Exam (elaborations)
PROMULGATED CONTRACTS PRACTICE EXAM QUESTIONS-
- Course
- Institution
PROMULGATED CONTRACTS PRACTICE EXAM QUESTIONS-
[Show more]
Content preview
PROMULGATED CONTRACTS PRACTICE EXAMQUESTIONS
The lender holding the note on a property must approve a short sale or the contract will
be
a) terminated.
b) amended to the amount owed.
c) transferred to another lender.
d) counteroffered. - Answers-terminated.
If a payment is made 10 or more days after the due date, what late fees are charged
under the Seller Financing Addendum TREC 26-6?
a) 1% of the sales price
b) 2% of the payment amount
c) 5% of the payment amount
d) A $100 flat fee - Answers-5% of the payment amount
The _______________ means that a judge's interpretation of a disputed contract clause
is influenced by the document as a whole.
a) Four Corners Doctrine
b) Four Squared Rule
c) Civil Due Process Doctrine
d) Fourth Promulgation Rule - Answers-Four Corners Doctrine
When should a buyer be notified that his contract has been accepted by the seller?
a) After the 3 day waiting period.
b) Within five business days of acceptance.
c) Within five business days of the listing expiring.
d) Immediately as waiting even an hour could cause a buyer to move on. - Answers-
Immediately as waiting even an hour could cause a buyer to move on.
How does a licensee indicate she is representing a buyer on the TREC OP-K
Information about Brokerage Services form?
a) By checking the applicable box
b) By writing the seller's name in the blank provided
c) By having the buyer sign it
d) No indication is required as the form is used for informational purposes - Answers-No
indication is required as the form is used for informational purposes
What may an HOA for a high-end development require for membership?
a) A background check
b) Three year's tax returns
c) Two year's HOA in advance
d) A $1,000 one-time membership fee - Answers-A $1,000 one-time membership fee
, When signing TREC 44-1 Addendum for Reservation of Oil, Gas and Other Minerals the
parties are advised to
a) ask the seller's licensee for advice before signing.
b) ask the EPA for guidance after signing.
c) sign the form quickly.
d) consult an attorney before signing if there are any concerns. - Answers-consult an
attorney before signing if there are any concerns.
Common areas in condominium complexes are owned by
a) the condominium association.
b) the homeowners association.
c) all the tenants as tenants-in-common.
d) the condominium developer. - Answers-all the tenants as tenants-in-common.
Seller Sherri Martinez received an offer on her home contingent on the buyers, the
Ackermans, selling their home. While waiting for the Ackermans, Sherri receives a back-
up offer without a contingency. What can Sherri do?
a) Sherri can ask the Ackermans to waive their contingency within an agreed upon
timeframe or terminate the contract.
b) Sherri can accept both contracts and see who is able to close first.
c) Sherri cannot accept any offers until the deadline to sell has passed on the
Ackerman's contract.
d) Sherri can terminate the Ackerman's contract with no notice or explanation. -
Answers-Sherri can ask the Ackermans to waive their contingency within an agreed
upon timeframe or terminate the contract.
Who is responsible for ensuring any needed utilities are turned on for a home
inspection?
a) The seller
b) The buyer
c) The broker
d) The home inspection company - Answers-The seller
When all terms of a contract are agreed to by all parties, there is
a) mutual assent.
b) mutual consent.
c) mutual duress.
d) mutual influence. - Answers-mutual assent.
A licensee could be exempt from using a TREC promulgated form when
a) the licensee is able to use a form approved by NAR.
b) the broker has solicited an attorney to draft a form.
c) the licensee is functioning solely as a principal, not as an agent.
d) the licensee has received permission from the Texas Secretary of State. - Answers-
the licensee is functioning solely as a principal, not as an agent.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53068 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now