TREC PROMULGATED CONTRACT FORMS 351
FINAL EXAM LATEST 2024-2025 ACTUAL EXAM
100 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES
Terms in this set (79)
Aaron, the buyer tells the The buyer should insist on full disclosure before
seller he is selling the agreeing to the sale
property "as is":
The buyer should insist on
full disclosure before
agreeing to the sale
The buyer should now
negotiate a lower price
The buyer should be
relieved she has found her
fixer-upper
The buyer should have the
house inspected
immediately after closing
,All may be reasons the The buyer would hold title to the property
owner would become the
lender with the exception
of:
The buyer is a relative of the
owner
The tenant wants rent to
apply to the purchase of
the subject property
The buyer has bad credit
The buyer would hold title
to the property
All of the following are The earnest money is held by the seller
TREC earnest money
requirements with the
exception of:
The earnest money is held
by the third party
The earnest money is held
by the seller
The earnest money is held
by the broker in the firm's
trust account
The earnest money may be
held by an escrow
company
,All of the following The VA is allowed to obtain any form of financing to
statements are incorrect make up the property's sale price from the appraisal's
with the exception of: price
The VA allows the
veteran/buyer to take out a
second mortgage
The VA is allowed to obtain
any form of financing to
make up the property's sale
price from the appraisal's
price
The veteran is allowed to
pay cash for the difference
between the appraised
value and the asking price
All of the following would Telling a client they must seek legal counsel
be considered practicing
law with the exception of:
Telling a client they must
seek legal counsel
Giving advice to a client
who is appearing before a
judge
Preparing a legal document
Advising a client on what
the legal document they are
looking at is all about and
what they need to do
, All of the following would Under this arrangement the earnest money is never
be included in Addendum returned
10-6 with the exception of:
A closing date is specified
Addendum verifies there is
a contingency in the
agreement
A statement of what
happens if the buyer's
current house doesn't sells
and the buyer backs out
Under this arrangement the
earnest money is never
returned
All of the following would The county Treasurer must also be given a copy
be necessary regarding the
affidavit with the exception
of:
A written document is
necessary
The document must be
signed by the seller stating
the information is true
The buyer would be given a
copy of the affidavit
The county Treasurer must
also be given a copy
Any amendment to the The buyer and the seller
contract must be ratified by:
The buyer
The seller
The real estate salesperson
The buyer and the seller
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