Champion Real Estate School
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| show | Meets all of the requirements of the law
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| show | Invalid from the beginning and does not affect the parties cannot be enforced
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| Voidable contract | show 🗑
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| show | Cannot be enforced due to some flaw in the contract, passage of time or other issues
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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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| Executory contract | show 🗑
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| Amendments | show 🗑
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| Option | show 🗑
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| Addendum to contract | show 🗑
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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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| show | • Mutual agreement
• Partial performance (lease buyout)
• Substantial performance (most of the work completed/ offset for uncompleted work)
• Impossibility (death/ war/ natural disaster )
• Operation of law ie. zoning
• Breach of contract
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| Unilateral contract | show 🗑
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| Chapter 2: Broker - Lawyer Committee | show 🗑
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| TREC has promulgated sales contract forms | show 🗑
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| TREC can revoke or suspend a license | show 🗑
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| TREC has two promulgated lease forms: | show 🗑
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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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| An offer can be communicated by: | show 🗑
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| Texas recognizes the legal doctrine of imputed notice. | show 🗑
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| The party making the offer is called | show 🗑
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| show | the offeree.
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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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| Agents should take care that they make no representations as to acceptance of an offer until | show 🗑
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| The process of offer/counteroffer will continue until | show 🗑
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| show | notification
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| show | when all parties sign it, and the acceptance is communicated to
the offering party
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| Chapter 3: The contract form is the One to Four Family Residential Contract (Resale). | show 🗑
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| show | The down payment is always the difference between the sales price and the The down payment is always the difference between the sales price and the sum of all financing
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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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| show | • government loans are insured (FHA or VA or USDA)
• and conventional loans (any loan that is not a gov't loan)
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| show | Appraisal ordered by the VA - Certificate of Reasonable Value
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| APPROVAL OF FINANCING | show 🗑
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| A loan assumption | show 🗑
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| Some concerns regarding assumptions: | show 🗑
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| show | “joins the original borrower” on the note, leaving both with liability for repayment of the loan.
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| Seller Financing Addendum | show 🗑
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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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| Exceptions to use of TREC promulgated forms | show 🗑
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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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| show | • the rejection of the original offer
coupled with a new offer
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| show | No offer has a priority of presentation over another. The broker should submit all offers promptly.
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| Paragraph 1: Parties | show 🗑
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| Paragraph 2-D: Exclusions | show 🗑
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| show | Describes accessories not necessary built in but conveyed to the buyer
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| THIRD PARTY FINANCING ADDENDUM - 2B- Buyer approval | show 🗑
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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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| Termination option | show 🗑
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| show | is a deposit paid upfront to show serious intent w/in 3 days by midnight
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| For a valid option to exist, the following are required: | show 🗑
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| Paragraph 6A - The owner's tile policy can be paid by: | show 🗑
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| The title policy contains ______ exceptions promulgated by the TX Dept of Insurance | show 🗑
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| Paragraph 6B - Commitment | show 🗑
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| show | negotiable
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| Paragraph 6D- Objections | show 🗑
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| Residential Real Property Affidavit | show 🗑
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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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| Paragraph 7A (2) - Seller's Disclosure Notice | show 🗑
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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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| Paragraph 7-G Environmental Matters | show 🗑
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| show | business where broker or sales agent owns 10%
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| Appropriate TREC document RSC-3 | show 🗑
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| Paragraph 12 | show 🗑
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| Paragraph 20 | show 🗑
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| Good funds | show 🗑
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deidresj
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