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Question 501.66667 out of 1.66667 pointsA seller wants to close using a contract for deed. Which of the following is MOST correct?Selected Answer:The listing agent could continue helping the seller, but this type of contract must be drafted by an attorney.Answers:The listing agent, with her broker’s permission, could use a TREC promulgated purchase agreement to handle this type of transaction.The listing agent must use the TREC promulgated Contract for Deed Contract.The listing agent would be in violation for attempting this type of transaction because contract for deeds are not legalby federal statute.
The listing agent could continue helping the seller, but this type of contract must be drafted by an attorney.Question 511.66667 out of 1.66667 pointsWhich of the following is required for a valid contract?Question 521.66667 out of 1.66667 pointsAccording to the Texas Real Estate License Act, which of the following requires that a licensee be a practicing attorney?Question 531.66667 out of 1.66667 pointsA buyer and a seller enter into a contract using the Farm and Ranch Contract, which is one of TREC’s six promulgated contracts. The effective date of the contract is June 20, and the buyer has 8 days to fulfill a duty under the contract. By when must the buyer complete theduty?
Question 541.66667 out of 1.66667 pointsWho promulgates contracts for mandatory use by licensees?Selected Answer:Texas Real Estate CommissionAnswers:Broker-Lawyer CommitteeReal Estate License ActTexas Contract Adoption CommitteeTexas Real Estate CommissionQuestion 551.66667 out of 1.66667 pointsAn offer or counteroffer may be withdrawn at any time before it has beenQuestion 561.66667 out of 1.66667 pointsThe legal description of the property, improvements, accessories, and any exclusions to improvements or accessories are