Aceable Agent - Promulgated Contracts Exam With 100% Correct Answers 2024, Exams of Advanced Education

Download Aceable Agent - Promulgated Contracts Exam With 100% Correct Answers 2024 and more Exams Advanced Education in PDF only on Docsity! Aceable Agent - Promulgated Contracts Exam With 100% Correct Answers 2024 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 pg. 1 professoraxe l 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 pg. 2 professoraxe l last survey was completed. - Correct Answer-RESIDENTIAL REAL PROPERTY AFFIDAVIT According to the 1-4 Family Residential Agreement who is responsible to pay for the owner's title policy, the seller or buyer? - Correct Answer-BOTH PARTIES NEGOTIATE When should an agent deposit an earnest money check with an escrow agent? - Correct Answer-2ND BUSINESS DAY, CLOSE OF BUSINESS If the buyer fails to deposit the earnest money on time, they will be in ____________? - Correct Answer-DEFAULT How many days does a seller have to cure a valid objection listed by the buyer in Paragraph 6D? - Correct Answer-15 DAYS If the agent isn't sure of restrictions of the property, how can an agent protect the buyer and give them an out under the contract? - Correct Answer-LIST IN PARAGRAPH 6D AS A VALID OBJECTION pg. 5 professoraxe l T/F? If there is an active lease on the property when the property is transferred, the seller needs to supply the buyer with a copy of the lease and move-in condition form within 7 days after the effective date. - Correct Answer-TRUE When is rent for a Buyer's Temporary Residential Lease Agreement paid? - Correct Answer-EFFECTIVE DAY OF LEASE Who does escrow protect? - Correct Answer-SELLER AND BUYER Does the contract permit sellers to continue to show properties for back up offers before contract termination period? - Correct Answer-YES What does it mean to pay property taxes in arrears? - Correct Answer-TAXES FOR PREVIOUS YEAR How many promulgated forms does TREC have? - Correct Answer-SIX pg. 6 professoraxe l Which contract would you use for a brand new constructed home? - Correct Answer-NEW HOME CONTRACT (COMPLETE CONSTRUCTION) If a buyer wants to buy a property that was once zoned for farming, but wants to change to residential, who is responsible for the rollback taxes charged for new zoning of property? - Correct Answer-BUYER If a new survey is completed on a farm or ranch, at what percentage of the sales price INCREASE OR DECREASE of the property can either party of the contract terminate due to the price change? - Correct Answer-10% The seller of unimproved property provides a disclosure in the _____________________? - Correct Answer-UNIMPROVED PROPERTY CONTRACT Which contract should not be used for transactions that include land used for ranching or farming, and where surface leases and mineral estates may exist. - Correct Answer- UNIMPROVED PROPERTY CONTRACT pg. 7 professoraxe l 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 pg. 10 professoraxe l 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) pg. 11 professoraxe l 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. pg. 12 professoraxe l How long does a buyer have to terminate a contract after they receive an Addendum for Property Subject to Mandatory Membership in an Owner's Association? - Correct Answer- THREE DAYS How can buyers avoid paying extra prepaid interest to the mortgage company? - Correct Answer-CLOSE END OF MONTH Who does the Short Sale Addendum protect? - Correct Answer-SELLER Which paragraph on Lead Based Paint Disclosure states that the buyer has 10 days to have the property inspected? - Correct Answer-C2 What is this an example of: An agent gives their buyer client half of their commission without disclosing it on the settlement statement? - Correct Answer-ILLEGAL BUYER REBATE What is the difference between TREC's promulgated and approved forms? - Correct Answer-PROMULGATED ARE REQUIRED pg. 15 professoraxe l APPROVED ARE OPTIONAL If the agent's commission is set higher in the seller agreement than the buyer representation agreement, which would be used? - Correct Answer-SELLER AGREEMENT If a buyer is unable to get financing, what would he need in his contract to terminate without penalty? - Correct Answer- THIRD PARTY FINANCING ADDENDUM A Seller's Disclosure Notice is a requirement of what? - Correct Answer-TEXAS PROPERTY CODE What form should be used when a seller wants to use an existing survey but the affidavit is for assurance that the boundaries have not changed? - Correct Answer-T-47 RESIDENTIAL REAL PROPERTY AFFIDAVIT Can an HOA force a lien on a property and foreclose? - Correct Answer-YES pg. 16 professoraxe l What paragraph says that a seller cannot execute any lease without the buyer's permission after execution date? - Correct Answer-PARAGRAPH 10B - POSSESSIONS What is a stand a lone refrigerator considered? - Correct Answer-PERSONAL PROPERTY THAT WILL NOT TRANSFER What paragraph contains that the seller is covering some of the buyer's closing costs? - Correct Answer-PARAGRAPH 12 Can a seller convey items that are not fully paid off yet into a Non-Realty Items Addendum? - Correct Answer-NO What does the Third Party Financing Addendum outline? - Correct Answer-FINANCING CONTENGENCY 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 pg. 17 professoraxe l