351 Promulgated Contract Forms 5 Flashcards

351 Promulgated Contract Forms #5 Flashcards

The agent is not practicing law if the agent:a. uses a form

adopted by the Commissionb. uses a form prepared by an attorney licensed in Texasc. uses a form prepared by the property ownerd. all the above Which of the following is not promulgated by TREC?a.unimproved Property Contractb. Residential Lease Contractc. Farm and Ranch Contractd. New Home Contract (complete construction)

Standard forms of TREC must be used unless:a. a broker

or salesperson wishes to use a different formb. a principal in the transaction requests a different form to be usedc. the listing broker disagrees with certain language in the contractd. a lender requires a different form to be used b.In the Buyer Agreement, Intermediary is in Paragraph 8.The paragraph is the same in the Buyer Agreement and in

the:a. listing agreementb. sales contractc. inspecting

reportd. seller's disclosure

A broker may not disclose any confidential info unless:a.

the broker is given permission in writing by the clientb. it is required by lawc. confidentially is not required in real estated. both a & b A license holder must disclose if he is a party to the transaction, or acting on behalf of a spouse, parent, child, business entity in which the license holder owns more than 10%. This is done in Paragraph ______ of the One-to-Four Family Residential Contract (Resale).a. 4b. 7c. 19d. 25

• 4

If either party withdraws their offer before it is accepted by

the other party, it is called:a. rejectionb. rescissionc.

reflectiond. withdrawal symptom b If a contract has a correct street address but an incorrect

legal description, the contract is:a. legal and bindingb.

irrevocablec. voidabled. irrefutable

• voidable

c.By law, a Seller must disclose anything they know about

the property. To do this, they must use:a. a TREC

promulgated disclosure formb. a form provided by the local Realtors Boardc. the Seller Disclosure form from the TExas Association of Realtors or the TRECd. any form they choose If a buyer needs to receive the funds from the sale of another property, they will need to do all of these

EXCEPT:a. attach a "Sale of Other Property" addendum

creating a contingency contractb. attach a non-realty items addendumc. offer an additional earnest money amount that allows the buyer to waive the contingencyd. place a closing date on the addendum that does not exceed the closing date in the contract b.

Broker's fees are:a. included in the One to Four Family

Residential Contract (Resale) between the Buyer and the Sellerb. determined by writing in the Buyer/Tenant

agreementc. determined by writing in the Listing Agreementd. both B & C c.

c. ?? intermediaryIntermediary requires:a. disclosure of who represents

whom in a transactionb. written agreement by both seller

and buyerc. involvement of only one companyd. all the above

Failure on the part of the broker/sales associate to advise the purchaser in writing to have an abstract of title

examined by an attorney or obtain a title insurance policy:a.

is not a violation of the Texas Real Estate License Actb. is the normal practice in Texasc. may be cause to have the agent's license suspended or revoked, and precludes receiving any commissions or agreed fees associated with the saled. is the correct action as this is clearly a legal matter

• may be cause to have....

Federal Fair Housing Laws forbid discriminatory practices

by parties including:a. owners of propertiesb. lendersc. real

estate brokersd. all the above

• all the above
• the sellerWithin ________ days after the title company receives a

copy of the contract, Seller shall furnish to Buyer a Commitment for title insurance.a. 10b. 5c. 20d. 30 b.If there are unusual circumstances surrounding a

transaction, the client should:a. not close on the propertyb.

ask the owner to finance the propertyc. seek the advice of an attorneyd. make his agent responsible for removing any problems

• ?If there is no time limit specified in a contract, then the limit

would be:a. determined to be "time is of the essence"b.

within a reasonable timec. determined by the lenderd. three weeks

A contract is described as:a. mutually bindingb. legally

enforceablec. an agreement between two or more parties to do or not to do somethingd. all the above

• all the above ? or c.

cIn the sales contract, under Broker Info, the "Other Broker firm" is given a choice of who they represent. What are the choices?a. buyer only as Buyer's Agentb. Seller and Buyer as an intermediaryc. Seller as Listing Broker's subagentd.both A & C In the late 1960s and the early 1970s, the _______ and the _______ attempted to resolve the dispute by agreeing to several earnest money contracts that would be acceptable for real estate practitioners to use in their daily business.a.texas state bar association --- Texas association of REALTORSb. the broke committee --- local boardc. texas real estate licensing act ---- TARd. the multiple listing service --- state association of commercial brokers

• tx state bar association -- tx ass of realtors
• both a & b ?If an Agent receives confidential info from a Client while the

agency agreement is in force, that agent may:a. share that

info once the agreement expiresb. share that info if the Client authorizes the agent to share itc. never share the info with another clientd. share the info, but only to another