Exam (elaborations)
PROMULGATED CONTRACTS EXAM QUESTIONS AND ANSWERS
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PROMULGATED CONTRACTS EXAM QUESTIONS AND ANSWERS
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PROMULGATED CONTRACTS EXAM QUESTIONS ANDANSWERS
When would it be appropriate to use the New Home Contract (Incomplete
Construction)? - Answers-for a client buying a new home that is being built
A buyer needs more option period time. They have asked the seller, who agreed, and
signed TREC's Amendment to Contract. What else must they do to make the extension
official? - Answers-pay an additional option fee
In TREC promulgated contracts, what does Paragraph 21: Notices provide information
about? - Answers-where to send official notices about the contract
If a seller wants to reserve part of their mineral rights after selling, where on the
Reservation of Oil, Gas and Other Minerals Addendum would they note what
percentage they're keeping? - Answers-Paragraph B2
To be valid and enforceable, a contract must be in writing, represent a complete
agreement, have acceptance communicated, and: - Answers-be signed by all parties
Because many things in the contract depend on these two items, it is important that the
agent finalizing the acceptance of the contract fill in which of the following dates for their
broker: - Answers-effective and executed date
Seller Xavier's home is in a special statutory tax district. According to the Texas Water
Code, what does Xavier have to do before going into contract with a buyer? - Answers-
have them sign a notice informing them of the extra taxes
Which of these is NOT something that is appropriate to put in Paragraph 11 (the Special
Provisions section) of a TREC promulgated contract? - Answers-that the contract is
contingent on the inspection
The Special Provisions section can be used for relevant business information (such as
the names of the parties or the property description) that did not fit in the fields provided.
Which of the following laws protect people based on race only? - Answers-Civil Rights
Act of 1866
According to Paragraph 10B, Possessions, what is a seller prohibited from doing after
the effective date? - Answers-execute a lease without the buyer's permission
Which of these is a technique license holders can employ to avoid mortgage fraud? -
Answers-disclose everything to the lender
, If the seller is providing an existing survey during a real estate transaction, what must
the license holder give to the buyer? - Answers-the T-47 Residential Real Property
Affidavit
A contract which courts cannot compel the parties to perform is: - Answers-
unenforceable
Which of these materials would be considered part of a property's mineral estate? -
Answers-oil
The mineral estate does NOT include water, sand, caliche, gravel, limestone, or iron.
If an agent makes a change to Paragraph 6A8 in a TREC promulgated contract, which
of these is most likely to be the result? - Answers-The title policy will be amended to
read "shortage in area" rather than the standard exception.
In Paragraph 9 of the One to Four Family (Resale) contract, what must happen "on or
before" the specified date? - Answers-Closing
Rollback taxes are addressed in all of the following EXCEPT: - Answers-Residential
Service Contract
What are brokers required to do regarding Consumer Protection Notice TREC No. CN
1-2? - Answers-post it in each office
Agent Ted advises his client that the title to the property he is buying is clear — no need
to do a further title search. Why is this inappropriate? - Answers-It may constitute
unauthorized practice of law under TRELA.
A seller is renting back a property from a buyer using the Seller's Temporary Residential
Lease. The seller damages the property while they are staying there. Who is
responsible for the cost of the repairs? - Answers-the seller/tenant
Which of these is NOT true about a Seller's Temporary Residential Lease? - Answers-
the buyer/landlord has no recourse if the seller/tenant overstays
In TREC promulgated contracts, what does paragraph 6E(8) say about private transfer
fees? - Answers-that if they exist, the seller must notify the buyer
What is TRUE of a unilateral contract? - Answers-A unilateral contract is a promise
exchanged for performance.
Which of these is NOT something TREC has the power to do? - Answers-licensing
developers and builders
If a seller is still accepting counteroffers, what is true about their property? - Answers-it
is not yet officially in contract
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