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Promulgated contracts practice exam 2023 Already Passed!!
Promulgated contracts practice exam 2023 Already Passed!!
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Promulgated contracts practice exam2023 Already Passed!!
Which of these forms is least likely to be involved in the sale of unimproved
property? - -The Unimproved Property Contract would not be involved in the
sale of a condo.
-A buyer and seller have been in negotiations. They have everything in
writing, have agreed to all terms, the contract is signed and changes
initialed. Today, the written acceptance of the final agreement has been
communicated to the other party. What is today called? - -the effective date
-How many lawyers are on the Broker-Lawyer Committee? - -six
-According to the NAR Code of Ethics, unless the agent has written
instructions stating otherwise, they must present all offers until: - -the
closing
-Buyer Javier sends a formal offer to Seller Joy: $250,000 and the appliances
stay. Joy counters: $250,000, no appliances. She then reconsiders and
accepts the first offer. Is Javier obligated to buy the home? Why or why not? -
-No, because the first offer was dead when Joy countered.
-Which of these is NOT true about a Seller's Temporary Residential Lease? -
-the buyer/landlord has no recourse if the seller/tenant overstays
-In which of these scenarios would it be correct to use the Residential
Condominium Contract (Resale)? - -A client is buying a property where the
land is not owned individually and the common areas are shared equally
among the community's owners.
-What is special about the earnest money section (paragraph five) and the
option money section (paragraph 23) in the TREC promulgated sales
contract? - -they contain "time is of the essence" language
-When seller financing is being used, the seller becomes: - -the lender
-A potential buyer's current home is under contract. He has found a home
he would like to make an offer on, but does not want to take a chance on
being obligated to buy if his current home does not close. What form can
help this buyer? - -Addendum for Sale of Other Property by Buyer
-Which of these is NOT necessary for a contract to be binding and effective?
- -For an offer to become a contract, it must be in writing, it has to be signed
, by all parties with changes initialed, acceptance must be completed, and
acceptance of the contract must be communicated to the other party. There
is not a faxing or delivery requirement.
-Which of these is NOT a protected class of people, according to Fair Lending
Laws? - -sexuality
-Why are there multiple promulgated contracts for use in Texas? - -because
different types of properties have different specific contract needs
-A murder/suicide took place in a property. The crime was widely publicized.
What is the disclosure requirement for this crime? - -It must be disclosed
forever.
-A contract that is fully performed is referred to as: - -executed
-Which is the purpose of the Information About Brokerage Services form? - -
to inform clients how a license holder can represent a party in a real estate
transaction
-In loan fraud, the lender is usually the . - -victim
-What is the statute of limitations to claim fraud or misrepresentation
against a license holder? - -The statute of limitations to claim fraud or
misrepresentation against a license holder is 4 years from discovery.
-Per Paragraph 7D, what is it called when a buyer accepts the property,
"with any and all defects and without warranty"? - -accepting it in "as is"
condition
-What should an agent do if asked to violate anti-discrimination laws by a
client? - -educate the seller about anti-discrimination laws and say they
cannot honor the request
-Emily and Josh signed a real estate contract with each other. The contract is
now fully executed. What does that mean that Josh and Emily have done? - -
fulfilled the material terms of the contract
-Paragraph 7D(2) of the contract indicates: - -repairs that must be
completed by the seller before closing
-If legal action is required regarding a TREC sales contract, what will the
non-prevailing party be responsible for? - -the prevailing party's reasonable
attorney fees and court costs
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