Exam (elaborations)
PROMULGATED CONTRACTS QUESTIONS AND ANSWERS
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PROMULGATED CONTRACTS QUESTIONS AND ANSWERS
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PROMULGATED CONTRACTS QUESTIONS ANDANSWERS
paragraph 4 - Answers-you must disclose familial relationships
The five essential elements that must exist for a real estate sales contract to be
considered valid and enforceable are: - Answers-legal purpose, competent parties,
mutual assent, consideration, and, in writing
1. If a contract has been entered into with a person who has been judged to be
incompetent, that contract is considered _____ because that person never had the
capacity to enter into it. - Answers-Void
Tammy is interested in Jolene's property but wants to research the zoning laws before
purchasing. She has an agreement in which she paid a fee of $100 to keep the property
available for a preset price for 30 days, during which time Jolene cannot sell the
property to another. Tammy, however, can change her mind if she likes. What kind of
agreement is this? - Answers-Option
John and Bev made an offer on Fernando's 3-bed, 2-bath home. When does that offer
become a contract? - Answers-When its accepted and communicated
The _____ has promulgated nine exceptions to title insurance policies. - Answers-Texas
Department of Insurance
Who is responsible for furnishing a commitment to the buyer for title insurance? -
Answers-Title company
Who pays for a survey? - Answers-Either the buyer or the seller
A(n) _____ gives the buyer the unrestricted right to terminate the contract within a
specified period. - Answers-option
What is TRUE of the Special Provisions paragraph in the TREC-promulgated forms? -
Answers-Only factual statements and business details of the transaction should be
inserted into the paragraph.
For a valid _____ to exist, all of the blanks in Paragraph 23 must be filled in. - Answers-
option
All of the TREC-promulgated contracts were drafted with identical provisions to the
_____. - Answers-One to Four Family Residential Contract
Which statement regarding earnest money is INCORRECT? - Answers-In Texas,
earnest money is set at 6% of the sale price.
, _____ are implemented when property operating under an exemption has its usage
changed. - Answers-Rollback taxes
By default, TREC-promulgated contract forms _____. - Answers-Convey all of the
mineral estate owned by the seller
House Bill 2532 establishes notice requirements for a homeowner who proposes to sell
or convey real property located in a(n) _____. - Answers-Propane Gas System Service
Area
The Addendum for Sale of Other Property by Buyer is _____ upon the buyer's receipt of
proceeds from the sale and funding of another property owned by the buyer. - Answers-
Contingent
The Non-Realty Items Addendum is a(n) _____ form used when personal property is to
be included in a sale. - Answers-Optional
If a buyer elects to waive the _____as specified in the Addendum for Sale of Other
Property By Buyer, and then fails to close because of non-receipt of proceeds in another
sale, the buyer will be in default of the contract. - Answers-contingency
Which of the following correctly defines a counteroffer? - Answers-rejection of the
original offer coupled with a new offer
Bertha, a law school dropout is a licensed real estate agent who wants to make sure
that she is providing her buyers with the best representation possible, so she drafts an
iron-clad purchase contract for them. Bertha's sponsoring broker is horrified because
Bertha is guilty of _____. - Answers-Unauthorized practice of law
Property includes: - Answers-Lands. Improvements, accessories
In order for a buyer to purchase a property using VA Guaranteed financing, the buyer
must receive a(n) _____, which establishes the value of the property. - Answers-
Certificate of Reasonable Value
Paragraph 7D(1) indicates that the buyer: - Answers-Accepts the property As-Is
The Seller's Disclosure Notice should be completed by _____. - Answers-The seller
The mineral estate refers to _____, including any oil, gas, or other minerals in or under
the property. - Answers-Subsurface rights
Which of the following was added to federal fair housing laws as a protected class in
1974? - Answers-Sex
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