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promulgated contracts final exam questions with complete solutions
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promulgated contracts final exam questions with completesolutions
A broker could receive a fee from a Residential Service
Company (RSC) for providing information such as
the size and brand of the hot water heater.
the buyer's work history and credit worthiness.
demographics of the subject household and surrounding
neighborhood.
active and sold comparable properties in the area. Correct
Answer the size and brand of the hot water heater.
A buyer leases a property for a period of time and then exercises
an option to buy. Which of the following best describes TREC's
position regarding the licensee's role in the option contract?
TREC discourages licensees from getting involved in the
negotiations.
TREC prohibits licensees from getting involved.
TREC encourages licensees to negotiate these contracts.
TREC takes no position on whether licensees should be
involved in these contracts. Correct Answer TREC discourages
licensees from getting involved in the negotiations.
A Residential Service Company
provides maintenance and staging for vacant homes during their
marketing time.
sells warranties to owners, covering any repairs on listed items
in the home for a pre-determined length of time.
provides brokerage services to owners of residential properties.
is a select group of lawyers that work on behalf of buyers if the
property they purchased does not meet acceptable standards.
,Correct Answer sells warranties to owners, covering any repairs
on listed items in the home for a pre-determined length of time.
A seller can have another party assume her loan if
the title has an assumption clause.
the property currently appraises at or above the current loan
amount.
the current owner remains liable for the loan.
the lender allows it. Correct Answer the lender allows it.
According to the Texas Real Estate Commission (TREC) a
listing contract must contain
a notice that it was prepared by an attorney licensed in the state
of Texas.
disclosure about representation of clients.
a disclaimer saying that the form was not promulgated by Texas.
a provision informing the parties to the contract that real estate
commissions are negotiable. Correct Answer a notice that it
was prepared by an attorney licensed in the state of Texas.
According to the TREC OP-L - Addendum for Seller's
Disclosure of Information on Lead-Based Paint, how many days
from the effective date of the contract does the buyer have to get
the property inspected?
10 days
14 days
21 days
30 days Correct Answer 10 days
, According to TREC Residential Contract, who is to advise the
buyer to have an attorney examine the abstract or obtain a title
policy?
The licensee
The seller
The title officer
No one is required Correct Answer The licensee
All of the following actions would be considered practicing law
without a license except which one?
Modify a 1997 TREC promulgated contract to fit the buyer's
current scenario to purchase a property.
Tell the client known facts about the property that might affect
the title.
Give advice about the legal consequences of the purchase.
Offer a client an opinion regarding the validity of the title.
Correct Answer Tell the client known facts about the property
that might affect the title.
All oil, gas, and other minerals in or under a property, including
any royalties, production and drilling rights, lease payments and
all related benefits are known as a seller's
mineral estate.
subsurface rights.
real property.
real estate. Correct Answer mineral estate.
At what point does an offer become a contract?
After the licensee fills in all the blanks
After the buyer signs it
After the seller accepts the buyer's offer
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