Promulgated contracts practice exam| 88 Questions| Correct Answers| Verified!!
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Course
Promulgated contracts
Institution
Promulgated Contracts
Which of these forms is least likely to be involved in the sale of unimproved property? - ANSWERSThe 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...
Promulgated contracts practice exam| 88 Questions| Correct Answers| Verified!!
Which of these forms is least likely to be involved in the sale of unimproved property? - ANSWERSThe 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? - ANSWERSthe effective date
How many lawyers are on the Broker-Lawyer Committee? - ANSWERSsix
According to the NAR Code of Ethics, unless the agent has written instructions stating otherwise, they must present all offers until: - ANSWERSthe 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? - ANSWERSNo, because the first offer was dead when Joy countered.
Which of these is NOT true about a Seller's Temporary Residential Lease? - ANSWERSthe 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)? - ANSWERSA 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? - ANSWERSthey contain "time is of the essence" language
When seller financing is being used, the seller becomes: - ANSWERSthe 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? - ANSWERSAddendum for Sale of Other Property by Buyer Which of these is NOT necessary for a contract to be binding and effective? - ANSWERSFor 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? - ANSWERSsexuality
Why are there multiple promulgated contracts for use in Texas? - ANSWERSbecause 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? - ANSWERSIt must be disclosed forever.
A contract that is fully performed is referred to as: - ANSWERSexecuted
Which is the purpose of the Information About Brokerage Services form? - ANSWERSto
inform clients how a license holder can represent a party in a real estate transaction
In loan fraud, the lender is usually the . - ANSWERSvictim
What is the statute of limitations to claim fraud or misrepresentation against a license holder? - ANSWERSThe 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"? - ANSWERSaccepting it in "as is" condition
What should an agent do if asked to violate anti-discrimination laws by a client? - ANSWERSeducate 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? - ANSWERSfulfilled the material terms of the contract
Paragraph 7D(2) of the contract indicates: - ANSWERSrepairs 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? - ANSWERSthe prevailing party's reasonable attorney fees and court costs
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