RELE 1211 Final Review UPDATED Exam Questions and CORRECT Answers
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Course
RELE 1211
Institution
RELE 1211
RRELE 1211 Final Review UPDATED Exam
Questions and CORRECT Answers
What is NOT one of the main contingencies in a TREC contract - Correct Answer- Price
What happens if the events or occurrences set forth in the contingency will NOT come to
pass and cannot be corrected - Correct Answer- The bu...
RELE 1211 Final Review UPDATED Exam
Questions and CORRECT Answers
What is NOT one of the main contingencies in a TREC contract - Correct Answer- Price
What happens if the events or occurrences set forth in the contingency will NOT come to
pass and cannot be corrected - Correct Answer- The buyer can back out of the contact legally
What is an example of a title contingency that is unlikely to be curable in time for a closing -
Correct Answer- The paperwork from the seller's divorce cannot be finalized
What is an example of a property contingency that seller may either properly refuse or which
is unlikely to be cured to buyer's reasonable satisfaction in time for a closing - Correct
Answer- The seller's foundation was found to be unsound by a structural engineer
The house was expensive - at the limit of what the buyer might be able to afford. The interest
rates went up a bit after the contract was signed and the buyer simply cannot get the loan.
What contingency might this raise - Correct Answer- A financing contingency
The inspections showed the house needed a new A/C compressor. The A/C. experts estimate
this will cost about $1,500 to fix. What is not one of the options the TREC "Amendment to
Contract' form would make available by agreement between the parties to deal with this
situation - Correct Answer- The seller would slip the buyer $1,500 in cash "under the table"
to deal with the issue
What is NOT one of the standard checkboxes on the TREC Amendment form - Correct
Answer- Assignment of the contract to a new buyer
Which one of the following deals with the seller agreeing to make repairs before the buyer
moves in - Correct Answer- Addenda
Which of the following topics is normally addressed with a TREC notice form - Correct
Answer- Lead based paint
, Which one of the following deals with giving the buyer time to be approved for financing
before the seller has to move out - Correct Answer- Addenda
What are the two loan documents a borrower normally signs to set up a bank loan on real
estate in Texas - Correct Answer- A note and three party deed of trust
What transfers the title to the land to the borrower - Correct Answer- A deed from the seller
How many parties are there on true mortgage in Texas versus a deed of trust - Correct
Answer- 2
Which document is primarily concerned with establishing and defining the lender's right to
foreclose - Correct Answer- Deed of Trust
What is the best single word or phrase to define the following statement: "occurs when
property is pledged as collateral by a property owner - Correct Answer- Hypothecation
Which of the following is giving the lender the right to force the sale of property to pay off a
loan - Correct Answer- Lien
When a buyer borrows money to buy the house, and the loan is being paid in monthly
payments, then who owns the house while payments are made - Correct Answer- The
borrower
What is the process of forcing the sale of real property under a lien called - Correct Answer-
Foreclosure
What is the main or largest charge the lender makes for the use of money over time - Correct
Answer- Interest
When does the borrower lose title for not paying - Correct Answer- Upon foreclosure sale
What is NOT one of the six essentials of a deed - Correct Answer- Signature of grantee
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