Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023, Exams of Nursing

Download Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 and more Exams Nursing in PDF only on Docsity! Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 To have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed - Correct Answer ✅Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Unenforceable Voidable Executed Expired - Correct Answer ✅Voidable In order to be considered a competent party, an individual must be of the age of the...? Majority Minority Other party None of the above - Correct Answer ✅Majority A contract in which one of the parties is a minor is considered a...? Void contract Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Executed contract Voidable contract Waived contract - Correct Answer ✅Voidable contract A contract in which there is fraud by either commission or omission is voidable by the...? Either the non-fraudulent or fraudulent party Fraudulent party The contract is not voidable Non-fraudulent party - Correct Answer ✅Non-fraudulent party A contract that is missing one or more of the elements of a valid contract is considered...? Enforceable Executed Expired Void - Correct Answer ✅Void A contract in which each party promises to do something is referred to as a...? Unilateral contract Bilateral contract Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Assignment Amendment Novation Bulletin - Correct Answer ✅Assignment A violation of any of the terms or conditions of a contract without legal reason leads to a/an...? Assignment of contract Breach of contract Amendment of contract Novation of contract - Correct Answer ✅Breach of contract A law establishing the time period within which certain lawsuits may be brought is known as the...? Statute of frauds Statute of law Statute of limitations Statute of contracts - Correct Answer ✅Statute of limitations Which of the following is an example of a termination of a contract by operation of law...? Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 A buyer has entered into a contract to purchase a commercial property but the city has now rezoned the property as residential The property was substantially damaged in a fire The buyer could not obtain financing to purchase the property The parties agreed to terminate the contract - Correct Answer ✅A buyer has entered into a contract to purchase a commercial property but the city has now rezoned the property as residential Which of the following is an example of a termination of a contract...? Substantial performance Partial performance Impossibility of performance All of the above - Correct Answer ✅All of the above A change in a legal document made by adding, altering, or omitting a certain part or term is referred to as a/an...? AAmendment BAddendum CBulletin DRFP - Correct Answer ✅Amendment An executory contract is...? Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 AIn-progress BCompleted CVoid DUnenforceable - Correct Answer ✅In-progress A contract that has been fully performed is known as a/an...? AExecuted contract BExecutory contract CExpired contract DUnenforceable contract - Correct Answer ✅Executed contract A typical real estate sales contract between a buyer and seller is considered a/an...? APerformance contract BForbearance contract CVoid contract DUnenforceable contract - Correct Answer ✅Performance contract Anything given or promised by a party to induce another to enter into a contract is referred to as...? AConsideration BPerformance Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 the least used version - Correct Answer ✅the most current version According to TREC, a real estate licensee may not do which of the following...? Practice law Give legal advice Discourage a client from hiring a lawyer All of the above - Correct Answer ✅All of the above A real estate salesperson is allowed to provide legal advice to clients if it is in the best interest of the client...? T (True) F (False) - Correct Answer ✅(False) Real estate brokers are allowed to give legal advice while real estate salespersons are not...? T (True) F (False) - Correct Answer ✅F (False) A real estate agent who gives legal advice to a client is in violation of the...? RESPA Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 ADA Unauthorized practice of law All of the above - Correct Answer ✅Unauthorized practice of law Which of the following would not fall under the unauthorized practice of law...? Revealing material facts about the property Providing legal advice to the principal Drafting a contract for a client All of the above - Correct Answer ✅Revealing material facts about the property When filling out a pre-printed form, a real estate agent cannot do which of the following...? Add sections to the form Strike-out sections of the form Sign on behalf of the principal All of the above - Correct Answer ✅All of the above Which part of a sales contract most leaves an agent liable for the unauthorized practice of law...? Addendum Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Paragraph 1 Amendment Special Provisions - Correct Answer ✅Special Provisions (paragraph 11) According to TRELA, a salesperson's license may be suspended or ............. for the unauthorized practice of law? Renewed Granted Revoked Enabled - Correct Answer ✅Revoked A real estate agent should advise their client that any contract they sign is...? Void Binding Executed Unenforceable - Correct Answer ✅Binding A real estate agent cannot pay for a lawyer to act on behalf of his/her client...? T (True) F (False) - Correct Answer ✅T (True) Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 DAll of the above - Correct Answer ✅Unauthorized practice of law Once a seller receives an offer, the seller can do which of the following...? AAny of the above BAccept the offer CMake a counter-offer DReject the offer - Correct Answer ✅Any of the above A binding contract between a buyer and seller must include which of the following...? AAll of the above BMust be in-writing CSigned by all parties DThere must be a mutual agreement between the parties - Correct Answer ✅All of the above Curtis is a real estate agent who represents a seller in a transaction. Curtis must present all offers to the seller until which of the following occurs...? AThe seller accepts an offer and the parties enter into a binding contract BThe seller accepts an offer Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 CCurtis presents an initial offer to the seller DAny of the above - Correct Answer ✅The seller accepts an offer and the parties enter into a binding contract What does an agent first need from the seller when preparing a contract...? The last name of the seller(s) The name of the seller(s) as listed on their license The name of the seller(s) as listed on the deed None of the above - Correct Answer ✅The name of the seller(s) as listed on the deed When preparing a contract, where should the agent look to find the name of the seller(s)...? The seller's title policy The seller's license The seller's birth certificate Any of the above - Correct Answer ✅The seller's title policy Which of the following is included in the legal description of a property...? Section number Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Lot number Block number All of the above - Correct Answer ✅All of the above Where can an agent search to find the legal description of a property...? The appraisal district's website Zillow.com The U.S Department of Finance website TREC's website - Correct Answer ✅The appraisal district's website The "excluded fixtures and accessories" section of the contract is completed by which of the following parties...? The seller The buyer Both the buyer and the seller The buyer's agent - Correct Answer ✅The seller A home warranty is also known as a...? Home Appliance Contract Title Warranty Residential Service Contract Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 If the seller does not specify improvements and accessories to be excluded from the sale of the property, which of the following will claim ownership of these items...? The State The buyer The seller will still claim ownership of the items Both the buyer and the seller - Correct Answer ✅The buyer If a buyer is purchasing a property involving the assumption of an existing loan, which of the following documents must be included with the purchase contract...? Third Party Financing Addendum for Credit Approval TREC Loan Assumption Addendum Assumption Approval Addendum Financing and Credit Addendum - Correct Answer ✅TREC Loan Assumption Addendum If a buyer is purchasing a property with the help of seller financing, what must be included with the purchase contract...? TREC Loan Assumption Addendum Third Party Financing Addendum for Credit Approval TREC Seller Financing Addendum Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Financing and Credit Addendum - Correct Answer ✅TREC Seller Financing Addendum A buyer needs to obtain a loan to purchase a $320,000 house. If the lender is willing to loan at an 80% LTV, how much of a down payment must the buyer put down...? 32,000 Dollars 54,000 Dollars 64,000 Dollars 75,000 Dollars - Correct Answer ✅64,000 Dollars If a buyer is obtaining a conventional mortgage, they must include which of the following information on the TREC Third Party Financing Addendum...? Amount of the loan Interest rate of the loan Term of the loan All of the above - Correct Answer ✅All of the above If a buyer is looking to purchase a property with the help of a Texas Veterans loan, which of the following must in included with the purchase contract...? TREC Seller Financing Addendum Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 TREC Loan Assumption Addendum Third Party Financing Addendum Financing and Credit Addendum - Correct Answer ✅Third Party Financing Addendum Veterans are allowed to have how many VA loans at any given time...? 1 2 A As many as they desire - Correct Answer ✅1 Which of the following addenda must a veteran complete when purchasing a new home with a VA loan when they already have an outstanding VA loan...? Addendum For Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement Assumption Approval Addendum TREC Seller Financing Addendum Financing and Credit Addendum - Correct Answer ✅Addendum For Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 DTri-plex properties - Correct Answer ✅All of the above Paragraph 5 of the One to Four Family Residential Contract - Resale primarily deals with...? AEarnest money BSales Price CLegal description of the property DImprovements and accessories Correct Answer :AYour Answer:A - Correct Answer ✅Earnest money A down payment made by a purchaser of real estate as evidence of good faith is referred to as...? Buy-down money Earnest money Discount money Origination deposit - Correct Answer ✅Earnest money Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction is known as...? Earnest funds Agent fees Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Deposit funds Trust funds - Correct Answer ✅Trust funds Which of the following acts as liquidated damages if the buyer defaults on the purchase contract...? Earnest money Buy-down money Discount money Origination deposit - Correct Answer ✅Earnest money An earnest money deposit is required in all residential transactions...? T (True) F (False) - Correct Answer ✅F (False) Trust Funds - - Correct Answer ✅Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction. Earnest Money - - Correct Answer ✅Down payment made by a purchaser of real estate as evidence of good faith. A deposit or partial payment. Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Option - - Correct Answer ✅A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right. Optionee - - Correct Answer ✅A person who receives an option. Optionor - - Correct Answer ✅A person who gives an option. The buyer loses their right to a termination option if they fail to provide the options money within how many days of the effective date of the contract...? 1 3 7 30 - Correct Answer ✅3 Marcus has entered into a contract to purchase a new house. What will Marcus do during the options period to ensure the property is in the proper condition...? Perform his due diligence Obtain title insurance Obtain a certificate of occupancy for the property All of the above - Correct Answer ✅Perform his due diligence Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Which of the following prohibits the seller from requiring a specific title company as a condition of the sale...? HUD TREC NAR RESPA - Correct Answer ✅RESPA The title company used in a transaction must be agreed upon by both the buyer and seller...? T (True) F (False) - Correct Answer ✅T (True) Since a title policy is a contract, it is...? Binding and enforceable Unenforceable Acknowledged and recorded Void - Correct Answer ✅Binding and enforceable Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property are known as...? Covenants Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Surveys Commitments Endorsements - Correct Answer ✅Covenants Rules regarding pets in a subdivision are included under which of the following...? Commitments Endorsements Title policy Restrictive covenants - Correct Answer ✅Restrictive covenants Restrictive covenants are written into what document...? The mortgage commitment letter The property's deed The Certificate of Occupancy The building permit - Correct Answer ✅The property's deed A buyer's objections to defects or encumbrances to title are described in which paragraph...? 2 3D 6D Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 21 - Correct Answer ✅6D A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title is known as a...? Abstract of Title Survey Chain of Title Title Summary - Correct Answer ✅Abstract of Title Paragraph 6E of the One to Four Family Residential Contract - Resale describes which of the following...? Disclosures Seller Financing Survey Title Notices - Correct Answer ✅Title Notices According to paragraph 6E, the seller shall provide the buyer with either an abstract of title or...? Title summary Title commitment Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 A residential service contract is also known as a...? Options contract Rebate contract Home warranty Title policy - Correct Answer ✅Home warranty Which paragraph of the One-To-Four Family Residential (Resale) Contract deals with the parties to the contract? AParagraph 1 BParagraph 2 CParagraph 3 DParagraph 4 - Correct Answer ✅Paragraph 1 Since Buyer William is unable to obtain third-party financing, where should Buyer William place that he wishes to utilized the seller financing option? AParagraph 3 BParagraph 4 CParagraph 5 DParagraph 6 - Correct Answer ✅Paragraph 3 Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Since Seller Fred is requesting that Buyer William put up earnest monies to show his serious intention of purchasing the property, which paragraph must Buyer William complete to satisfy this requirement? AParagraph 4 BParagraph 5 CParagraph 6 DParagraph 7 - Correct Answer ✅Paragraph 5 After signing a purchase contract, the seller typically receives money from the buyer for which of the following...? ATermination option BEarnest money CClosing funds DProration of taxes - Correct Answer ✅Termination option Which of the following is an example of a restrictive covenant...? AEasements BPlot plans CProperty inspections DAll of the above - Correct Answer ✅Easements Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 What happens to the contract if the seller cannot cure the buyer's objections, and the buyer refuses to waive their objections...? AThe contract is terminated and the buyer receives their earnest money back BThe contract is extended until the seller cures the objections CThe contract is terminated and the buyer forfeits their earnest money DNone of the above - Correct Answer ✅The contract is terminated and the buyer receives their earnest money back If the buyer receives the Seller's Disclosure Notice after signing the contract, the buyer may terminate the contract within .......days of receiving the Seller's Disclosure Notice? A7 B3 C14 D21 - Correct Answer ✅7 Which party is required to pay for lender required repairs and treatments...? ANeither party is required to pay BThe buyer only CThe seller only Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 The closing date - Correct Answer ✅The closing date Which type of deed offers the most amount of protection to the buyer...? Bargain and sale deed Grant deed General warranty deed Quitclaim deed - Correct Answer ✅General warranty deed According to paragraph 9, which of the following must be satisfied at closing...? The seller will furnish the buyer with a General Warranty deed The buyer shall pay the sales price in good funds The buyer and seller shall execute and deliver any required notices All of the above - Correct Answer ✅All of the above Paragraph 10 of the One to Four Family Residential Contract - Resale primarily deals with...? Closing Earnest money Possession Financing - Correct Answer ✅Possession Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 If the buyer will occupy the property prior to closing, what form must be included with the contract...? TREC temporary residential lease form TREC seller financing form General warranty deed TREC ground lease - Correct Answer ✅TREC temporary residential lease form If the buyer occupies a property prior to closing, without a temporary lease in place, they will occupy the property as a...? Tenancy in common Tenancy at sufferance Tenancy at will Tenancy in partnership - Correct Answer ✅Tenancy at sufferance After the effective date, the seller cannot execute any lease without obtaining...? The buyer's written consent An authorized temporary lease A deed Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 The escrow agent's written consent - Correct Answer ✅The buyer's written consent The buyer is typically given possession of the property...? Within 7 days after closing 7 days prior to closing Upon closing and funding At the effective date of contract - Correct Answer ✅Upon closing and funding If the seller occupies the property after closing, under a temporary lease, they must pay rent according to which of the following...? Assessed value A flat fee of $100 per day 20 percent (%) below market value Fair market value - Correct Answer ✅Fair market value Special provisions are discussed in what paragraph of the One to Four Family Residential Contract - Resale...? 3A 9 11 Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 All of the above - Correct Answer ✅All of the above During the buyer's due diligence, the buyer learns that the dishwasher no longer works. Instead of replacing the dishwasher themselves, the seller can offer the buyer which of the following...? A seller's credit in the amount of the cost of a new dishwasher A rebate for the amount of a new dishwasher A voucher in the amount of a new dishwasher A pre-paid credit card in the amount of a new dishwasher - Correct Answer ✅A seller's credit in the amount of the cost of a new dishwasher Seller's credits to the buyer are listed in which of the following paragraphs...? 3A 9 12 18 - Correct Answer ✅12 The buyer is responsible for paying which of the following expenses at, or prior to closing...? Prepayment penalties Tax statements or certificates Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Appraisal fees Preparation of deed - Correct Answer ✅Appraisal fees The seller is responsible for paying which of the following expenses at, or prior to closing...? Appraisal fees Fees associated with the release of existing liens Credit reports Loan application fees - Correct Answer ✅Fees associated with the release of existing liens Specific Performance - - Correct Answer ✅An action to compel performance of an agreement, ex: sale of land as an alternative to damages or rescission. Default - - Correct Answer ✅Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act. The failure to fulfill a duty or promise is referred to as...? Specific performance Default Execution Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Damages - Correct Answer ✅Default An action to compel performance of an agreement is known as...? Specific performance Default Execution Commitment - Correct Answer ✅Specific performance Default is discussed in which of the following paragraphs...? 8 11 15 21 - Correct Answer ✅15 If the buyer is in default of the contract, the seller may do which of the following...? Enforce specific performance Receive the buyer's earnest money Terminate the contract All of the above - Correct Answer ✅All of the above Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 21 - Correct Answer ✅17 Escrow - - Correct Answer ✅Any transaction wherein one person, for the purpose of affecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instruments, money, or evidence of title to real or personal property, or other things of value to a third person, to be held by such third person until the happening of a specified event. Escrow Agent - - Correct Answer ✅The neutral third party holding funds or something of value in trust for another or others. The neutral third party holding funds or something of value in trust for another or others is referred to as a...? Trustor Trustee Escrow agent Executor - Correct Answer ✅Escrow agent Escrow is discussed in which of the following paragraphs...? 1 15 18 Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 22 - Correct Answer ✅18 According to paragraph 18, the escrow agent is not...? Liable for interest on the earnest money Liable for the loss of any earnest money A party to the purchase contract All of the above - Correct Answer ✅All of the above At closing, the buyer's earnest money must be applied first to any...? Cash down payment Buyer's expenses Seller's expenses Escrow fees - Correct Answer ✅Cash down payment According to paragraph 19, if any representations made by the seller which are untrue on the closing date, the seller shall be...? Sued for specific performance In default of the contract Required to pay back the buyer's earnest money Required to pay substantial liquidated damages - Correct Answer ✅In default of the contract Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Paragraph 20 discusses which of the following...? Proration Escrow Notices Federal tax requirements - Correct Answer ✅Federal tax requirements Paragraph 22 discusses which of the following...? Escrow Escrow Legal Description Agreement of parties - Correct Answer ✅Agreement of parties Amendment - - Correct Answer ✅A change in a legal document made by adding, altering, or omitting a certain part or term. If either party fails to close the sale by the closing date, who may exercise their right to remedies...? AThe non-defaulting party only BThe defaulting party only CEither the defaulting party or the non-defaulting party DBoth the defaulting party or the non-defaulting party - Correct Answer ✅The non-defaulting party only Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Paragraph 2 of the Residential Condominium Contract describes which of the following...? Parties Notices Financing Property and condominium documents - Correct Answer ✅Property and condominium documents Which of the following is considered an accessory to a condominium unit...? Window air conditioning unit Stove Door keys All of the above - Correct Answer ✅All of the above Paragraph 1 of the Residential Condominium Contract describes which of the following...? The parties Financing Disclosures Property and condominium documents - Correct Answer ✅The parties Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Which of the following are considered improvements within a condominium unit...? Ceiling fans wall-to-wall carpeting Plumbing fixtures All of the above - Correct Answer ✅All of the above The buyer of a condominium may terminate the contract within ......... days of receiving the condominium's bylaws, if the buyer received the bylaws after signing the contract? 2 6 7 30 - Correct Answer ✅6 Paragraph 4 of the Residential Condominium Contract - Resale describes which of the following...? Earnest money The parties Notices License holder disclosure - Correct Answer ✅License holder disclosure Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 According to paragraph 6 of the Residential Condominium Contract - Resale, the seller is given .......days to cure any objections from the buyer? 7 10 15 30 - Correct Answer ✅15 How many title notices are provided in paragraph 6D of the Residential Condominium Contract - Resale...? 2 6 8 9 - Correct Answer ✅8 Paragraph 12 of the Residential Condominium Contract describes which of the following...? Settlement and other expenses Disclosures The parties Title policy - Correct Answer ✅Settlement and other expenses Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 According to the Farm and Ranch Contract, unless otherwise agreed upon in writing, the seller has the right to harvest all growing crops until delivery of possession of the property...? T (True) F (False) - Correct Answer ✅T (True) If the sales price on a farm needs to be adjusted after the buyer reviews the survey, the sales price will be adjusted on what basis...? Dollars per acre Dollars per square feet Dollars per cubic yards Dollars per shares of stock - Correct Answer ✅Dollars per acre Paragraph 2 of the Unimproved Property Contract lacks which of the following as compared to the One to Four Family Residential Contract - Resale...? Improvements Accessories Exclusions All of the above - Correct Answer ✅All of the above The Unimproved Property Contract should be used to purchase which of the following...? Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Single family homes Condominiums Raw land Cooperatives - Correct Answer ✅Raw land Which of the following title notices are included in the Unimproved Property Contract but not the One to Four Family Residential Contract - Resale...? Annexation Texas Agricultural Development District Public Improvement Districts Statutory Tax Districts - Correct Answer ✅Texas Agricultural Development District According to the Seller's Disclosures in the Unimproved Property Contract, the seller is said to have no knowledge of which of the following...? Any flooding of the property Any environmental hazards Any wetlands affecting the property All of the above - Correct Answer ✅All of the above Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Which of the following paragraphs in the Unimproved Property Contract deviates from the One to Four Family Residential Contract - Resale...? Paragraph 2 Paragraph 1 Paragraph 3 Paragraph 4 - Correct Answer ✅Paragraph 2 Which of the following contracts should NOT be used when purchasing raw land....? Farm and Ranch Contract Residential Condominium Contract - Resale One to Four Family Residential Contract - Resale All of the above - Correct Answer ✅All of the above Which of the following contracts should be used to purchase a new house currently being built...? New Home Contract - Incomplete Construction New Home Contract - Completed Construction One to Four Family Residential Contract Unimproved Property Contract - Correct Answer ✅New Home Contract - Incomplete Construction Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 7D - Correct Answer ✅7B Which of the following sub-paragraphs of the New Home Contract - Completed Construction describes Insulation...? 7A 7B 7C 7D - Correct Answer ✅7D Unless specified otherwise, chandeliers are considered...? AImprovements BPersonal property CChattel DAccessories - Correct Answer ✅Improvements James is purchasing a farm outside of Dallas. If the sales price needs to be adjusted by more than 10% after reviewing the survey, James may do which of the following...? ATerminate the contract BSue the seller for specific performance CGo to arbitration to reduce the sales price Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 DJames cannot do anything as he is bound by the contract - Correct Answer ✅Terminate the contract Which of the following promulgated contracts should be used for the purchase of vacant land...? AUnimproved Property Contract BFarm and Ranch Contract COne to Four Family Residential Contract - Resale DResidential Condominium Contract - Resale - Correct Answer ✅ A property being purchased using the New Home Contract - Incomplete Construction, must be built according to the...? AConstruction documents BOral instructions of the buyer CBest judgement of the contractor DSchematic drawings - Correct Answer ✅Construction documents Which of the following documents should a buyer read prior to signing the Residential Condominium Contract - Resale...? AAll of the above BThe condominium bylaws CThe rules of the condominium association Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 DThe declaration of the condominium - Correct Answer ✅All of the above Lease - - Correct Answer ✅A contract between owner and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright, as a method of financing right to occupy and use real property. This refers to a contract between an owner and tenant, setting forth conditions upon which the tenant may occupy and use the property and the term of the occupancy...? Lease Deed Option Warranty - Correct Answer ✅Lease If the seller will occupy the property after closing, which of the following forms must be used in conjunction with the purchase contract...? Seller's Temporary Residential Lease Buyer's Temporary Residential Lease Holdover Residential Lease Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 The seller's attorney must waive the contingency created by the addendum The buyer must waive the contingency created by the addendum The escrow agent must waive the contingency created by the addendum - Correct Answer ✅The buyer must waive the contingency created by the addendum If the parties to a contract also sign an Addendum For Sale of Other Property By Buyer, but the buyer cannot close on their existing house, what happens to the purchase contract...? The contract is terminated and the buyer is refunded their earnest money The buyer is still obligated to close on the new property The seller can sue for specific performance The buyer loses their earnest money - Correct Answer ✅The contract is terminated and the buyer is refunded their earnest money According to the Addendum For "Back-Up" Contract, neither party is required to perform until the first contract is terminated...? T (True) F (False) - Correct Answer ✅T (True) Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 According to the Addendum For Back-Up Contract, the Amended Effective Date is equal to...? The date the seller notifies the buyer of termination of the first contract The effective date of the first contract The closing date of the first contract None of the above - Correct Answer ✅The date the seller notifies the buyer of termination of the first contract What is the maximum number of Addendum For "Back-Up" Contracts a seller can have a one time...? 1 2 3 As many as the seller desires - Correct Answer ✅1 If the seller will reserve all or a portion of the property's mineral estate, which of the following forms must be used...? The Addendum For "Back-Up" Contract Addendum For Sale of Other Property By Buyer Addendum For Reservation of Oil, Gas, and Other Minerals Short Sale Addendum - Correct Answer ✅Addendum For Reservation of Oil, Gas, and Other Minerals Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 The Addendum For Reservation of Oil, Gas, and Other Minerals favors which of the following parties...? The Seller The buyer Both the buyer and seller equally Neither the buyer or seller - Correct Answer ✅The Seller A mineral estate does NOT includes which of the following...? Water Surface shale Gravel All of the above - Correct Answer ✅All of the above According to the Addendum For Reservation of Oil, Gas, and Other Minerals, if the seller does not reserve all of the mineral estate, the seller shall provide the buyer with the contact information of any existing mineral lessees within...? 7 days 14 days 30 days 60 days - Correct Answer ✅7 days Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 As stated in the Addendum For Coastal Area Property, a property adjoining coastal waters may gain or lose portions of the property due to tidal changes...? T (True) F (False) - Correct Answer ✅T (True) According to the Addendum For Coastal Area Property, a property owner cannot ..........any state-owned submerged lands below the applicable tide line? Use Encumber Build on All of the above - Correct Answer ✅All of the above Who owns any submerged lands along a coastal waterfront...? The State The owners of the adjoining properties The owner's association All of the above - Correct Answer ✅The State Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Subdivision Information...? Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 A B C D - Correct Answer ✅A Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Material Changes...? A B C D - Correct Answer ✅B Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Fees...? A B C D - Correct Answer ✅C Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 A ......... means the seller's net proceeds at closing will be insufficient to pay the balance of the seller's mortgage loan? Buy-down Foreclosure Lis Pendens Short sale - Correct Answer ✅Short sale In a short sale, the seller's lender agrees to do which of the following...? Accept the seller's net proceeds in full satisfaction Provide the seller with an executed release of lien Offer consent to the seller to sell the property All of the above - Correct Answer ✅All of the above According to the Short Sale Addendum, the seller's net proceeds are equal to the sales price minus...? The seller's outstanding loan balance The seller's brokers fee The seller's full closing costs The buyer's closing costs - Correct Answer ✅The seller's full closing costs Which of the following is considered a non-contract form...? Condominium Resale Certificate Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 The boundary of a property adjoining coastal waters is subject to change and can only be determined accurately by a...? ALicensed state land surveyor BLicensed architect CLicensed civil engineer DLicensed property inspector - Correct Answer ✅Licensed state land surveyor According to the Short Sale Addendum, the sales price minus the seller's full closing costs equals the...? ASeller's net proceeds BBroker's commission COutstanding loan balance DThe seller's equity - Correct Answer ✅Seller's net proceeds Which of the following forms describes a broker's minimum required duties by law...? AInformation About Brokerage Services Form BConsumer Information Form CBroker Listing Services Form Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 DOne to Four Family Residential Contract - Resale - Correct Answer ✅Information About Brokerage Services Form Which of the following items should be included in the Non-Realty Items Addendum...? AItems of personal property to be included with the sale of the property BImprovements to be included with the sale of the property CReal property items to be included with the sale of the property DAppurtenances to be included with the sale of the property - Correct Answer ✅Items of personal property to be included with the sale of the property In order to avoid disputes, which of the following should be in writing and clearly established...? AAll of the above BThe broker's duties and responsibilities to the client CWho pays the broker's commission DHow the broker's commission is calculated - Correct Answer ✅All of the above In order for a broker to represent both parties in a transaction, the broker must obtain the written agreement from...? ABoth parties Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 BThe buyer only CThe seller only DThe broker does not have to obtain the consent of either party - Correct Answer ✅Both parties If a buyer is purchasing a property adjacent to coastal waters, what form must be included with the purchase contract...? AAddendum For Coastal Area Property BThe Addendum For "Back-Up" Contract CAddendum For Reservation of Oil, Gas, and Other Minerals DShort Sale Addendum - Correct Answer ✅Addendum For Coastal Area Property When a property is purchased and then quickly resold at a value that is artificially inflated by false appraisal or loan fraud, it is referred to as...? Wholesaling Value investing Flipping Short selling - Correct Answer ✅Flipping An action that allows money to go back to the buyer at, or after closing, without the knowledge of the lender is considered a...? Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Civil penalties under the DTPA may be up to .......per violation? 5,000 Dollars 20,000 Dollars 50,000 Dollars 100,000 Dollars - Correct Answer ✅20,000 Dollars A breakdown of broker fees is NOT covered in the One to Four Family Residential Contract - Resale...? T (True) F (False) - Correct Answer ✅T (True) Broker fees are covered in which of the following documents...? One to Four Family Residential Contract - Resale Seller's Temporary Residential Lease Listing agreements All of the above - Correct Answer ✅Listing agreements Which of the following contracts are not promulgated by TREC...? Listing agreements Agreements between broker Buyer representation agreements Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 All of the above - Correct Answer ✅All of the above What must be disclosed to prospective buyers in a transaction...? The seller's motives for selling their property Any unknown defects with the property Everything the seller or agent knows about the condition of the property All of the above - Correct Answer ✅Everything the seller or agent knows about the condition of the property Who is responsible for completing the Seller's Disclosure of Property Condition form...? The seller only The seller's agent The seller's attorney All of the above - Correct Answer ✅The seller only Which of the following is a reasonable standard according to HUD...? 1 person per bedroom 2 persons per bedroom 3 persons per bedroom 4 persons per bedroom - Correct Answer ✅2 persons per bedroom Real Estate U Texas Promulgated Contract Forms(4) Question And ANSWERS 2023 Which of the following should an agent flag as possible fraud...? AAn unknown title company is being used in the transaction BThe seller is offering seller financing CThe buyer is paying all cash DThe buyer making a low offer on a property - Correct Answer ✅An unknown title company is being used in the transaction What should an agent do as a means of risk management practice against real estate fraud...? ADocument your communication with the parties involved in the transaction BAvoid disclosing anything to the lender CRefuse to review the HUD settlement statement DAlways remain loyal to the client, despite their actions - Correct Answer ✅Document your communication with the parties involved in the transaction Which of the following deals with consumer protection...? ADTPA BADA CBRE DHUD - Correct Answer ✅DTPA