Texas Promulgated Contract Forms & Addenda Final
Exams | RELE 1211 | Austin Community College Distrct
Which of the following is an example of a Bilateral A Promise in exchange for a promise - Purchase Contract.
contract? Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract
Who is responsible for filling in the effective date, who, Broker. Between the buyer and the seller, The date on which the communication
when & what? was made. The date of initialing and signing of the parties. The last party to
initial/Sign fills in the day. Broker. Last party to accept must communicate back to
other party & fill in the date
What is a legal proceeding brought by a party to a Breach of a contract, one-party defaults, sues for specific performance, seek other
contract against another party to compel action called relief - arbitration, mediation, injunction to sue for compensatory Damages.
for in the agreement?
If a seller fails to provide the buyer with the seller's Voidable at the option of the buyer. Voidable by buyer any time prior to closing
disclosure of property condition as required by Section and the earnest money will be refunded to the buyer.
5.008 of the Texas Property Code, what is the status of
the purchase contract?
Which term identifies the substitution of a new contract Novation
for an existing contract?
When using a Power of Attorney to transfer title to real Attorney-in-fact - Legal description and the subject of the authority
property?
Who must convey to the principal all known information Licensee - the listing agent/selling agent
that would affect the principal's decision to accept
or reject offers?
, When a legally enforceable promise is exchanged for a It is a Bilateral Contract.
legally enforceable promise?
If the seller has already sent a counteroffer to a Withdraw the counteroffer first then consider new offer
prospective buyer and then receives another offer that is
even better, the seller:
Which law requires the contract for real property to be in Statute of Frauds
writing and signed to be enforceable?
To have a valid real property contract, something of value Consideration
must be exchanged. This is called:
When may a potential purchase's offer to buy real estate at any time before it's accepted
be withdrawn?
Which of the following is NOT addressed by a TREC- Lease with an option to purchase. Lease purchase - new Condo contract
promulgated contract?
When is a financing addendum not required? When the buyer pays in cash. When third financing addendum is waived
Items that are preprinted in paragraphs 1 and 2 of the Exclusions
contract include all the following except?
When will the third party financing addendum credit 1. all cash
approval not be used? 2. When Third Part Financing contingency is waived
Which addenda will the Purchaser use when purchasing a None- no addendum will be used.
property for cash?
Which addendum is commonly used in a transaction Third party financing addendum.
involving a 90 percent fixed rate loan with PMI?
What form is used if the buyer wants the seller to leave Non-- Reality items addendum
the refrigerator with the home after closing?
In Third party financing addendum for credit approval, MARKET RATE-----
what should the Cap On interest rates? Should be on what the buyer and lender have agreed on and it should not exceed
that amount.
Federal law dictates that an addendum addressing the Prior to 1978.
possible presence of lead-based paint and lead based
paint hazard be attached to the purchase agreement
when the house is being so that was built before?
Earnest money is to be deposited? By the close of the escrow agent's second business day following the signing of
the agreement.
By the end of the 2nd business day after the effective date. days of the effective
date of the contract.
Exams | RELE 1211 | Austin Community College Distrct
Which of the following is an example of a Bilateral A Promise in exchange for a promise - Purchase Contract.
contract? Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract
Who is responsible for filling in the effective date, who, Broker. Between the buyer and the seller, The date on which the communication
when & what? was made. The date of initialing and signing of the parties. The last party to
initial/Sign fills in the day. Broker. Last party to accept must communicate back to
other party & fill in the date
What is a legal proceeding brought by a party to a Breach of a contract, one-party defaults, sues for specific performance, seek other
contract against another party to compel action called relief - arbitration, mediation, injunction to sue for compensatory Damages.
for in the agreement?
If a seller fails to provide the buyer with the seller's Voidable at the option of the buyer. Voidable by buyer any time prior to closing
disclosure of property condition as required by Section and the earnest money will be refunded to the buyer.
5.008 of the Texas Property Code, what is the status of
the purchase contract?
Which term identifies the substitution of a new contract Novation
for an existing contract?
When using a Power of Attorney to transfer title to real Attorney-in-fact - Legal description and the subject of the authority
property?
Who must convey to the principal all known information Licensee - the listing agent/selling agent
that would affect the principal's decision to accept
or reject offers?
, When a legally enforceable promise is exchanged for a It is a Bilateral Contract.
legally enforceable promise?
If the seller has already sent a counteroffer to a Withdraw the counteroffer first then consider new offer
prospective buyer and then receives another offer that is
even better, the seller:
Which law requires the contract for real property to be in Statute of Frauds
writing and signed to be enforceable?
To have a valid real property contract, something of value Consideration
must be exchanged. This is called:
When may a potential purchase's offer to buy real estate at any time before it's accepted
be withdrawn?
Which of the following is NOT addressed by a TREC- Lease with an option to purchase. Lease purchase - new Condo contract
promulgated contract?
When is a financing addendum not required? When the buyer pays in cash. When third financing addendum is waived
Items that are preprinted in paragraphs 1 and 2 of the Exclusions
contract include all the following except?
When will the third party financing addendum credit 1. all cash
approval not be used? 2. When Third Part Financing contingency is waived
Which addenda will the Purchaser use when purchasing a None- no addendum will be used.
property for cash?
Which addendum is commonly used in a transaction Third party financing addendum.
involving a 90 percent fixed rate loan with PMI?
What form is used if the buyer wants the seller to leave Non-- Reality items addendum
the refrigerator with the home after closing?
In Third party financing addendum for credit approval, MARKET RATE-----
what should the Cap On interest rates? Should be on what the buyer and lender have agreed on and it should not exceed
that amount.
Federal law dictates that an addendum addressing the Prior to 1978.
possible presence of lead-based paint and lead based
paint hazard be attached to the purchase agreement
when the house is being so that was built before?
Earnest money is to be deposited? By the close of the escrow agent's second business day following the signing of
the agreement.
By the end of the 2nd business day after the effective date. days of the effective
date of the contract.
