Contracts
Under Texas law, a seller who has signed a listing agreement and then receives an acceptable offer is obligated to:
AAccept the offer if it meets all listing terms
BReview the offer but ultimately has the right to accept or reject it✓ Correct
CAutomatically extend the option period before deciding
DSubmit the offer to TREC for review
Explanation
While an agent's listing agreement creates an obligation to market the property and present offers, the seller retains the ultimate right to accept or reject any offer. A listing agreement does not compel the seller to accept even a full-price offer. However, rejecting an offer that meets all terms may result in the broker claiming the earned commission.
Related Texas Contracts Questions
- The TREC 'Non-Realty Items Addendum' is used to include in the sale:
- In a Texas real estate contract, 'specific performance' is a remedy where:
- Under the TREC contract, who is responsible for maintaining the property between the effective date and closing?
- Which of the following is considered a 'material fact' that must be disclosed in a Texas real estate transaction?
- The TREC contract form provides that the survey used must show certain items. Which is NOT typically shown on a Texas survey used at closing?
- The TREC contract's Third Party Financing Addendum allows the buyer to terminate if they are unable to obtain financing approval within a specified period. The buyer must notify the seller of the inability to obtain financing:
- Texas TREC contracts provide for which type of notice to be effective upon receipt by the other party?
- In Texas, a 'material breach' of a real estate contract gives the non-breaching party the right to:
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