Exam (elaborations)
PROMULGATED CONTRACTS PRACTICE TEST
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PROMULGATED CONTRACTS PRACTICE TEST
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PROMULGATED CONTRACTS PRACTICE TESTWhat does paragraph 7A of the One to Four Family Residential contract grant every
buyer the right to do? - Answers-have the property inspected
If a property is occupied solely by people over the age of 62 and qualifies as senior
housing it is exempt from: - Answers-the familial status portion of the Fair Housing Act
According to Paragraph 9 of the One to Four Family Residential Contract, how must a
buyer pay for the property? - Answers-"in good funds acceptable to the escrow agent"
Seller Vera agrees to allow another veteran to assume their mortgage loan. To make
sure Vera can get their VA entitlement restored, what must be attached to the contract?
- Answers-Addendum for release of liability on an assumed loan and or restoration of
sellers VA addendum
What are some factors about the residential service contract? - Answers--its optional
-the buyer is responsible for understanding the coverage they're choosing
-the provider is chosen by the buyer
NOT
-the buyer is responsible for understanding the coverage they are choosing
What is the purpose of the Short Sale Addendum? - Answers-to protect a seller who is
selling their home for less than they owe their lender
If an agent makes a change to Paragraph 6A8 in a TREC promulgated contract, which
of the following is most likely to be the result? - Answers-The title policy will be amended
to read "shortage in area" rather than the standard exception
A murder/suicide took place in a property. The crime was widely publicized. What is the
disclosure requirement for this crime? - Answers-It must be disclosed forever.
Rollback taxes are addressed in all of the following except: - Answers--both new home
contracts
-farm and ranch contract
-unimproved property contract
NOT
residential service contract
Within how many days after the title company receiving a copy of the contract will the
buyer receive the title policy documents? - Answers-20 days
A seller is selling a property that is under a lease. When does the seller have to deliver
a copy of the lease and any move-in condition form to the buyer? - Answers-within
seven days after after the effective date
, When a contract has been fully executed, what has happened to it? - Answers-it has
been terminated
According to the Environmental Assessment, Threatened or Endangered Species, &
Wetlands Addendum, what happens if the buyer can provide the seller with a report
proving that the use of the property is negatively affected by one of the noted factors
(before the agreed upon deadline)? - Answers-the buyer can terminate the contract and
get their earnest money back
What is an example of a TREC promulgated contract? - Answers-farm and ranch
contract
What does the third party financing addendum provide a deadline to buyers for? -
Answers-informing a seller they didn't get their financing approved
What is something that TREC cannot do? - Answers-license developers and builders
In TREC promulgated contracts, what does Paragraph 21: Notices provide information
about? - Answers-where to send official notices about the contract
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? - Answers-Laura can
waive the addendum by a date she and the seller agree on, otherwise her contract
terminates
How long after receiving an Addendum for Property Subject to Mandatory Membership
in an Owner's Association does a buyer have to terminate the contract? - Answers-3
days
Paragraph D of the Short Sale Addendum contains a date by which the seller must get
approval from their lender for the sale. What happens if the lender does not give
approval by the date? - Answers-The contract will terminate and the earnest money will
be refunded to the buyer
According to the Addendum for Back-Up Contract, if a first contract is terminated and
the seller notifies the back-up buyer of the termination, what happens? - Answers-that
date becomes the effective date of the back up contract
Why does the Notice of Buyer's Termination of Contract only have to be signed by the
buyer? - Answers-the buyer's termination rights are outlined in the contract
Paragraph 7D(2) of the contract indicates: - Answers-repairs that must be completed by
the seller before closing
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