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Texas Promulgated Contract Forms & Addenda Final Exams Questions and Answers
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Texas Promulgated Contract Forms & Addenda Final Exams
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Texas Promulgated Contract Forms &Addenda Final Exams
Which of the following is an example of a Bilateral contract? - Correct Answers -A
Promise in exchange for a promise - Purchase Contract.
Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract
Who is responsible for filling in the effective date, who, when & what? - Correct Answers
-Broker. Between the buyer and the seller, The date on which the communication was
made. The date of initialing and signing of the parties. The last party to initial/Sign fills in
the day. Broker. Last party to accept must communicate back to other party & fill in the
date
What is a legal proceeding brought by a party to a contract against another party to
compel action called for in the agreement? - Correct Answers -Breach of a contract,
one-party defaults, sues for specific performance, seek other relief - arbitration,
mediation, injunction to sue for compensatory Damages.
If a seller fails to provide the buyer with the seller's disclosure of property condition as
required by Section 5.008 of the Texas Property Code, what is the status of the
purchase contract? - Correct Answers -Voidable at the option of the buyer. Voidable by
buyer any time prior to closing and the earnest money will be refunded to the buyer.
Which term identifies the substitution of a new contract for an existing contract? -
Correct Answers -Novation
When using a Power of Attorney to transfer title to real property? - Correct Answers -
Attorney-in-fact - Legal description and the subject of the authority
Who must convey to the principal all known information that would affect the principal's
decision to accept or reject offers? - Correct Answers -Licensee - the listing
agent/selling agent
When a legally enforceable promise is exchanged for a legally enforceable promise? -
Correct Answers -It is a Bilateral Contract.
, If the seller has already sent a counteroffer to a prospective buyer and then receives
another offer that is even better, the seller: - Correct Answers -Withdraw the
counteroffer first then consider new offer
Which law requires the contract for real property to be in writing and signed to be
enforceable? - Correct Answers -Statute of Frauds
To have a valid real property contract, something of value must be exchanged. This is
called: - Correct Answers -Consideration
When may a potential purchase's offer to buy real estate be withdrawn? - Correct
Answers -at any time before it's accepted
Which of the following is NOT addressed by a TREC-promulgated contract? - Correct
Answers -Lease with an option to purchase. Lease purchase - new Condo contract
When is a financing addendum not required? - Correct Answers -When the buyer pays
in cash. When third financing addendum is waived
Items that are preprinted in paragraphs 1 and 2 of the contract include all the following
except? - Correct Answers -Exclusions
When will the third party financing addendum credit approval not be used? - Correct
Answers -1. all cash
2. When Third Part Financing contingency is waived
Which addenda will the Purchaser use when purchasing a property for cash? - Correct
Answers -None- no addendum will be used.
Which addendum is commonly used in a transaction involving a 90 percent fixed rate
loan with PMI? - Correct Answers -Third party financing addendum.
What form is used if the buyer wants the seller to leave the refrigerator with the home
after closing? - Correct Answers -Non-- Reality items addendum
In Third party financing addendum for credit approval, what should the Cap On interest
rates? - Correct Answers -MARKET RATE-----
Should be on what the buyer and lender have agreed on and it should not exceed that
amount.
Federal law dictates that an addendum addressing the possible presence of lead-based
paint and lead based paint hazard be attached to the purchase agreement when the
house is being so that was built before? - Correct Answers -Prior to 1978.
Earnest money is to be deposited? - Correct Answers -By the close of the escrow
agent's second business day following the signing of the agreement.
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