Question 33 Which of the following is a TREC-promulgated contract?
Response Feedback: The answer is Residential Condominium Contract. The Residential Condominium Contract is one of six TREC-promulgated contracts. Learning Objective 1.4.Question 34 A tenant who does not pay rent is
Response Feedback: The answer is in breach of the rental agreement. The breaching or defaulting party assumes certain burdens, and the non-defaulting party has certain legal remedies (eviction). Learning Objective 3.5Question 35 An agent represents a buyer. Which of the following forms of advice can the agent give to an unrepresented buyer?Selected Answer: Advice on having the abstract examined by an attorneyAnswers: Advice on having the abstract examined by an attorneyAdvice on what price to offerAdvice regarding the legal sufficiency of a paragraph of the contractAdvice on asking for repairs
Response Feedback: The answer is advice on having the abstract examined by an attorney. The TRELA specifically prohibits licensees from practicing law by giving opinions or counsel regarding the validity or legal sufficiency of an instrument that addresses real property rights or as to the status of title to real estate. Throughout the act, it is clearly established that, prior to signing a purchase contract, the licensee must give a buyer written advice to have the abstract covering the property examined by an attorney of the buyer's selection or to obtain an owner's title insurance policy prior to closing. Failure to do so may result in disciplinary action by the TREC.