Rele 1300 - Study guides, Class notes & Summaries

Review Test Submission: Module 1 TEST: Chapters 1-3 User Course :14427-14428-14431 Contract Forms and Addenda (RELE 1300) 5C Test Module 1 TEST: Chapters 1-3 Started 11/18/18 10:16 AM Submitted 11/18/18 11:05 AM Status Completed Attempt Score 96.66686 out of 100.0002 points Time Elapsed 49 minutes Results Displayed All Answers, Submitted Answers, Correct Answers, Incorrectly Answered Questions  Question 1 1.66667 out of 1.66667 points How many promulgated contracts does TREC ...

Question 1 1.66667 out of 1.66667 points How many promulgated contracts does TREC issue? Selected Answer: Six Answers: Four Six Eigh t Nin e  Question 2 1.66667 out of 1.66667 points Buyer wants to submit an offer and has already been approved for financing. How should the TREC Third Party Financing Addendum be filled out? Selected Answer: The addendum is not required since the buyer has already been approved for financing. Answers: The addendum is not required since the b...

Question 1 4 out of 4 points Where is earnest money first applied at closing under paragraph 18 of the One to Four Family Residential Contract? Selected Answer: Cash down payment Answers: Buyer’s expenses Seller's expenses Commission to agents Cash down payment  Question 2 0 out of 4 points How many days does the buyer have to terminate the contract under paragraph 23 of the One to Four Family Residential Contract? Selected Answer: Seven days Answers: The time period is...

Question 1 4 out of 4 points Where is earnest money first applied at closing under paragraph 18 of the One to Four Family Residential Contract? Selected Answer: Cash down payment Answers: Buyer’s expenses Seller's expenses Commission to agents Cash down payment  Question 2 0 out of 4 points How many days does the buyer have to terminate the contract under paragraph 23 of the One to Four Family Residential Contract? Selected Answer: Seven days Answers: The time period is...

Question 1 4 out of 4 points Under the TREC Third Party Financing Addendum, what happens if the buyer fails to give notice that the buyer cannot obtain approval within the number of days negotiated by the parties? Selected Answer: There is no approval contingency in the contract. Answers: There is no approval contingency in the contract. The buyer may give 7 days notice to extend the time period. The seller may terminate under the addendum. The buyer may terminate under the addendum....

Question 1 20 out of 20 points Which paragraphs of the One to Four Family Residential Contract can be fully filled out given the below information from the transaction? William Applewhite and his wife, Sharon, are unable to qualify for a new loan because they are newly self-employed. They currently live at 1504 Center Ct, Apt 1001, Plano, TX 75093. They call on one of your listings that advertises seller financing. Selected Answer: None of these Answers: Paragraph 1 Paragraph 2 Pa...

Question 1 4 out of 4 points Which TREC-promulgated contract form allows for the sales price to be adjusted because of the survey? Selected Answer: The Farm and Ranch Contract Answers: The One to Four Family Residential Contract The Unimproved Property Contract The Farm and Ranch Contract The New Home Contract (Completed Construction)  Question 2 4 out of 4 points What does the statement on page nine of the TREC Farm and Ranch Contract indicate regarding payment of brokers’ f...

Question 1 4 out of 4 points Under the TREC Third Party Financing Addendum, what happens if the buyer fails to give notice that the buyer cannot obtain approval within the number of days negotiated by the parties? Selected Answer: There is no approval contingency in the contract. Answers: There is no approval contingency in the contract. The buyer may give 7 days notice to extend the time period. The seller may terminate under the addendum. The buyer may terminate under the addendum....

Question 1 4 out of 4 points Which TREC-promulgated contract form allows for the sales price to be adjusted because of the survey? Selected Answer: The Farm and Ranch Contract Answers: The One to Four Family Residential Contract The Unimproved Property Contract The Farm and Ranch Contract The New Home Contract (Completed Construction)  Question 2 4 out of 4 points What does the statement on page nine of the TREC Farm and Ranch Contract indicate regarding payment of brokers’ f...

Question 1 20 out of 20 points Which paragraphs of the One to Four Family Residential Contract can be fully filled out given the below information from the transaction? William Applewhite and his wife, Sharon, are unable to qualify for a new loan because they are newly self-employed. They currently live at 1504 Center Ct, Apt 1001, Plano, TX 75093. They call on one of your listings that advertises seller financing. Selected Answer: None of these Answers: Paragraph 1 Paragraph 2 Pa...