VOID - correct answer A contract that has no legal effect.
VOIDABLE - correct answer When one or more of the parties has the authority to rescind the
... [Show More] contract. It appears to be valid, but one party may disaffirm because they are a minor, were subject to duress, or a victim of fraud or misrepresentation.
STATUTE OF FRAUDS - correct answer A law that requires real estate contracts be in writing is the ______________________?
PAROLE EVIDENCE RULE - correct answer Prevents a party to a written contract from presenting additional evidence that adds to the written terms of the contract.
VOID - correct answer If 2 people have a legal contract for one party to sell illegal drugs to the other party, this contract would be _______________?
EARNEST MONEY - correct answer Paragraph 5 in a sales contract?
OPTION MONEY - correct answer Paragraph 23 in a sales contract?
DOCTRINE OF LACHES - correct answer Legal loss of a right with the thought that "if you don't use it, you lose it."
EFFECTIVE DATE - correct answer A written contract has been accepted, signed, and communicated to the other party.
PAROLE EVIDENCE RULE - correct answer Prevents a party to a written contract from presenting additional evidence that adds to the written
PAROLE EVIDENCE RULE - correct answer Prevents a party
LICENSE ACT - correct answer If a licensed agent uses an old promulgated TREC form, what is this in violation of?
PARAGRAPH 2D EXCLUSIONS - correct answer If a seller does not want to leave a chandelier where should they put this information in the 1-4 Family Residential Contract?
NON-REALTY ITEMS ADDENDUM - correct answer What addendum can you attach to the sales contract if your client wishes to have additional personal property to stay with the property (that is not listed in Paragraph 2B or 2C)?
LTV RATIO - correct answer Loan to value ratio that represents how much of the sales price is covered by the mortgage loan.
RECOURSE LOAN - correct answer Loan in which the lender is allowed to seize the collateral property and could go after the borrower's other assets if the sale of the property doesn't cover the whole amount owed to the lender.
SEND A WRITTEN DEMAND TO THE TITLE CO - correct answer After a real estate transaction fails, both parties can't agree who gets the earnest money, what should a buyer's agent do?
SELLER - correct answer Who should the option money be delivered to?
PARAGRAPH 23 - correct answer What paragraph is used for option period?
ENDORSEMENTS - correct answer Amendments to the standard coverage in a title policy.
RESTRICTIVE COVENANT - correct answer Provision in a deed limiting the use of property and prohibiting certain uses.
1. STANDARD PRINTED EXCEPTION AS TO MARITAL RIGHTS
2. STANDARD PRINTED EXCEPTION FOR STANDBY FEES, TAXES, AND ASSESSMENTS
3. RESTRICTIVE COVENANTS (DEED RESTRICTIONS) COMMON TO THE PLATTED SUBDIVISION - correct answer What are examples of exceptions of the title policy?
RESIDENTIAL REAL PROPERTY AFFIDAVIT - correct answer A form that is completed by the seller to assure the buyer that they haven't changed the boundaries of the property since the last survey was completed.
BOTH PARTIES NEGOTIATE - correct answer According to the 1-4 Family Residential Agreement who is responsible to pay for the owner's title policy, the seller or buyer?
2ND BUSINESS DAY, CLOSE OF BUSINESS - correct answer When should an agent deposit an earnest money check with an escrow agent?
DEFAULT - correct answer If the buyer fails to deposit the earnest money on time, they will be in ____________?
15 DAYS - correct answer How many days does a seller have to cure a valid objection listed by the buyer in Paragraph 6D?
LIST IN PARAGRAPH 6D AS A VALID OBJECTION - correct answer If the agent isn't sure of restrictions of the property, how can an agent protect the buyer and give them an out under the contract?
TRUE - correct answer T/F? If there is an active lease on the property when the property is transferred, the seller needs to supply the buyer with a copy of the lease and move-in condition form within 7 days after the effective date.
EFFECTIVE DAY OF LEASE - correct answer When is rent for a Buyer's Temporary Residential Lease Agreement paid?
SELLER AND BUYER - correct answer Who does escrow protect?
YES - correct answer Does the contract permit sellers to continue to show properties for back up offers before contract termination period?
TAXES FOR PREVIOUS YEAR - correct answer What does it mean to pay property taxes in arrears?
SIX - correct answer How many promulgated forms does TREC have?
NEW HOME CONTRACT (COMPLETE CONSTRUCTION) - correct answer Which contract would you use for a brand new constructed home?
BUYER - correct answer If a buyer wants to buy a property that was once zoned for farming, but wants to change to residential, who is responsible for the rollback taxes charged for new zoning of property?
10% - correct answer If a new survey is completed on a farm or ranch, at what percentage of the sales price INCREASE OR DECREASE of the property can either party of the contract terminate due to the price change?
UNIMPROVED PROPERTY CONTRACT - correct answer The seller of unimproved property provides a disclosure in the _____________________?
UNIMPROVED PROPERTY CONTRACT - correct answer Which contract should not be used for transactions that include land used for ranching or farming, and where surface leases and mineral estates may exist.
UNIMPROVED PROPERTY CONTRACT - correct answer Which contract could be used for commercially zoned land in urban areas or smaller rural tracts?
PROPERTY DESCRIPTION - correct answer Paragraph 2 is always used for what?
FARM AND RANCH - correct answer Which contract has a place for Exception Documents and Surface Leases?
ONE TO FOUR FAMILY RESIDENTIAL CONTRACT - correct answer Which contract would an agent use to sell a Townhouse?
CONTINGENCY ADDENDUM / ADDENDUM FOR SALE OF OTHER PROPERTY BY BUYER - correct answer What addendum do you attach to the 1-4 Family Residential contract if your seller client wants to buy a home before they close on their own home?
TRUE - correct answer T/F? If a buyer has a new offer and had an option to terminate, the right to terminate continues from the original effective date through the # of days starting from the new effective amended date.
NO - correct answer Do Mineral Estates include grave, limestone, and sand?
BUYER - correct answer Who signs the Notice of Termination Contract?
10 DAYS - correct answer How long could it take for a buyer to get their earnest money refunded?
3 DAYS - correct answer How many days does a buyer have to terminate a contract after receiving Subdivision/ HOA information?
ON 2ND BUSINESS DAY AFTER ORIGINAL EFFECTIVE DATE - correct answer In a Short Sale, when does the Earnest money need to be delivered to the Title co?
WITHIN 3 DAYS OF THE ORIGINAL EFFECTIVE DATE - correct answer In a Short Sale, when does the Option money need to be delivered to the Seller or Seller's Agent?
ON ORIGINAL EFFECTIVE DATE - correct answer When does the right to terminate begin in a Short Sale Addendum?
NOTICE OF BUYERS TERMINATION CONTRACT - correct answer If a buyer is exercising the unrestricted right to terminate the contract under Paragraph 23 of the contract, they are using what contract?
HOMEOWNERS ASSOCIATION - correct answer Who is meant to complete the Subdivision information?
SHORT SALE ADDENDUM - correct answer Which addendum is used when the transaction is contingent upon the approval of the seller's lender?
OIL AND GAS ATTORNEY - correct answer If there are questions about mineral rights, who should be asked the questions?
NO / BUYER - correct answer Does the Notice of Buyer's Termination Contract address Earnest Money? Who signs this contract? [Show Less]