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Champion Real Estate School

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
Chapter 1: Valid contract   show
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Void contract   show
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show Cannot be enforced  
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Unenforceable contract   show
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Elements of a valid and enforceable contract   show
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show Exchange of promises Ernest money is not a requirement of a valid contract  
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show Becomes effective date (signed and communicated) through the closing ( usually 45-60 days)  
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Amendments   show
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Option   show
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show Attachment that adds or further describes the rights and duties of the parties; An addendum always prevails over any contract provisions that are contradictory  
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show Transfers all rights related to the contract. Contracts for personal services are not assignable. (ie. Listing agreement or buyer's representation agreement  
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Novation   show
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Reasons for termination   show
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show Lacks mutuality, an option is a unilateral contract because only the seller has made a promise  
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show Created to draft and revise contract forms capable of standardization for use by real estate License holders.  
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show 1.One-to-Four Family Contract (Resale) 2. New Home Contract (Incomplete Construction) 3. New Home Contract (Completed Construction) 4. Unimproved Property Contract 5. Residential Condominium Contract (Resale) 6. Farm and Ranch Contract  
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show Upon proof that the license holder drew a deed, note, deed of trust, will or other written instrument that affects or transfer title to land  
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show 1. Buyer’s Temporary Residential Lease – for use when the buyer occupies the property for < 90 days prior to closing. 2. Seller’s Temporary Residential Lease - for use when the seller occupies the property for < 90 days after closing.  
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show right of first refusal. This provision in a lease gives the tenant the right to purchase the leased property by matching or bettering any offer before the property will be sold tosomeone else.  
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show • phone • fax • e-mail • letter • hand delivery  
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show Under this concept, an offer is presumed to have been delivered to the principal when it is delivered to the agent.  
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show the offeror  
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The party to whom the offer is made is   show
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The person to whom an offer is made has several options when responding to the offer, which include:   show
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show all parties have signed, and the acceptance has been communicated  
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show an agreement is made or one of the parties grows weary and withdraws.  
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Communication is also referred to as   show
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show when all parties sign it, and the acceptance is communicated to the offering party  
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show One to four means that it can be used for single-family properties, duplexes, triplex properties, and four-unit buildings 5 family properties are considered commercial properties ** not for use for condominiums  
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PARAGRAPH 3A.   show
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PARAGRAPH 3.C.   show
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The most common form of mortgage financing is through third-party lenders such as:   show
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Third party financing is divided into two broad categories:   show
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VA Guaranteed Financing:   show
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show This paragraph gives the buyer a specific number of days in which to obtain credit approval. (assets, income, credit history)  
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A loan assumption   show
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show 1. Seller’s liability 2. Time to process (75-90 days)  
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If the seller does not receive a release of liability, the buyer assuming the loan   show
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show Available for buyers who cannot qualify for traditional financing.  
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Buyer Default   show
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The most common mistakes that license holders commit in preparing contracts fall into two areas:   show
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show • form prepared and approved by a license TX atty • form prepared by the property owner • form prepared by atty and required by property owner  
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Paragraph 11, Special Provisions, that changed the legal effect of the contract. Inserting “time is of the essence” in Paragraph 11 changes the legal effect of the contract and could be interpreted as   show
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The counteroffer is actually a two-step process:   show
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Multiple offers   show
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Paragraph 1: Parties   show
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show The following improvements and accessories will be retained by Seller and must be removed prior to delivery of possession. (Give item a name and location)  
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Paragraph 2 C: Accessories   show
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show lender's requirements related to Buyer’s assets, income and credit history  
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show DELIVERY OF EARNEST MONEY AND OPTION FEE: Within 3 days after the Effective Date, Buyer must deliver to escrow agent  
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show negotiable number of days after effective date of contract, by 5pm  
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show is a deposit paid upfront to show serious intent w/in 3 days by midnight  
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show the blanks in 5A and 5B (negotiable) must be filled out option fee must be paid w/in 3 days of the effective date of contract by 5pm. Buyer must deliver option fee to escrow agent (option is credited but never refunded)  
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show either the Buyer or the Seller  
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show 9  
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Paragraph 6B - Commitment   show
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Buyer has _______________ days to object afterthe Buyer receives the Commitment, Exception Documents, and the survey.   show
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Paragraph 6D- Objections   show
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show When using the seller's existing survey, the seller is given a number of days to deliver the survey, T-47 Affidavit to the Buyer and title company.  
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TREC Notice to Prospective Buyer   show
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Paragraph 7A - Property Condition - Access, Inspection and Utilities   show
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show •Buyer doesn't t receive Notice - may terminate at any time prior to the closing and the earnest money refunded • Seller delivers the Notice - Buyer may terminate for any reason w/in 7 days after Buyer receives the Notice or prior to the closing  
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show construction prior to 1978 C - Buyer's Rights (buyer may waive right to inspect) D - Buyer's Acknowledge of receipt of copy  
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Paragraph 7D(2) - ACCEPTANCE OF PROPERTY CONDITION   show
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show Buyer is advised about the presence of environmental hazards  
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show business where broker or sales agent owns 10%  
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show Disclosure of Relationship Service Company  
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show Buyer and Seller Expenses  
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show taxes sent to IRS for foreign seller  
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show wire transfer, cashier's check  
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