Texas Promulgated contracts practice exam 2023 with 100% correct answers
1 view 0 purchase
Course
Texas Promulgated contracts practice
Institution
Texas Promulgated Contracts Practice
Which of these forms is least likely to be involved in the sale of unimproved property?
The Unimproved Property Contract would not be involved in the sale of a condo.
A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is sig...
Texas Promulgated contracts practice exam
Which of these forms is least likely to be involved in the sale of unimproved property? - correct answer-
The Unimproved Property Contract would not be involved in the sale of a condo.
A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is signed and changes initialed. Today, the written acceptance of the final agreement has been communicated to the other party. What is today called? - correct answer-the effective date
How many lawyers are on the Broker-Lawyer Committee? - correct answer-six
According to the NAR Code of Ethics, unless the agent has written instructions stating otherwise, they must present all offers until: - correct answer-the closing
Buyer Javier sends a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000,
no appliances. She then reconsiders and accepts the first offer. Is Javier obligated to buy the home? Why
or why not? - correct answer-No, because the first offer was dead when Joy countered.
Which of these is NOT true about a Seller's Temporary Residential Lease? - correct answer-the buyer/landlord has no recourse if the seller/tenant overstays
In which of these scenarios would it be correct to use the Residential Condominium Contract (Resale)? - correct answer-A client is buying a property where the land is not owned individually and the common areas are shared equally among the community's owners.
What is special about the earnest money section (paragraph five) and the option money section (paragraph 23) in the TREC promulgated sales contract? - correct answer-they contain "time is of the essence" language
When seller financing is being used, the seller becomes: - correct answer-the lender A potential buyer's current home is under contract. He has found a home he would like to make an offer on, but does not want to take a chance on being obligated to buy if his current home does not close. What form can help this buyer? - correct answer-Addendum for Sale of Other Property by Buyer
Which of these is NOT necessary for a contract to be binding and effective? - correct answer-For an offer to become a contract, it must be in writing, it has to be signed by all parties with changes initialed, acceptance must be completed, and acceptance of the contract must be communicated to the other party. There is not a faxing or delivery requirement.
Which of these is NOT a protected class of people, according to Fair Lending Laws? - correct answer-
sexuality
Why are there multiple promulgated contracts for use in Texas? - correct answer-because different types of properties have different specific contract needs
A murder/suicide took place in a property. The crime was widely publicized. What is the disclosure requirement for this crime? - correct answer-It must be disclosed forever.
A contract that is fully performed is referred to as: - correct answer-executed
Which is the purpose of the Information About Brokerage Services form? - correct answer-to inform clients how a license holder can represent a party in a real estate transaction
In loan fraud, the lender is usually the . - correct answer-victim
What is the statute of limitations to claim fraud or misrepresentation against a license holder? - correct answer-The statute of limitations to claim fraud or misrepresentation against a license holder is 4 years from discovery.
Per Paragraph 7D, what is it called when a buyer accepts the property, "with any and all defects and without warranty"? - correct answer-accepting it in "as is" condition
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YANCHY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.49. You're not tied to anything after your purchase.
