the following is a standard exception for a title policy...?
-Mortgage liens -Utility easements -Marital rights
A binding contract between a buyer and seller must include which of the following...?
-Must be in-writing -Signed by all parties -There must be a mutual agreement between the parties
TREC has promulgated which of the following types of forms...?
-Real estate sales contracts -Addenda -Consumer Disclosures
Which of the following is an example of a termination of a contract...?
-Substantial performance -Partial performance -Impossibility of performance
According to paragraph 9, which of the following must be satisfied at closing...?
-The seller will furnish the buyer with a General Warranty deed -The buyer shall pay the sales price in good funds -The buyer and seller shall execute and deliver any required notices
How many members of the public are appointed to the Broker/Lawyer Committee by the State Governor...?
1
The names of the parties are included in paragraph .......of the promulgated sales contract?
1
Veterans are allowed to have how many VA loans at any given time...?
1
The Broker/Lawyer Committee is comprised of ......... members?
13
The Texas Real Estate Commission was created in what year...?
1949
Improvements and accessories that the seller would like to retain should be listed in paragraph .........of the One to Four Family Residential Contract - Resale?
2D
The buyer loses their right to a termination option if they fail to provide the options money within how many days of the effective date of the contract...?
3
In a typical residential transaction, the closing date is ......... from the effective date of the contract?
30 days
Reverse mortgage financing is typically reserved for borrowers over the age of...?
62
The title policy for a property is discussed in paragraph ........of the One to Four Family Residential Contract - Resale?
6A
A buyer's objections to defects or encumbrances to title are described in which paragraph...?
6D
If the buyer receives the Seller's Disclosure Notice after signing the contract, the buyer may terminate the contract within .......days of receiving the Seller's Disclosure Notice?
7
Which of the following paragraphs of the One to Four Family Residential Contract - Resale deals with closing...?
9
Optionee
A person who receives an option.
Which of the following addenda must a veteran complete when purchasing a new home with a VA loan when they already have an outstanding VA loan...?
Addendum For Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement
Addendum
Additional pages of material that are added to and become part of a contract.
Covenants
Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property.
A contract in which there is fraud by either commission or omission is voidable by the...?
Non-fraudulent party
Personal property items are considered...?
Non-realty items
The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...?
Novation
Which of the following is an example of a forbearance contract...?
Options contract
The buyer typically provides money for which of the following after signing a purchase contract...?
Options money
Which paragraph of the One-To-Four Family Residential (Resale) Contract deals with the parties to the contract?
Paragraph 1
Since Buyer William is unable to obtain third-party financing, where should Buyer William place that he wishes to utilized the seller financing option?
Paragraph 3
Since Seller Fred is requesting that Buyer William put up earnest monies to show his serious intention of purchasing the property, which paragraph must Buyer William complete to satisfy this requirement?
Paragraph 5
Marcus has entered into a contract to purchase a new house. What will Marcus do during the options period to ensure the property is in the proper condition...?
Perform his due diligence
The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...?
Performance
Paragraph 10 of the One to Four Family Residential Contract - Resale primarily deals with...?
Possession
Paragraph 7 of the One to Four Family Residential Contract - Resale describes which of the following...?
Property condition
Rules regarding pets in a subdivision are included under which of the following...?
Restrictive covenants
Which part of a sales contract most leaves an agent liable for the unauthorized practice of law...?
Special Provisions
A State law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as the...?
Statute of Frauds
Reverse mortgage financing is primarily used for owner-occupied residences...?
T (True)
Who approves the contract forms drafted by the Broker/Lawyer Committee...?
TREC
If a buyer is purchasing a property involving the assumption of an existing loan, which of the following documents must be included with the purchase contract...?
TREC Loan Assumption Addendum
If a buyer is purchasing a property with the help of seller financing, what must be included with the purchase contract...?
TREC Seller Financing Addendum
If the buyer will occupy the property prior to closing, what needs to be included with the sales contract...?
Temporary lease
If the seller fails to provide the buyer with the Seller's Disclosure Notice, the buyer may do which of the following...?
Terminate the contract and receive his/her earnest money back
After signing a purchase contract, the seller typically receives money from the buyer for which of the following...?
Termination option
The Texas Real Estate Commission was created to administer which of the following...?
Texas Real Estate License Act
Which of the following describes how a contract becomes a promulgated form...?
Texas Real Estate License Act
Which of the following appoints 6 of the members to the Broker/Lawyer Committee...?
Texas State Bar
If the seller does not specify improvements and accessories to be excluded from the sale of the property, which of the following will claim ownership of these items...?
The buyer
When a buyer takes title to a property, the name listed on the deed will match which of the following...?
The buyer's name as listed in the purchase contract
Any objections listed by the buyer in the contract must be cured by the seller by what date...?
The closing date
What happens to the contract if the seller cannot cure the buyer's objections, and the buyer refuses to waive their objections...?
The contract is terminated and the buyer receives their earnest money back
A reverse mortgage is paid back using which of the following...?
The equity in the house
What does an agent first need from the seller when preparing a contract...?
The name of the seller(s) as listed on the deed
John is a real estate agent who is preparing a contract for his client, the seller. Where should John look to find the name of the seller...?
The seller's deed
When preparing a contract, where should the agent look to find the name of the seller(s)...?
The seller's title policy
A contract that is missing one or more of the elements of a valid contract is considered...?
Void