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| The difference between forms "promulgated" and forms "approved" by the commission is that |
the licensee MUST use the promulgated forms, whereas the licensee MAY use the approved forms |
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gettarb Mon, 22 Nov 2010 22:23:09 GMT |
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| In real estate sales contracts, which term is used to establish the effective date of the contract? |
Date of Final Acceptance |
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gettarb Mon, 22 Nov 2010 22:23:09 GMT |
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| In an installment contract or contract for deed, the buyer obtains possession |
Prior to the delivery of the deed |
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gettarb Mon, 22 Nov 2010 22:21:16 GMT |
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| All builders and remodelers are required to obtain a certificate of registration from the Texas Residential Construction Commission T/F? |
F |
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gettarb Mon, 22 Nov 2010 22:21:16 GMT |
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| An escrow agreement requires the seller to deposit which of the following, and other pertinent documents, with the escrow agent? |
Deed |
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gettarb Mon, 22 Nov 2010 22:21:16 GMT |
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| In a buyer brokerage transaction, notification of acceptance must be given directly to the buyer T/F? |
F |
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gettarb Mon, 22 Nov 2010 22:21:16 GMT |
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| An option contract is what kind of contract? |
Unilateral |
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gettarb Mon, 22 Nov 2010 22:17:29 GMT |
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| If a purchaser under a contract for deed elects to convert the contract into recorded, legal title, he may deliver to the seller a promissory note that matches the terms and conditions of the contract for deed and the seller would be required to accept the note secured by a deed of trust and to deliver legal title T/F? |
T |
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gettarb Mon, 22 Nov 2010 22:17:29 GMT |
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| Acceptance of a written offer to purchase real estate requires the signature of the |
Offeree |
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gettarb Mon, 22 Nov 2010 22:17:29 GMT |
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| All obligations of the parties for payment of broker's fees are contained in |
Seperate Written Agreements |
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gettarb Mon, 22 Nov 2010 22:17:29 GMT |
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| Which is a means by which the parties to a contract carry out the terms of their agreement? |
Escrow |
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gettarb Mon, 22 Nov 2010 22:03:23 GMT |
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| Standard contract forms used by real estate licensees in Texas are drafted and revised by |
Texas Real Estate Broker-Lawyer Committee |
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gettarb Mon, 22 Nov 2010 22:03:23 GMT |
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| In real estate sales contracts, which term is used to specify which party is to bear the risk of loss prior to closing and addresses the results of any such loss? |
Casualty Loss |
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gettarb Mon, 22 Nov 2010 22:03:23 GMT |
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| In real estate sales contracts, which term is used to identify the seller and buyer and to establish the intent to sell and buy? |
Parties |
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gettarb Mon, 22 Nov 2010 22:03:23 GMT |
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| In an option contract the prospective purchaser or lessee is the |
Optionee |
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gettarb Mon, 22 Nov 2010 22:03:23 GMT |
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| A promulgated contract form is drawn up, signed by the prospective buyer, and presented by the broker to the seller. This is a |
Offer |
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gettarb Mon, 22 Nov 2010 22:03:23 GMT |
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| The difference between forms "promulgated" and forms "approved" by the commission is that |
the licensee MUST use the promulgated forms, whereas the licensee MAY use the approved forms |
0 |
gettarb Mon, 22 Nov 2010 22:03:23 GMT |
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| In a buyer brokerage transaction, notification of acceptance must be given directly to the buyer T/F? |
F |
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gettarb Mon, 22 Nov 2010 22:03:23 GMT |
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| Limited service brokers are NOT required to present offers to or from sellers with whom they have contracted to provide only selected brokerage services T/F? |
F |
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gettarb Mon, 22 Nov 2010 21:54:18 GMT |
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| In real estate sales contracts, which term is used to establish the effective date of the contract? |
date of Final Acceptance |
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gettarb Mon, 22 Nov 2010 21:54:18 GMT |
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| If the option is NOT exercised within the time specified, the |
optionor's obligation and the optionee's right will expire |
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gettarb Mon, 22 Nov 2010 21:54:18 GMT |
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| In real estate sales contracts, which term is used to clarify any business aspects of the sale NOT covered by any provisions of the printed earnest money contract form? |
Special Provisions |
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gettarb Mon, 22 Nov 2010 21:54:18 GMT |
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| An offer will be terminated if the seller revokes the offer, rejects the offer, or creates a counteroffer to the offer made by the buyer T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:47:06 GMT |
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| When filling in a printed form approved or promulgated by TREC, the licensee may only fill in the blanks provided and may NOT add or strike matter unless it is requested by the principals T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:47:06 GMT |
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| There is no redemption period during which a buyer in default may redeem a contract for deed and retain possession of the property T/F? |
F |
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gettarb Mon, 22 Nov 2010 19:46:05 GMT |
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| Any attempt by the seller to change the terms proposed by the buyer creates a counteroffer T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:46:05 GMT |
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| The purpose of the Texas Real Estate Broker-Lawyer Committee is the drafting and revising of standard contract forms to be used by real estate licensees T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:46:05 GMT |
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| A contract by which an owner gives a prospective purchaser or lessee the right to buy or lease the owner's property at a fixed price within a stated time period is called an option T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:46:05 GMT |
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| An option is enforceable by only one party—the optionee T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:44:30 GMT |
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| An attorney should ALWAYS be retained by both parties prior to signing a contract for deed T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:44:30 GMT |
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| A broker may place more than one earnest money deposit into the same escrow account T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:44:30 GMT |
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| A licensee may design and create forms for real estate transactions for which there is no promulgated form T/F? |
F |
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gettarb Mon, 22 Nov 2010 19:44:30 GMT |
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| A licensee functioning solely as a principal, NOT as an agent, would be required to use a promulgated contract form T/F? |
F |
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gettarb Mon, 22 Nov 2010 19:36:08 GMT |
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| The option fee in an option contract must be independent of any earnest money deposit T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:36:07 GMT |
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| Earnest money is NOT required to have a valid contract T/F? |
T |
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gettarb Mon, 22 Nov 2010 19:36:07 GMT |
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| In an installment contract or contract for deed, the seller is obligated to execute and deliver a deed to the buyer when the contract is signed by both parties T/F? |
F |
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gettarb Mon, 22 Nov 2010 19:36:07 GMT |
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