Promulgated Contract form Practice Exam-Questions and Answers Promulgated Contract Forms final exam questions and answers Real estate promulgated contract forms practice test-solved Promulgated contracts practice exam 2023 Promulgated Contract Forms: Final Exam with complete solutions PROMULGATED C...
[Show more]
If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - Answer- B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing...
Preview 2 out of 10 pages
Add to cartIf a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - Answer- B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing...
If a Buyer wants the Seller to pay some or all of their closing costs, it should be added to the contract in: A) Paragraph #11 (Special Provisions) B) Paragraph #12 - Seller participation in the Buyer's costs C) Third Part financing Addendum D) All of the above - Answer- B) Paragraph #12-...
Preview 2 out of 10 pages
Add to cartIf a Buyer wants the Seller to pay some or all of their closing costs, it should be added to the contract in: A) Paragraph #11 (Special Provisions) B) Paragraph #12 - Seller participation in the Buyer's costs C) Third Part financing Addendum D) All of the above - Answer- B) Paragraph #12-...
Essential elements of a contract include - Answer- All of the above A contract must include all of these items except - Answer- Type of loan If a Seller counters a Buyer's offer, it is considered a rejection - Answer- True It is considered illegal for a contract to include any discriminato...
Preview 2 out of 5 pages
Add to cartEssential elements of a contract include - Answer- All of the above A contract must include all of these items except - Answer- Type of loan If a Seller counters a Buyer's offer, it is considered a rejection - Answer- True It is considered illegal for a contract to include any discriminato...
Which of these forms is least likely to be involved in the sale of unimproved property? - Answer- The Unimproved Property Contract would not be involved in the sale of a condo. A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is...
Preview 2 out of 8 pages
Add to cartWhich of these forms is least likely to be involved in the sale of unimproved property? - Answer- The Unimproved Property Contract would not be involved in the sale of a condo. A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is...
When earnest money is deposited with an escrow agent, the escrow agent: - Answer- A) Is not responsible for the performance of any signatory B) Has the right to secure written release of all signatories C) Is not liable for interest on the money How does the Texas Real Estate License Act define t...
Preview 2 out of 5 pages
Add to cartWhen earnest money is deposited with an escrow agent, the escrow agent: - Answer- A) Is not responsible for the performance of any signatory B) Has the right to secure written release of all signatories C) Is not liable for interest on the money How does the Texas Real Estate License Act define t...
Agent Ralph has a buyer client that wants the seller to leave them the refrigerator, built-in microwave, and vent hood. Ralph notes this expectation in the Special Provisions section. What is wrong with this scenario? - Answer- It should be written in a Non-Realty Addendum, not in the Special Provis...
Preview 2 out of 5 pages
Add to cartAgent Ralph has a buyer client that wants the seller to leave them the refrigerator, built-in microwave, and vent hood. Ralph notes this expectation in the Special Provisions section. What is wrong with this scenario? - Answer- It should be written in a Non-Realty Addendum, not in the Special Provis...
QUIZ 1: All oral negotiations are______ - Answer- (A) voluntary The ______ assumes primarily liability for performance under the contract - Answer- (A) assignee Mutual consent is completed by the process of ______ - Answer- (B) offer and acceptance Which of the following is the buyers pri...
Preview 1 out of 3 pages
Add to cartQUIZ 1: All oral negotiations are______ - Answer- (A) voluntary The ______ assumes primarily liability for performance under the contract - Answer- (A) assignee Mutual consent is completed by the process of ______ - Answer- (B) offer and acceptance Which of the following is the buyers pri...
The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - Answer- B A(n) __________________ contract is defined as a contract that is binding on t...
Preview 3 out of 25 pages
Add to cartThe elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - Answer- B A(n) __________________ contract is defined as a contract that is binding on t...
The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are: legal purpose, competent parties, mutual assent, consideration and ____________. (a) Signature of witnesses (b) In writing (c) Acknowledgment by a notary (d) Recording in co...
Preview 2 out of 13 pages
Add to cartThe five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are: legal purpose, competent parties, mutual assent, consideration and ____________. (a) Signature of witnesses (b) In writing (c) Acknowledgment by a notary (d) Recording in co...
In which of these scenarios could an HOA foreclose on a property that belongs to the HOA? - Answer- The association can enforce their lien on the property and foreclose. What is TRUE of a unilateral contract? - Answer- A unilateral contract is a promise exchanged for performance . Which of the...
Preview 2 out of 6 pages
Add to cartIn which of these scenarios could an HOA foreclose on a property that belongs to the HOA? - Answer- The association can enforce their lien on the property and foreclose. What is TRUE of a unilateral contract? - Answer- A unilateral contract is a promise exchanged for performance . Which of the...
According to the Environmental Assessment, Threatened or Endangered Species, & Wetlands Addendum, what happens if the buyer can provide the seller with a report proving that the use of the property is negatively affected by one of the noted factors (before the agreed-upon deadline)? - Answer- The bu...
Preview 2 out of 7 pages
Add to cartAccording to the Environmental Assessment, Threatened or Endangered Species, & Wetlands Addendum, what happens if the buyer can provide the seller with a report proving that the use of the property is negatively affected by one of the noted factors (before the agreed-upon deadline)? - Answer- The bu...
a contract for life necessity - Answer- Which of these is an exemption to the "legal capacity" requirement to form a contract? voidable - Answer- A contract for non-life necessities with a person lacking legal capacity is executory contract - Answer- a contract for deed is a classic example ...
Preview 2 out of 8 pages
Add to carta contract for life necessity - Answer- Which of these is an exemption to the "legal capacity" requirement to form a contract? voidable - Answer- A contract for non-life necessities with a person lacking legal capacity is executory contract - Answer- a contract for deed is a classic example ...
TREC contract forms and their uses - Answer- - Sales Contracts: 1) One-to-Four Family Contract (Resale) 2) New Home Contract (Incomplete Construction) 3) New Home Contract (Completed Construction) 4) Unimproved Property Contract 5) Residential Condominium Contract (Resale) 6) Farm and Ranch Co...
Preview 2 out of 9 pages
Add to cartTREC contract forms and their uses - Answer- - Sales Contracts: 1) One-to-Four Family Contract (Resale) 2) New Home Contract (Incomplete Construction) 3) New Home Contract (Completed Construction) 4) Unimproved Property Contract 5) Residential Condominium Contract (Resale) 6) Farm and Ranch Co...
1. The effective date- who, what, and when? - Answer- Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last party to initial/Sign fills in the day. 2. What is the legal proceedings brought by party to a contract...
Preview 2 out of 9 pages
Add to cart1. The effective date- who, what, and when? - Answer- Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last party to initial/Sign fills in the day. 2. What is the legal proceedings brought by party to a contract...
Which of the following is an example of a Bilateral contract? - Answer- A Promise in exchange for a promise - Purchase Contract. Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract Who is responsible for filling in the effective date, who, when & what? - Answer- Broker. Betwe...
Preview 2 out of 10 pages
Add to cartWhich of the following is an example of a Bilateral contract? - Answer- A Promise in exchange for a promise - Purchase Contract. Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract Who is responsible for filling in the effective date, who, when & what? - Answer- Broker. Betwe...
"Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? a. Required disclosures b. Prohibited disclosures c. Permitted disclosures d. None of these - Answer- c. Permitted disclosures If there is a field in a promulgated...
Preview 2 out of 11 pages
Add to cart"Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? a. Required disclosures b. Prohibited disclosures c. Permitted disclosures d. None of these - Answer- c. Permitted disclosures If there is a field in a promulgated...
1x sold
In the State of Texas who is allowed to use a customized real estate contract? The real estate brokerage company The salesperson The broker Lawyers licensed to practice in Texas - Answer- Lawyers licensed to practice in Texas Marcy is 17 and married. Her spouse is stationed in the Middle East...
Preview 2 out of 13 pages
Add to cartIn the State of Texas who is allowed to use a customized real estate contract? The real estate brokerage company The salesperson The broker Lawyers licensed to practice in Texas - Answer- Lawyers licensed to practice in Texas Marcy is 17 and married. Her spouse is stationed in the Middle East...
The TREC PROMULGATED CONTRACT FORMS - Answer- ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION - Answer- THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD TREC promulgated contract fo...
Preview 2 out of 5 pages
Add to cartThe TREC PROMULGATED CONTRACT FORMS - Answer- ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION - Answer- THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD TREC promulgated contract fo...
Contract - Answer- A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract - Answer- A contract that has been approved and is required to be used by license holders Legally Competent - Answer- an individual that has reached the age of majority (18 y...
Preview 2 out of 5 pages
Add to cartContract - Answer- A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract - Answer- A contract that has been approved and is required to be used by license holders Legally Competent - Answer- an individual that has reached the age of majority (18 y...
2x sold
VOID - Answer- A contract that has no legal effect. VOIDABLE - Answer- When one or more of the parties has the authority to rescind the contract. It appears to be valid, but one party may disaffirm because they are a minor, were subject to duress, or a victim of fraud or misrepresentation. STA...
Preview 2 out of 8 pages
Add to cartVOID - Answer- A contract that has no legal effect. VOIDABLE - Answer- When one or more of the parties has the authority to rescind the contract. It appears to be valid, but one party may disaffirm because they are a minor, were subject to duress, or a victim of fraud or misrepresentation. STA...
An attorney appointed to the Broker-Lawyer Committee resigns before the expiration of his term. Which entity would appoint his replacement? - Answer- President of the State Bar Once an offer has been communicated to the offeree, it does not stay open forever. Which is not a way to terminate an of...
Preview 1 out of 2 pages
Add to cartAn attorney appointed to the Broker-Lawyer Committee resigns before the expiration of his term. Which entity would appoint his replacement? - Answer- President of the State Bar Once an offer has been communicated to the offeree, it does not stay open forever. Which is not a way to terminate an of...
The words "time is of the essence" are in: - Answer- The Addendum for Sale of Other Property by Buyer Why does the option to terminate require an extra consideration in the form of option money? - Answer- because it is another contract within the overall contract In Paragraph 9 of the One to...
Preview 2 out of 6 pages
Add to cartThe words "time is of the essence" are in: - Answer- The Addendum for Sale of Other Property by Buyer Why does the option to terminate require an extra consideration in the form of option money? - Answer- because it is another contract within the overall contract In Paragraph 9 of the One to...
If the title company is unable to delivered the commitment within 20 days: - Answer- The time for delivery is automatically extended up to 15 or 3 days before the closing date, whichever is sooner. To recieve a daily rate of $40 in a buyer's or seller's lease, the monthly rate would have to be ...
Preview 2 out of 5 pages
Add to cartIf the title company is unable to delivered the commitment within 20 days: - Answer- The time for delivery is automatically extended up to 15 or 3 days before the closing date, whichever is sooner. To recieve a daily rate of $40 in a buyer's or seller's lease, the monthly rate would have to be ...
mutual consent - Answer- a "meeting of the minds" unilateral contract - Answer- a contract in which only one party is obligated to perform unenforceable contract - Answer- a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceabl...
Preview 1 out of 4 pages
Add to cartmutual consent - Answer- a "meeting of the minds" unilateral contract - Answer- a contract in which only one party is obligated to perform unenforceable contract - Answer- a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceabl...
If there is no time limit specified in an offer, then the time limit will expire: - Answer- Within a reasonable time The clause in a contract stating that "time is of the essence" would indicate: - Answer- Strict performance of certain acts within the time stated in the contract. A bilateral...
Preview 2 out of 10 pages
Add to cartIf there is no time limit specified in an offer, then the time limit will expire: - Answer- Within a reasonable time The clause in a contract stating that "time is of the essence" would indicate: - Answer- Strict performance of certain acts within the time stated in the contract. A bilateral...
When the buyer assumes the sellers loan, the ______ becomes responsible for repayment of the loan as well as any other obligations to the lender. - Answer- Buyer Lenders view non-realty items within the real estate contract to be ______, and therefore the value of those items needs to be deducted...
Preview 3 out of 22 pages
Add to cartWhen the buyer assumes the sellers loan, the ______ becomes responsible for repayment of the loan as well as any other obligations to the lender. - Answer- Buyer Lenders view non-realty items within the real estate contract to be ______, and therefore the value of those items needs to be deducted...
TREC contract forms & their uses - pg 35 - Answer- The contract form: is the One to Four Family Residential Contract (Resale). One to four means that it can be used for single-family properties, duplexes, triplex properties, and four-unit buildings. A building with five or more living units would ...
Preview 1 out of 4 pages
Add to cartTREC contract forms & their uses - pg 35 - Answer- The contract form: is the One to Four Family Residential Contract (Resale). One to four means that it can be used for single-family properties, duplexes, triplex properties, and four-unit buildings. A building with five or more living units would ...
In a valid contract, a "meeting of the minds" is known as: - Answer- mutual consent. All of the following are rules to follow when conflicts or contradictions exist within a contract, except: - Answer- lawful objective. Which of the following does not have to be in writing according to the ...
Preview 3 out of 19 pages
Add to cartIn a valid contract, a "meeting of the minds" is known as: - Answer- mutual consent. All of the following are rules to follow when conflicts or contradictions exist within a contract, except: - Answer- lawful objective. Which of the following does not have to be in writing according to the ...
The Broker-Lawyer Committee is: - Answer- an advisory body that develops and recommends various contract forms to TREC for use by licensees. The Commission may __________ a license or take other disciplinary action authorized by this chapter if the license holder fails to use a contract form requ...
Preview 1 out of 2 pages
Add to cartThe Broker-Lawyer Committee is: - Answer- an advisory body that develops and recommends various contract forms to TREC for use by licensees. The Commission may __________ a license or take other disciplinary action authorized by this chapter if the license holder fails to use a contract form requ...
The agreement between a buyer and a buyer's broker that outlines the broker's fees is known as the: - Answer- buyer representation agreement. As stated in the Residential Service Company Disclosure, any fees paid to a settlement services provider are limited to: - Answer- the reasonable value o...
Preview 1 out of 3 pages
Add to cartThe agreement between a buyer and a buyer's broker that outlines the broker's fees is known as the: - Answer- buyer representation agreement. As stated in the Residential Service Company Disclosure, any fees paid to a settlement services provider are limited to: - Answer- the reasonable value o...
In addition to the protected classes under the Fair Housing Act, the ECOA is protective of what? - Answer- Public Assistance Age Marital Status The buyers applied for an FHA loan. The property appraisal was $5000 less than the sales price in the contract. What are the options of the parties in ...
Preview 2 out of 9 pages
Add to cartIn addition to the protected classes under the Fair Housing Act, the ECOA is protective of what? - Answer- Public Assistance Age Marital Status The buyers applied for an FHA loan. The property appraisal was $5000 less than the sales price in the contract. What are the options of the parties in ...
A(n) __________ is the relinquishment or refusal to accept a right. - Answer- waiver Which of the following is true regarding amendments and addenda? - Answer- Both can modify the content or terms of a real estate contract or purchase agreement. The statute of limitations places a limit on the...
Preview 1 out of 2 pages
Add to cartA(n) __________ is the relinquishment or refusal to accept a right. - Answer- waiver Which of the following is true regarding amendments and addenda? - Answer- Both can modify the content or terms of a real estate contract or purchase agreement. The statute of limitations places a limit on the...
1949 - Answer- The Texas Real Estate Commission was created in what year...? 1949 1964 1988 2001 Texas Real Estate License Act - Answer- The Texas Real Estate Commission was created to administer which of the following...? Article 12-A Texas Fair Housing Laws Texas Associate of Realtor...
Preview 2 out of 6 pages
Add to cart1949 - Answer- The Texas Real Estate Commission was created in what year...? 1949 1964 1988 2001 Texas Real Estate License Act - Answer- The Texas Real Estate Commission was created to administer which of the following...? Article 12-A Texas Fair Housing Laws Texas Associate of Realtor...
mutual consent - Answer- a "meeting of the minds" Unilateral Contract - Answer- A contract in which only one party Is obligated to perform. one sided Consideration - Answer- something given in exchange for a promise Option - Answer- an agreement between a buyer and seller giving the buyer...
Preview 2 out of 6 pages
Add to cartmutual consent - Answer- a "meeting of the minds" Unilateral Contract - Answer- A contract in which only one party Is obligated to perform. one sided Consideration - Answer- something given in exchange for a promise Option - Answer- an agreement between a buyer and seller giving the buyer...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
No, you only buy these notes for $40.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
78252 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now