RealEstateU- Texas Promulgated Contract Forms Final Exam 2024 Questions with 100% Correct Answers | Verified | Latest Update
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RealEstateU- Texas Promulgated Contract Forms
Institution
RealEstateU- Texas Promulgated Contract Forms
RealEstateU- Texas Promulgated Contract Forms Final Exam 2024 Questions with 100% Correct Answers | Verified | Latest Update If a Buyer wants the Seller to pay some or all of their closing costs,it should be added to
the contract in
A) Paragraph #11 (Special Provisions)
B) Paragraph #12 - Seller...
Real Estate U Texas Promulgated Contract Forms final exam.pdf file:///C:/Users/HP/Desktop/dddd/Real%20Estate%20U%20Texas%2
REAL ESTATE U Texas Promulgated Contract
Forms Final Exam Questions & Answers
1. If a Buyer wants the Seller to pay some or all of their closing costs, it should be added to
the contract in
A) Paragraph #11 (Special Provisions)
B) Paragraph #12 - Seller participation in the Buyer's costs
C) Third Part financing Addendum
D) All of the above
ANS B) Paragraph #12- Seller participation in the Buyer's costs
2. If a Buyer chooses not to be represented by an agent, the Buyer must be made aware
that any information they share can be communicated to the Seller.
A) True
B) False
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ANS A) True
3. The sales price is determined in paragraph 3 by adding the down payment (3A) and
the loan amount (3B).
A) True
B) False
ANS A) True
4. The Seller contracts to furnish the buyer an existing survey, but neglects to furnish an
"affidavit' with the time specified. The lender requests a new survey be furnished. Who
pays for the new survey?
A) Whoever is stated in the contract if the existing survey is rejected
B) The title company can approve the existing survey and override the lender
C) The buyer
D) The seller
ANS D) The seller
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5. The Third Party Financing Condition Addendum is not used with
A) Conventional financing
B) Seller financing
C) FHA Financing
D) VA Financing
ANS B) Seller financing
6. On the Seller's default, what should happen to the earnest money?
A) It belongs to the Broker
B) It should be returned to the Buyer
C) It should be retained by the Seller
D) The title company should keep it
ANS B) It should be returned to the Buyer
7. If the contract includes an option period for the buyer and the buyer does not tender the
option fee to the Seller within the time limit (currently with 3 days
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from effective date of the contract) the Buyer no longer has an unrestricted right to
terminate under the option.
A) True
B) False
ANS A) True
8. Fraud is
A) A crime
B) A civil law violation
C) Both a & b
D) Only b
ANS C) Both a & b
9. When a "fixture" in a property does not remain for the buyer, how do we inform the
buyer of that fact and make sure the item does not convey with the property?
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