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A scenario involving a real estate transaction under the trec residential condominium contract. It focuses on a buyer's right to terminate the contract due to property damage (hail-damaged roof) and the conditions under which this right can be exercised. The scenario requires understanding contract clauses related to property condition, notification timelines, and the buyer's options in case of damage. It tests knowledge of real estate law, contract interpretation, and buyer-seller responsibilities. The question posed is about the timeline for the association to provide confirmation regarding the restoration of the roof. Useful for students studying real estate law, contract law, or anyone preparing for real estate exams.
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Which of the following is TRUE regarding occupancy restrictions? A) Housing providers have been permitted to develop and implement reasonable occupancy restrictions on their own. B) Housing providers may not develop occupancy restrictions on their own. C) Housing providers may develop but not implement reasonable occupancy restrictions on their own. D)
Housing providers may not implement reasonable occupancy restrictions on their own. - Correct Answer ✔️ ✔️ A)
Housing providers have been permitted to develop and implement reasonable occupancy restrictions on their own. Which of the following is NOT a defense to the DTPA? A) A written limitation of liability B) It was impossible for the broker to know that the information was false C) A reasonable offer of settlement within specified time periods D)
Nothing D) 1% - Correct Answer ✔️ ✔️ D)
1% When may a defendant be held jointly and separately responsible for all damages recoverable by the claimant? A) If the defendant's percentage of responsibility is greater than 40% B) If the defendant's percentage of responsibility is greater than 50% C) Anytime D)
If the defendant's percentage of responsibility is greater than 75% - Correct Answer ✔️ ✔️ B)
If the defendant's percentage of responsibility is greater than 50% Broker and seller enter into a listing agreement where the seller agrees to pay the listing broker 7% of the purchase price if the house is sold. The property is not listed in the MLS but eventually sells. How much will the seller have to pay the selling broker under the agreement? A) 7% B) 3.5% C) 3%
$300,000 if it was done knowingly - Correct Answer ✔ ️ ✔ ️ B) $300,000 if it was intentional Which agreement for payment of broker's fees is between the seller and the broker? A) The listing agreement B) Paragraph 8 of the residential contract C) The last page of the residential contract D) The consumer representation agreement - Correct Answer ✔ ️ ✔️ A)
The listing agreement Which of the TREC contracts includes an agreement to pay the broker's commission? A) All of them B) The last page of the One to Four Family Residential Contract C) The last page of the Farm and Ranch Contract D) The last page of the New Home Contract - Correct Answer ✔️ ✔️ C)
The last page of the Farm and Ranch Contract
void. B) enforceable. C) valid. D) voidable. - Correct Answer ✔️ ✔️ D)
voidable. All TREC addenda are promulgated for required use by license holders. True False - Correct Answer ✔️ ✔️ false. There are many promulgated addenda, but there are also addenda that are approved by TREC and provided for voluntary use.
Tort - Correct Answer ✔️ ✔️ an act that damages another individual and gives rise to legal action When Does the Offer Become a Contract? - Correct Answer ✔ ️ ✔️ The offer becomes a contract when all parties have agreed to all terms of the offer and have signed the contract. That final date of acceptance is the date on which the contract becomes binding between the parties. The following four things must take place in order for the contract to become binding and effective (becoming the effective date in the contract): - Correct Answer ✔️ ✔️ 1. Be in writing
The license holder explains to the principals the meaning of the factual statements or business details contained in the contracts. D) The license holder used a TREC promulgated purchase agreement that was specifically designed to work for a different type of transaction. - Correct Answer ✔️ ✔️ C)
The license holder explains to the principals the meaning of the factual statements or business details contained in the contracts. Which of the following is a TREC promulgated form? A) Non-Realty Items Addendum B) Lead-Based Paint Addendum C)
Seller's Disclosure of Property Condition D) Addendum for Sale of Other Property by Buyer - Correct Answer ✔️ ✔️ D) Addendum for Sale of Other Property by Buyer Which of the following is an exception to using TREC promulgated contract forms? A) All of these B) When a license holder is not representing either party in the transaction C) When the license holder is solely leasing property
promulgated by another state. - Correct Answer ✔️ ✔ ️ C)
that is prepared by the property owner. A license holder is purchasing property for himself. A TREC promulgated contract is appropriate for this purchase, but the license holder decides to be creative and draft his own contract from what he has learned in his real estate classes. Which of the following is most likely to be TRUE? A) This is a violation of Section 1-1a of the TRELA. B) The license holder could be held as practicing law and could have his license suspended or revoked by TREC. C) If the other party signed it, it would be voidable by the other party.
The license holder has the right to draft his own contract. - Correct Answer ✔️ ✔️ D) The license holder has the right to draft his own contract. How many promulgated contracts does TREC issue? A) Nine B) Four C) Eight D) Six - Correct Answer ✔️ ✔️ D)
19 - Correct Answer ✔️ ✔️ A)
2 The Subdivision Information, Including Resale Certificate for Property Subject to Mandatory Membership in an Owners Association form is A) a promulgated amendment. B)
a promulgated addendum. C) an approved optional/voluntary use form. D) a promulgated notice. - Correct Answer ✔ ️ ✔ ️ A)
a promulgated amendment. The seller reviews and signs the offer at 6:00 pm Saturday. She texts her acceptance to her broker. The broker does not read the text until 7:00 am Sunday, and then immediately forwards it to the buyer's broker. Meanwhile, the buyer changes her mind and texts a withdrawal of the offer directly to the seller. A few minutes later, the seller's broker texts the original notice of acceptance to the seller. Is there a binding contract? A)
