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Texas Promulgated Contracts Prep Test 100% solved
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Texas Promulgated Contracts Prep Test
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Texas Promulgated Contracts Prep TestHiding information is called: - Correct Answers -Concealment
At the time of signing one of the parties was intoxicated. The next day that person could
not remember signing the contract. This signed contract is now: - Correct Answers -
Voidable
When one of the parties to a contract can back out of a contract this is referred - Correct
Answers -Voidable
4: Inserting the phrase "this offer is subject to cancellation by the buyer at any time prior
to acceptance of this offer" will show the seller all of the following except: - Correct
Answers -The buyer is not really interested
5: Sam receives an offer on his property. The potential buyer would like the house but
offers $40,000 less than Sam's listed price. Sam said no, but offered a price $20,000
less. The buyer's original offer is now: - Correct Answers -Void
6: An illegal contract is: - Correct Answers -A void contract
7: Jamie wants to make an offer on a house below the listed price. You should warn
Jamie that: - Correct Answers -The offer can be rejected
8: The term that states the house purchase is dependent on the buyer obtaining a loan
from a lender is called: - Correct Answers -Loan contingency clause
A void contract is: - Correct Answers -One that is not in effect, Not binding, Not valid
10: Real estate forms used to sell property in Texas are known as: - Correct Answers -
Texas Real Estate Commission's promulgated contract forms
Any amendment to the contract must be ratified by: - Correct Answers -The buyer and
the seller
Each State is allowed to determine its own Statute of Limitations in regard to starting a
civil lawsuit or pursue litigation for an injury. However when a crime is involved, such as
,fraud, there is not Statute of Limitations. This is due to: - Correct Answers -Criminal
statutes
In Texas, if an offer is drawn up by the buyer and his/her agent without an expiration
date then the offer could be valid for: - Correct Answers -4 years
The court has decided Lenny, the buyer has damaged the seller by not only providing
the required funds at closing but purposely preventing another interested buyer from
making an offer. This inaction on the part of the buyer is called by the courts: - Correct
Answers -Non-performance of a contract
5: The legal term that denotes that all the contract terms have been met by the parties is
called: - Correct Answers -Performance
6: All of the following are on the TREC amendment form except: - Correct Answers -The
date and time of closing
7: The 4 year Statute of Limitations applies to which of the following? - Correct Answers
-Contract offers without an expiration date
8: When making multiple amendments to a transaction how many amendment forms
are needed? - Correct Answers -One
9: Sometimes a purchase and sale contract has to be changed. The main aspect to
remember is the existing contract will cancel unless the change is done by a(an): -
Correct Answers -Amendment
10: The term that means the time period during which a party may file a civil lawsuit for
injury: - Correct Answers -Statute of Limitations
1: A business entity must: - Correct Answers -Prove they have errors and omissions
insurance
2: Tom is applying for a salesperson license. Which of these statements is NOT
correct? - Correct Answers -Tom must type up a resume
3: An applicant for a salesperson license needs to complete which of the following
educational courses? - Correct Answers -Agency law
Contract law
Contract forms and addendums
4: Barbara is a designated broker for Even Realty. She had a disagreement with the
unlicensed owners and pulled her license. All the salespersons: - Correct Answers -
Cease real estate activities
, 5: Jerry has 5 years of active experience as a licensed salesperson. How many more
hours of experience is necessary to apply for the broker license? - Correct Answers -
Zero
6: Maynard is not a citizen of the U.S.A. He can still obtain a license if he is which of the
following? - Correct Answers -A lawfully admitted alien
7: Martha is going from an inactive to an active salesperson. What procedure
requirement must she fulfill first? - Correct Answers -Provide proof of attending at least
15 hours of approved continuing education as specified under Section 1101.455 during
the two years preceding the date of her application to active status.
8: Broker Janis had to terminate salesperson Hana. Broker Janis must do which of the
following? - Correct Answers -Send Janis's license into TREC
9: A licensed business entity must have Errors and Omissions insurance coverage in
the amount of: - Correct Answers -$1,000.000
10: Stan is a citizen has completed all the course requirements and is 19 years of age.
What else must he do in order to receive a license? - Correct Answers -Pass the dang
State Exam!
1: TREC does all of the following except: - Correct Answers -Provides legal advice to
the public on private contractual matters
2: Under State and the Federal Sherman Anti-trust laws, commission must be: - Correct
Answers -Negotiable
3: Fran, a licensee has received four offers for a listed property. What does the State of
Texas require? - Correct Answers -All offers must be presented
4: Julie, the licensed salesperson received a very low offer from a party wishing to
purchase her client's property. Julie must: - Correct Answers -Present all offers to her
clients
5: When only one party of a performing couple accepts an offer: - Correct Answers -It is
not a contract
6: Paul is using a TREC form for a contract that is dated February 2003. Priscilla who
works in the same office has a TREC form dated May 2016. Which form is correct? -
Correct Answers -Priscilla's form because this form is the latest updated TREC form
and the most current
7: Which of the following statements forms a purchase contract? - Correct Answers -
The buyer offers to purchase at the seller's price and the seller accepts
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