ACEABLE AGENT - PROMULGATED CONTRACTS EXAM 2024 WITH 100% CORRECT ANSWERS, Exams of Business Economics

Download ACEABLE AGENT - PROMULGATED CONTRACTS EXAM 2024 WITH 100% CORRECT ANSWERS and more Exams Business Economics in PDF only on Docsity! ACEABLE AGENT - PROMULGATED CONTRACTS EXAM 2024 WITH 100% CORRECT ANSWERS A contract that has no legal effect. - correct answer✔✔ VOID When one or more of the parties has the authority to rescind the contract. It appears to be valid, but one party may disaffirm because they are a minor, were subject to duress, or a victim of fraud or misrepresentation. - correct answer✔✔ VOIDABLE A law that requires real estate contracts be in writing is the ______________________? - correct answer✔✔ STATUTE OF FRAUDS Prevents a party to a written contract from presenting additional evidence that adds to the written terms of the contract. - correct answer✔✔ PAROLE EVIDENCE RULE If 2 people have a legal contract for one party to sell illegal drugs to the other party, this contract would be _______________? - correct answer✔✔ VOID Paragraph 5 in a sales contract? - correct answer✔✔ EARNEST MONEY Paragraph 23 in a sales contract? - correct answer✔✔ OPTION MONEY Legal loss of a right with the thought that "if you don't use it, you lose it." - correct answer✔✔ DOCTRINE OF LACHES A written contract has been accepted, signed, and communicated to the other party. - correct answer✔✔ EFFECTIVE DATE Prevents a party to a written contract from presenting additional evidence that adds to the written - correct answer✔✔ PAROLE EVIDENCE RULE Prevents a party - correct answer✔✔ PAROLE EVIDENCE RULE If a licensed agent uses an old promulgated TREC form, what is this in violation of? - correct answer✔✔ LICENSE ACT If a seller does not want to leave a chandelier where should they put this information in the 1-4 Family Residential Contract? - correct answer✔✔ PARAGRAPH 2D EXCLUSIONS What addendum can you attach to the sales contract if your client wishes to have additional personal property to stay with the property (that is not listed in Paragraph 2B or 2C)? - correct answer✔✔ NON- REALTY ITEMS ADDENDUM Loan to value ratio that represents how much of the sales price is covered by the mortgage loan. - correct answer✔✔ LTV RATIO Loan in which the lender is allowed to seize the collateral property and could go after the borrower's other assets if the sale of the property doesn't cover the whole amount owed to the lender. - correct answer✔✔ RECOURSE LOAN After a real estate transaction fails, both parties can't agree who gets the earnest money, what should a buyer's agent do? - correct answer✔✔ SEND A WRITTEN DEMAND TO THE TITLE CO Who should the option money be delivered to? - correct answer✔✔ SELLER What paragraph is used for option period? - correct answer✔✔ PARAGRAPH 23 Amendments to the standard coverage in a title policy. - correct answer✔✔ ENDORSEMENTS Which contract has a place for Exception Documents and Surface Leases? - correct answer✔✔ FARM AND RANCH Which contract would an agent use to sell a Townhouse? - correct answer✔✔ ONE TO FOUR FAMILY RESIDENTIAL CONTRACT What addendum do you attach to the 1-4 Family Residential contract if your seller client wants to buy a home before they close on their own home? - correct answer✔✔ CONTINGENCY ADDENDUM / ADDENDUM FOR SALE OF OTHER PROPERTY BY BUYER T/F? If a buyer has a new offer and had an option to terminate, the right to terminate continues from the original effective date through the # of days starting from the new effective amended date. - correct answer✔✔ TRUE Do Mineral Estates include grave, limestone, and sand? - correct answer✔✔ NO Who signs the Notice of Termination Contract? - correct answer✔✔ BUYER How long could it take for a buyer to get their earnest money refunded? - correct answer✔✔ 10 DAYS How many days does a buyer have to terminate a contract after receiving Subdivision/ HOA information? - correct answer✔✔ 3 DAYS In a Short Sale, when does the Earnest money need to be delivered to the Title co? - correct answer✔✔ ON 2ND BUSINESS DAY AFTER ORIGINAL EFFECTIVE DATE In a Short Sale, when does the Option money need to be delivered to the Seller or Seller's Agent? - correct answer✔✔ WITHIN 3 DAYS OF THE ORIGINAL EFFECTIVE DATE When does the right to terminate begin in a Short Sale Addendum? - correct answer✔✔ ON ORIGINAL EFFECTIVE DATE If a buyer is exercising the unrestricted right to terminate the contract under Paragraph 23 of the contract, they are using what contract? - correct answer✔✔ NOTICE OF BUYERS TERMINATION CONTRACT Who is meant to complete the Subdivision information? - correct answer✔✔ HOMEOWNERS ASSOCIATION Which addendum is used when the transaction is contingent upon the approval of the seller's lender? - correct answer✔✔ SHORT SALE ADDENDUM If there are questions about mineral rights, who should be asked the questions? - correct answer✔✔ OIL AND GAS ATTORNEY Does the Notice of Buyer's Termination Contract address Earnest Money? Who signs this contract? - correct answer✔✔ NO / BUYER Which addendum allows a seller to simultaneously negotiate with a second buyer in case the first one falls through? - correct answer✔✔ ADDENDUM FOR BACK-UP CONTRACT Are a landlord's rules against smoking on a property legal? - correct answer✔✔ YES Who creates occupancy standards? - correct answer✔✔ LOCAL LAWS & HOUSING PROVIDERS Does HUD create official rules for occupancy standards? - correct answer✔✔ NO, ONLY SUGGESTED GUIDELINES What is not considered when HUD reviews fair housing complaints? - correct answer✔✔ # OF PETS Which paragraph indicates repairs that must be completed by the seller before closing? - correct answer✔✔ 7D(2) Which paragraph indicates that any restrictive covenants along with the title policy documents must be provided to the buyer? - correct answer✔✔ 6B If a property is occupied solely by people over the age of 62 and qualifies as senior housing, they are exempt from what? - correct answer✔✔ FAMILIAL STATUS If a seller is selling a property that is under lease, how long does the seller have to provide a copy of the signed lease to the buyer? - correct answer✔✔ WITHIN 7 DAYS OF EFFECTIVE DATE The name of the document prepared by a condo association to outline fees and rules? - correct answer✔✔ CONDOMINIUM RESALE CERTIFICATE What paragraph advises a buyer to get a lawyer to review the abstract of title? - correct answer✔✔ 6E(1) A house is being sold by someone who inherited it, but there are others who contest to the will. What kind of deed is the best for a buyer to best protect themselves from any potential claims on a title? - correct answer✔✔ QUITCLAIM DEED What type of contract has a specific type of offer and acceptance? - correct answer✔✔ EXPRESS What does a Residential Condominium Contract require in the legal description of the property? - correct answer✔✔ UNIT NUMBER What two sections of TREC's promulgated contracts contain "time is of the essence" language? - correct answer✔✔ EARNEST AND OPTION MONEY There is no mutual termination form for both parties, so who can provide each party with a form to sign that will go over earnest money. - correct answer✔✔ TITLE COMPANY T/F? Once an offer is countered, it's considered rejected and dead. - correct answer✔✔ TRUE How long does a murder/suicide need to be disclosed on a property? - correct answer✔✔ FOREVER In what part of the Reservation of Oil, Gas and Other Minerals Addendum should a seller's percentage be provided if they decided to keep a part? - correct answer✔✔ B2 What paragraph in the 1-4 Fam Res Agreement does it note the "on or before" closing date? - correct answer✔✔ PARAGRAPH 9 Is the Seller's Disclosure Notice promulgated by TREC? - correct answer✔✔ NO Who should create the documents for a buyer who wants to present an offer "lease option to buy"? - correct answer✔✔ LAWYER How many days does the seller have to furnish a new survey to the buyer prior to closing? - correct answer✔✔ 3 DAYS Where is a copy of the title notice found? - correct answer✔✔ PARA 6E(1) TAR'S BUYER REPRESENTATION AGREEMENT NOTICE TO PROSPECTIVE BUYER Are the members of the Broker-Lawyer Committee or members of TREC appointed by a governor? - correct answer✔✔ ONLY TREC If nothing is added to paragraph 7D, the buyer is accepting the property in what condition? - correct answer✔✔ PRESENT CONDITION What is the statute of limitations from the discovery date of fraud or misrepresentation of a license holder? - correct answer✔✔ 4 YEARS What does a buyer have to do if the seller's property is in a special statutory tax district? - correct answer✔✔ SIGN A NOTICE THAT THEY WILL BE RESPONSIBLE FOR EXTRA TAXES Additions to a title policy are called what? - correct answer✔✔ ENDORSEMENTS