Promulgated Contract Forms (Champions) questions and answers latest.

Promulgated Contract Forms (Champions) questions and answers latest. mutual lconsent l- l l l lcorrect lanswer.a l"meeting lof lthe lminds" unilateral lcontract l- l l l lcorrect lanswer.a lcontract lin lwhich lonly lone lparty lis lobligated lto lperform unenforceable lcontract l- l l l lcorrect lanswer.a lcontract lthat lcannot lbe lenforced ldue lto lsome lflaw lor lother lissue lin lthe lcontract elements lof la lvalid land lenforceable lcontract l- l l l lcorrect lanswer.COLIC l(competent lparties, loffer land lacceptance, llegal lpurpose, lin lwriting, lconsideration) amendment l- l l l lcorrect es lto lthe lcontract; lcommon lones linclude lchanges lto lthe lclosing ldate, lchanges lto lthe lsales lprice, ldown lpayment lor lamount lfinances, lrepairs lthe lthe lseller lagrees lto lperform, lremoval lor lwaiver lof lcontingencies addenda l- l l l lcorrect lattachment lthat ladds lor lfurther ldescribes lthe lrights land lduties lof lthe lparties assignment l- l l l lcorrect fers lall lof lthe lrights lrelated lto lthe lcontract lto lanother lparty lknown las lassignee novation l- l l l lcorrect la lnew lcontract lis lsubstituted lfro lan lexisting lone statute lof llimitations l- l l l lcorrect s lthe ltime lyou lmay lfile lsuit. lIn lTexas, lit's ltwo lyears lfor loral lagreement land lfour lyears lfor la lwritten lagreement reasons lfor ltermination l- l l l lcorrect l lagreement; lpartial lperformance; lsubstantial lperformance; limpossibility; loperation lof llaw; lbreach lof lcontract bilateral lcontract l- l l l lcorrect lanswer.a lcontract lof lsale lbetween la lbuyer land lseller executory lcontract l- l l l lcorrect lanswer.a lcontract lthat lis lbinding lon lthe lparties, lwith lone lor lmore lof lthe lparties lhaving lcontractual lduties lthat lhave lnot lyet lbeen lperformed promulgated lforms l- l l l lcorrect act lforms lpublished lby lTREC counteroffer l- l l l lcorrect lanswer.a lrejection lof lthe loriginal loffer lcoupled lwith la lnew loffer offeror l- l l l lcorrect lparty lmaking lthe loffer Buyer's lor lSeller's lTemporary lResidential lLease l- l l l lcorrect lno lmore lthan l90 ldays offer lmust lbe lpresented... l- l l l lcorrect , lfax, lemail, lletter, lhand ldelivery options lwhen lresponding lto lan loffer l- l l l lcorrect lnothing; lreject; laccept; lcounteroffer acceptance l- l l l lcorrect lthat lthe laccepting lparty ldoes lso lwith lno lchange lto lthe lcontract lwhatsoever net lsheet l- l l l lcorrect lestimate lof lthe lnet lproceeds lto lthe lseller land lshould lbe lprepared lbased lupon lthe loffer lbeing lconsidered Broker-Lawyer lcommittee l- l l l lcorrect lanswer.13 lmembers; lwrite lresidential lcontract lforms lthat lare lgenerally lmandatory lfor llicense lholders TREC l- l l l lcorrect ised lof l9 lmembers communication l- l l l lcorrect lreferred lto las lnotification imputed lnotice l- l l l lcorrect lthis lconcept, lan loffer lis lpresumed lto lhave lbeen ldelivered lto lthe lprincipal lwhen lit lis ldelivered lto lthe lagent Paragraph l2.(A) l- l l l lcorrect lanswer.Sales lPrice lis lthe lsum lof l3.A land l3.B Paragraph l2.(B) l- l l l lcorrect des lthe limprovements, lincluding lthe lhouse, lgarage land lother lpermanently linstalled land lbuilt-in litems Paragraph l2.(C) l- l l l lcorrect ibes laccessories lwhich lare lcommonly lconveyed Paragraph l2.(D) l- l l l lcorrect sions lto lthe lsale. lIf litem lis lto lbe lexcluded, lgive lname land llocation Paragraph l3.(A) l- l l l lcorrect lpayment lis lalways lthe ldifference lbetween lthe lsales lprice land lsum lof lall lfinancing Paragraph l3.(B) l- l l l lcorrect lof lall lfinancing lfrom lall lsources Paragraph l3.(C) l- l l l lcorrect lanswer.Sales lprice lis lthe lsum lof l3.A land l3.B Paragraph l4 l- l l l lcorrect ial lrelationship lmust lbe ldisclosed property lincludes l- l l l lcorrect , laccessories land limprovements certificate lof lreasonable lvalue l- l l l lcorrect red lto lget lVA lguaranteed lfinancing endorsement l- l l l lcorrect e lmade lto la lstandard linsurance lpolicy title lpolicy l- l l l lcorrect ance lpolicy lagainst llosses lresulting lin ldefects lin ltitle owner's ltitle lpolicy lcan lbe lpaid lby.... l- l l l lcorrect r lbuyer lor lseller l(usually lseller) Texas lDepartment lof lInsurance l- l l l lcorrect lpromulgated lEIGHT lexceptions lto ltitle linsurance lpolicies default l- l l l lcorrect re lto lmeet la lcontractual lobligation escrow l- l l l lcorrect lheld lby la lthird lparty luntil lperformance lof la lcontract option lperiod l- l l l lcorrect ltime lallowed lfor lbuyer-specified linspections prorations l- l l l lcorrect ses ldivided lbetween lparties lat lclosing options lin lcases lof lbuyer ldefault l- l l l lcorrect fic lperformance; lmonetary ldamages; lliquidated ldamages l(keep learnest lmoney) options lin lcase lof lseller ldefault l- l l l lcorrect fic lperformance, lmonetary ldamages, lrefund lof learnest lmoney option l(provides lwhat) l- l l l lcorrect lanswer.Buyer lhas lunrestricted lright lto lterminate lthe lcontract lwithin lthe loption lperiod rollback ltaxes l- l l l lcorrect lassessed lwhen la lproperty lno llonger lhas lan lagricultural lexemption farm land lranch lcontract l- l l l lcorrect ins lprovisions lfor lsurface lleases lrelated lto la lproperty agricultural luse lexemption l- l l l lcorrect d lfor levaluating ltax lburden lof lproperties lused lfor lagriculture unimproved lproperty lcontract l- l l l lcorrect lfor lthe lsale lpf lproperties lwith lno lexisting lstructures in la lFarm land lRanch lsale, lbuyer lreceives lthe lfollowing: l- l l l lcorrect ills, ltanks, lpens l(NOT ltrucks)