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Contract Forms and Addenda Module 1 TEST:Chapters 1-3, Questions And Answers $13.49   Add to cart

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Contract Forms and Addenda Module 1 TEST:Chapters 1-3, Questions And Answers

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Contract Forms and Addenda Module 1 TEST:Chapters 1-3, Questions And Answers.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 ...

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  • March 6, 2023
  • 22
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
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Contract Forms and Addenda Module 1 TEST:Chapters 1-3

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 buyer has already been
approved for financing.
The contingency paragraph should be left blank.
The conventional financing box should be checked.
The buyer should indicate that 0 days are required to obtain
financing.

,Question 3
1.66667 out of 1.66667 points
Which paragraph of the TREC One to Four Family Residential Contract
provides a breakdown of sellers’ and buyers’ expenses?
Selected
Answer:
Paragraph
12
Answers:
Paragraph
12
Paragraph
11
Paragraph
9
Paragraph
8
Question 4
1.66667 out of 1.66667 points
Which of the following would NOT be considered a competent party?
Selected
Answer:
A 30-year-old attorney under the influence of marijuana at the
time she entered into an agreement
Answers:
A 16-year-old who was emancipated by a court of
competent jurisdiction and declared an adult with
contractual capacity
A 20-year-old who has not completed high school.
A properly appointed attorney-in-fact

A 30-year-old attorney under the influence of marijuana at the
time she entered into an agreement
Question 5
1.66667 out of 1.66667 points
When all of the parties to a contract agree to terminate it is said to be
terminated by
Selected
Answer: mutual
agreement.
Answers:
mutual
agreement.

, novation.
codicil.
severalty.
Question 6
1.66667 out of 1.66667 points
A licensee representing a seller is asked by that seller, “What does paragraph
5 of this TREC promulgated contract mean to me?” What is the best answer by
that agent?
Selected
Answer: “I’m not an attorney, but here is what it means...”
Answers:
“I’m not an attorney, but here is what it means...” “I’m not
an attorney, so I can’t answer that.”
“You are asking something I am not allowed to answer. I think
you should seek out legal counsel.”
“That paragraph is no big deal, so let’s just move on.”
Question 7
1.66667 out of 1.66667 points
Under the TREC Loan Assumption Addendum, which of the following is NOT
listed in the preprinted form to establish the buyer’s creditworthiness?

Selected
Answer: Stocks and bonds
Answers: Credit report
Verification of employment, including salary

Stocks and bonds
Verification of funds on deposit in financial
institutions
Question 8
1.66667 out of 1.66667 points
Which of the paragraphs in the TREC One to Four Family Residential
Contract addresses the sales price?
Selected
Answer:
Paragraph
3
Answers:
Paragraph
4

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