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Texas law of contracts final test study material questions and answers
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Texas law of contracts final test study material questions and answers
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Texas law of contracts final test studymaterial questions and answers
Nicknames - Correct Answers -When added to a contract, what should be included in
parenthesis...?
Using the legal description of the property - Correct Answers -How should a property be
described in a typical sales contract...?
Factual statements and business details - Correct Answers -The Special Provisions part
of a contract are to be used for...?
The legal names listed at the beginning of the contract - Correct Answers -The party's
signatures in a contract must match which of the following...?
At the very beginning of the transaction - Correct Answers -When should the buyer and
seller negotiate between real and personal property items...?
Chandeliers - Correct Answers -Which items may be difficult to distinguish as real or
personal property...?
Non-realty addendum - Correct Answers -Items that are considered personal property
should be included in the...?
Marketable title - Correct Answers -The seller must deliver what at closing...?
Electronic Consent Form - Correct Answers -James is in the process of finalizing a
contract to purchase a new house. What must James complete with the seller in order
to use e-signatures to sign the contract...?
All of the above - Correct Answers -Which of the following is a common mistake found
in contracts...?
- The parties do not initial each page of the contract
- The parties are not listed by their legal names
- The legal description of the property is not included
- All of the above
, An appraiser will document the appraised value of a house on the...? - Correct Answers
-Uniform Residential Appraisal Report
Which of the following Acts helps prevent consumers from getting charged higher than
anticipated fees by lenders at closing...? - Correct Answers -Mortgage Disclosure
Improvement Act
Which of the following should be done if the seller agrees to offer the buyer a credit for
defects found during the property inspection...? - Correct Answers -Amend the original
contract
Which of the following is included in a lender's good faith estimate...? - Correct Answers
-The lender's loan origination fee
What should a buyer do in preparation for closing...?Obtain a cashier's check
Conduct the final walk-through
Compare the good faith estimate to the HUD-1 form - Correct Answers -All the above
The escrow agent typically serves as the...? - Correct Answers -Closing agent
The division of certain settlement costs between a buyer and seller is known as...? -
Correct Answers -Proration
How does a pre-approval letter from a lender help a buyer...? - Correct Answers -It
gives the buyer an idea of how much they can afford
When representing a seller, what is the very first form the broker must have the seller
review and sign...? - Correct Answers -Information About Brokerage Services
Title which is not encumbered or burdened with defects is known as...? - Correct
Answers -Clear title
Voluntary alienation - Correct Answers -The transfer of title freely by the owner is
referred to as...?
All of the above - Correct Answers -Which of the following is required in a valid deed...?
- Habendum clause
- A granting clause
- Consideration
- All of the above
General warranty deed - Correct Answers -Which deed offers the most amount of
protection to the buyer...?
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