Texas Promulgated Contract Forms & Addenda Final
Exams | 85 Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
Regarding closing and the buyer's possession of the property? - ✔✔Seller shall deliver possession
of property in it's present or require condition, or wear and tear excepted;
1. Upon closing or funding; Or date agreed upon 2. according to a temporary lease form promulgated by
TREC or other written lease required by the parties.
If clients want an agent to write a statement that defines a legal remedy? - ✔✔The agent should
decline and referring the client to a lawyer.
Which of the following made the address by agent in paragraph 11 (special provisions)? - ✔✔Insert
only factual statements and business detail applicable to the sale. TREC rules prohibit licensees for
adding factual statements or business details for which a contract addendum, lease or other form has
been promulgated by TREC for mandatory use.
If the broker's information is blank on the final page of the contract the contract is? - ✔✔Still Valid - He
will not get paid a commission.
Which of the following characteristics of insulation installed in a new home must be builders reveal? -
✔✔The R Value or rating
,Which contract does not address rollback taxes? - ✔✔1 to 4 family residential contract
resell Condo Resale
Rollback taxes are discussed in: - ✔✔New home contract completed,
New home contract incomplete
Farm and ranch contracts
Which contract would be used for a 50-acre track with a small cottage outside the city? - ✔✔Farm
and ranch contract
Which of the following should not be listed as an addendum to a promulgated TREC contract form? -
✔✔Amendment-none listed below....
1. Addendum for Sell Other Property by Buyer,
2. Addendum for Back - up Contract,
3. Addendum for Release of Liability on Assumed
Loan and/or Restoration of Sellers VA Entitlement,
4. Addendum for Coastal Area Property,
5. ADDENDUM for Property located Seaboard of
the Intercoastal Waterway,
6. Addendum for Property Subject to Mandatory
Membership in an Owners Association,
7. Addendum for Reservation of Oil, Gas, and Other .
, Minerals,
8. Lead-based Addendum,
9. Non-Reality Items Addendum,
10. Short Sale Addendum,
11. Loan Assumption Addendum,
12. Third Party Financing Addendum for Credit Approval.
----- Anything other than above listed should NOT be
included.
How many resale certificates are currently promulgated by TREC? - ✔✔2
1. Condominium Resale Certificate,
2. Subdivision Information including Resale Certificate
for Property Subject to Membership in a Property
Owners Association.
Which form informs the customer or client how agents represent consumers of real estate services?
- ✔✔Information About Brokerage Services.
Which addendum warns buyers that Texas may have the right to take their property? - ✔✔1. Addendum
for Property located Seaward of the Gulf
Inter coastal Waterway,
2. Addendum for Coastal Area Property.
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