AYPO Real Estate Promulgated contracts UPDATED Exam Questions and CORRECT Answers
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Course
AYPO Real Estate
Institution
AYPO Real Estate
AYPO Real Estate Promulgated contracts
UPDATED Exam Questions and
CORRECT Answers
"Psychological stigmas," which involve violent or catastrophic events on a property, fall
under which category of disclosure?
a. Required disclosures
b. Prohibited disclosures
c. Permitted disclosures
d. Non...
AYPO Real Estate Promulgated contracts
UPDATED Exam Questions and
CORRECT Answers
"Psychological stigmas," which involve violent or catastrophic events on a property, fall
under which category of disclosure?
a. Required disclosures
b. Prohibited disclosures
c. Permitted disclosures
d. None of these - Correct Answer- c. Permitted disclosures
If there is a field in a promulgated form for which you have no information to include, your
safest option is which of the following?
a. Run a line through it
b. Place "N/A" (not applicable) so it is clear that the buyer/buyer's agent is aware that the
section exists and was not just overlooked
c. Any of these
d. Just leave it blank - Correct Answer- b. Place "N/A" (not applicable) so it is clear that the
buyer/buyer's agent is aware that the section exists and was not just overlooked
Which of these is an exemption to the "legal capacity" requirement to form a contract?
a. A contract for a life necessity
b. The other party had no knowledge of the party's lack of legal capacity
c. Both of these are correct
d. Neither of these are correct - Correct Answer- a. A contract for a life necessity
An amendment must always include reference to all of these, except:
,a. The title report
b. The original contract
c. Parties
d. Date of ratification - Correct Answer- a. The title report
What category of disclosure do "psychological stigmas" fall into in Texas?
a. Prohibited
b. Required
c. Permitted
d. None of these - Correct Answer- c. Permitted
Promulgated contracts for TRELA generally are developed by which of the following?
a. TREC
b. National Association of Realtors
c. Texas Bar Association
d. The Broker-Lawyer Committee - Correct Answer- d. The Broker-Lawyer Committee
If the seller has misled or misrepresented something, the signature at closing:
a. Terminates any obligation to the buyer
b. Neither of these
c. Either of these
d. Does not release them from those promises - Correct Answer- d. Does not release them
from those promises
Restrictive covenants are regulations which can include which of the following?
a. Dictating minimum residence size
b. Nuber of homes per lot
,c. Types of construction allowed and not allowed
d. All of these - Correct Answer- d. All of these
Before leasing the property back to a seller or leasing it ahead of closing to a buyer, both
parties need to pay attention to the effect that leasing will have on which of the following?
a. Their insurance coverage
b. The Seller's disclosure
c. The title commitment
d. The title policy - Correct Answer- a. Their insurance coverage
HUD's primary concern is to ensure that any occupancy standards are not so strict as:
a. To discriminate against single residents
b. To undo protections of families with children
c. To create a safety hazard
d. None of these - Correct Answer- b. To undo protections of families with children
Which of these is a part of the Seller Financing Agreement
a. Promissory Note
b. Deed of Trust
c. Buyer's Credit Approval
d. All of these - Correct Answer- d. All of these
Which of these DOES NOT mean that a contract might not or will not likely stand up in
court?
a. Valid
b. Voidable
c. Unenforceable
, d. Void - Correct Answer- a. Valid
TRELA states unequivocally that it is illegal for a licensee to draw, i.e. create or develop
which of the following on their own?
a. A deed of trust
b. A deed
c. All of these
d. A will - Correct Answer- c. All of these
Which of the New Home Contracts includes the Page 8 construction defect language?
a. Neither of them
b. Both of them
c. New Home Contract (incomplete)
d. New Home Contract (completed) - Correct Answer- b. Both of them
Which Paragraph of the TREC 1-4 contract already includes a "time is of the essence"
clause?
a. 23
b. 18
c. 6
d. 5 - Correct Answer- d. 5
How many multiple back-up offers can be in line at one time?
a. No more than two
b. Texas law only allows for one back-up offer at a time
c. There is no limit to the number of backup offers
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