Promulgated contracts practice exam with correct solutions

Promulgated contracts practice exam with correct solutions Which of these forms is least likely to be involved in the sale of unimproved property? A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is signed and changes initialed. Today, the written acceptance of the final agreement has been communicated to the other party. What is today called? How many lawyers are on the Broker-Lawyer Committee? According to the NAR Code of Ethics, unless the agent has written instructions stating otherwise, they must present all offers until: Buyer Javier sends a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000, no appliances. She then reconsiders and accepts the first offer. Is Javier obligated to buy the home? Why or why not? Which of these is NOT true about a Seller's Temporary Residential Lease? In which of these scenarios would it be correct to use the Residential Condominium Contract (Resale)? What is special about the earnest money section (paragraph five) and the option money section (paragraph 23) in the TREC promulgated sales contract? When seller financing is being used, the seller becomes: A potential buyer's current home is under contract. He has found a home he would like to make an offer on, but does not want to take a chance on being obligated to buy if his current home does not close. What form can help this buyer? Which of these is NOT necessary for a contract to be binding and effective? Which of these is NOT a protected class of people, according to Fair Lending Laws? Why are there multiple promulgated contracts for use in Texas? A murder/suicide took place in a property. The crime was widely publicized. What is the disclosure requirement for this crime?. A contract that is fully performed is referred to as: Which is the purpose of the Information About Brokerage Services form? In loan fraud, the lender is usually the . What is the statute of limitations to claim fraud or misrepresentation against a license holder?. Per Paragraph 7D, what is it called when a buyer accepts the property, "with any and all defects and without warranty"? What should an agent do if asked to violate anti-discrimination laws by a client? Emily and Josh signed a real estate contract with each other. The contract is now fully executed. What does that mean that Josh and Emily have done? Paragraph 7D(2) of the contract indicates: If legal action is required regarding a TREC sales contract, what will the non-prevailing party be responsible for? What does paragraph 7A of the One to Four Family Residential Contract grant every buyer the right to do? As outlined in the TREC promulgated sales contracts, what obligations does the seller have regarding the property condition at the time of sale? Agent Ralph has a buyer client that wants the seller to leave them the refrigerator, built-in microwave, and vent hood. Ralph notes this expectation in the Special Provisions section. What is wrong with this scenario? Which of these is a possible result of when zoning is changed and a property no longer qualifies for a previous exemption? In Paragraph 9 of the One to Four Family (Resale) contract, what must happen "on or before" the specified date? Laura is in contract for a home. Her contract contains a Sale of Other Property by Buyer Addendum. The seller has just accepted a back-up contract for the property that doesn't have this contingency. What happens to Laura and her contract?. A buyer needs more option period time. They have asked the seller, who agreed, and signed TREC's Amendment to Contract. What else must they do to make the extension official? Which of these is NOT something TREC has the power to do? Agent Ted advises his client that the title to the property he is buying is clear — no need to do a further title search. Why is this inappropriate? Additions to the standard coverage in a title policy can be purchased via: According to TREC rules, which of these must be delivered to the seller within three days of a contract's effective date? What is the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway for? A seller is renting back a property from a buyer using the Seller's Temporary Residential Lease. The seller damages the property while they are staying there. Who is responsible for the cost of the repairs? When all parties have agreed to all terms of an offer, have signed the offer, and have initialed any changes that took place during negotiations, what happens to the offer? How can an agent help protect the earnest money of a buyer who is financing their purchase? Which of these agent scenarios involving contracts is NOT inappropriate or in violation of TRELA? The Seller's Temporary Residential Lease will only be used: What is an express contract? If a seller wants to reserve part of their mineral rights after selling, where on the Reservation of Oil, Gas and Other Minerals Addendum would they note what percentage they're keeping?