Champions 2023 Promulgated Contract Forms with correct answers 100%

Champions 2023 Promulgated Contract Forms with correct answers 100% void contract is _____ - Correct Answer -invalid from the beginning and does not affect the parties. -a contract to perform an illegal act is a void contract a voidable contract _____ - Correct Answer cannot be enforced against one or more of the parties consideration - Correct Answer is defined as the exchange of promises. it is the seller's promise to sell and the buyers promise to pay. does consideration have to be monetary - Correct Answer NO exchange of promises - Correct Answer is the consideration is earnest money a requirement for a valid contract - Correct Answer NO executory contract - Correct Answer what the contract is known as from the effective date through the closing common amendments - Correct Answer -changes to the closing date -changes to the sales price, down payment, and/or amount financed -repairs that the seller agrees to perform addendum - Correct Answer an attachment to contract that adds or further describes the rights and duties of the parties what happens if a provision in an addendum contradicts a provision in the main body of the contract? - Correct Answer the provision in the addendum prevails assignment of a contract - Correct Answer transfers all of the rights related to the contract to another party, known as the assignee are contracts for personal services assignable? - Correct Answer NO Why did TREC establish the broker lawyer committee? - Correct Answer to draft residential contact forms that with few exceptions, are mandatory for license holders. The committee writes the contract forms and associated addenda that TREC than promulgates. How many members are in the Broker-Lawyer committee - Correct Answer 13. 6 are agents, 6 are lawyers and one is a public member Who else can license holders use forms prepared and approved by? - Correct Answer licensed Texas attorneys What are the two TREC promulgated forms? - Correct Answer 1. Buyer's temporary residential lease 2. Seller's Temporary Residential lease An offer can be communicated by: - Correct Answer - phone -email -hand delivery imputed notice - Correct Answer legal doctrine that states an offer is presumed to have been delivered to the principal when it is delivered to the agent. TREC may discipline a license holder who fails to communicate an offer in a timely manner What are the options when responding to an offer? - Correct Answer 1. do nothing 2. reject 3. counter offer 4. accept agents should take care that they make no representation as to acceptanc