Use of the TREC promulgated One to Four Family Residential Contract (Resale):
A. Is allowed on the sale of a residential condominium
B. Can be used for a vacant residential lot
C. Covers single family, duplex, triplex, and fourplex transactions
D. All of the above
Rationale: The correct answer...
Use of the TREC promulgated One to Four Family Residential Contract (Resale):
A. Is allowed on the sale of a residential condominium
B. Can be used for a vacant residential lot
C. Covers single family, duplex, triplex, and fourplex transactions
D. All of the above
Rationale: The correct answer is C. The TREC One to Four Family Residential Contract (Resale) covers
single family, duplex, triplex, and fourplex transactions. - ANSWERSC. Covers single family, duplex, triplex,
and fourplex transactions
Broker's fees are:
A. Included in the One to Four Family Residential Contract (Resale) between the Buyer and the Seller
B. Determined by writing in the Information About Brokerage Services
C. Determined by writing in the Listing Agreement
D. Both B and C - ANSWERSC. Broker fees are agreed in the listing agreement between the Seller and the
Broker. The Broker has the ability to share those fees with an agent from an outside company who works
with a buyer.
Fraud is:
A. A crime
B. A civil law violation
C. Both A and B
D. Only B - ANSWERSC. Fraud can be prosecuted as a crime. Fraud charges also can go through the courts
as civil law violations.
Federal Fair Housing Laws forbid discriminatory practices by parties including:
A. Owners of properties
, B. Lenders
C. Real estate brokers
D. All of the above - ANSWERSD. Discriminatory practices are NOT allowed in any transaction.
In a real estate transaction, the legal description is NOT:
A. Lot and block
B. Metes and bounds
C. A street address
D. A description of the property from a surveyor's field notes - ANSWERSC. The legal descriptions in
Texas are: Lot and block, and metes and bounds (sometimes also called surveyor's field notes). A street
address is NOT a legal description.
Earnest money:
A. Constitutes the consideration
B. Is used to make the offer more enticing to the seller
C. Is required in the contract
D. Always equals 1% of the sales price - ANSWERSB. Earnest money is a gesture of good faith and is used
to make the offer more enticing to the seller. It can be any amount that the Buyer wishes to offer, and
the Seller is willing to accept.
Chapter 531 Canons of Professional Ethics and Conduct includes::
A. Fidelity
B. Integrity
C. Competency
D. All of the above - ANSWERSD. Fidelity, Integrity and Competency are all a part of Canons of
Professional Ethics and Conduct.
In the Buyer Agreement, Intermediary is in Paragraph 8. The paragraph is the same in the Buyer
Agreement and in the:
A. Listing agreement
B. Sales contract
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