Texas Promulgated Contracts Exam Study Guide With Complete Solution
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Texas Promulgated Contracts Exam Study Guide With Complete Solution 2023
According to the Addendum for "Back-Up" Contract, when must the option money be paid?
((Correct Ans:-Upon execution
Real Estate Dealer's License Act (REDLA)
((Correct Ans:-Passed in 1939, it required real estate agents to obtain licenses. It was changed to the Texas Real Estate License Act in 1949
True or False: The seller would be the party of the first part and the buyer would be the party of the second part. Any salesperson would be considered a third party and regulated by the commission.
((Correct Ans:-True
Contract
((Correct Ans:-A legal agreement between parties to do (performance) or not to do (forbearance) a certain act for consideration.
Four elements of a contract:
((Correct Ans:-Agreement
Consideration
Competent parties
Legal objective
A contract for the purchase of ____________________ must be in writing to be enforceable.
((Correct Ans:-real estate
Contract law is based on the principle expressed in the Latin phrase "pacta sunt servanda" loosely translated to ______________________.
((Correct Ans:-"agreements are to be kept"
To be of legal age in Texas, a person must be __________________, unless in the military or married.
((Correct Ans:-18 or older
True or False: A licensee should never try to make a determination if a person is drunk or on drugs. The licensee could ask but could not deny the person if they wanted to write an offer. This could put the licensee in the position of violating the Federal Fair Housing Act or be a breach of his or her agency duties to the client.
((Correct Ans:-True
The Texas Real Estate Commission regulates a licensee __________________.
((Correct Ans:-In transactions in which the licensee is acting in a third-party position.
Mutual assent
((Correct Ans:-agreement to ALL the terms by ALL the parties
The contract cannot contain:
((Correct Ans:-Misrepresentation - an error
Fraud - intentional misrepresentation
Duress - use of force
Menace - threat of violence
Undue Influence - use of power
[Solved] Texas Promulgated Contracts Exam Study Guide With Complete Solution 2023
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