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AYPO Real Estate Promulgated Contracts Final Exam Review questions with correct answers
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AYPO Real Estate Promulgated Contracts Final Exam Review questions with correct answers
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AYPO Real Estate Promulgated Contracts FinalExam Review questions with correct answers
Which of these is an exemption to the "legal capacity" requirement to
form a contract? Correct Answer-A contract for a life necessity.
A contract for non-life necessities with a person lacking legal capacity
is: Correct Answer-Voidable
A contract for deed is a classic example of a(n): Correct Answer-
Executory contract
An option is a form of which kind of contract? Correct Answer-
Unilateral
According to TREC a "reasonable time" within which to deposit the
escrow check is: Correct Answer-By the end of the second business day
following formation of the contract.
An attachment added to the end of a contract and incorporated in the
contract terms is called an: Correct Answer-Addendum
An assignment of rights is: Correct Answer-A transfer of rights or duties
under a contract from a current party to a contract to another party.
An oral contract for the lease of a property for one year or less has a
statute of limitation of: Correct Answer-Two years
,Which of these IS NOT a potential reason for terminating a contract?
Correct Answer-Specific performance
The Real Estate License Act was created to: Correct Answer-1. Maintain
high standards in the real estate profession.
2. Protect licensed brokers and salespersons from unfair or improper
competition.
3. Protect the public interests from dishonest or incompetent brokers or
salespersons.
The unauthorized practice of law would include all of these actions by a
licensee, except: Correct Answer-Inserting minor handwritten notes on
the contract initialed by all parties.
The Broker-Lawyer Committee: Correct Answer-Develops forms for
TREC to adopt and promulgate at their discretion.
The current One to Four Family Residential Contract (Resale) is which
of these form numbers? Correct Answer-20-16
What is/are the seller's options when receiving an offer? Correct
Answer-1. Counter.
2. Accept.
3. Reject.
, The offer becomes a sales contract when: Correct Answer-It is accepted,
signed by the seller, and acceptance communicated to the buyer or
buyer's agent.
Which of these IS NOT in the information requested above? Correct
Answer-Who is the buyer's employer?
Identification of the buyer and seller must include: Correct Answer-Full
name and marital status of all parties.
For items for which a promulgated addendum is provided the proper
way to include the item is: Correct Answer-Through use of the
addendum.
Which form of financing does the "Third Party Financing Addendum
NOT cover? Correct Answer-Seller financing
The Promissory Note section of the Seller's Financing Addendum
includes: Correct Answer-1. 5% penalty on installment payments paid
more than 10 days past their due date.
2. 1.5% per month or highest lawful rate, whichever is lower, for mature
unpaid amounts.
3. Prepayment without penalty.
VA will not restore Seller's VA entitlement unless Buyer: Correct
Answer-1. Has sufficient unused VA entitlement remaining.
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