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Texas Promulgated Forms Questions With Complete Solutions
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Texas Promulgated Forms Questions With Complete Solutions
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Texas Promulgated Forms Questions With CompleteSolutions
"James A Johnson and wife Susan B. Johnson" would be found
in which paragraph of the contract? Correct Answer paragraph
1
"Time is of the essence" in real estate contracts means Correct
Answer that parties are held to exact performance of their duties
within the time specified in the agreement.
A back-up contract allows Correct Answer the seller to
negotiate with a second buyer on terms that will be used if the
first buyer's transaction falls through.
A back-up contract was executed on August 9. The parties
agreed to a 12-day option period. On August 15, the seller
notified the buyer that the first contract had terminated. When
does the buyer's option period end? Correct Answer At 5:00
pm on August 27
A back-up contract was executed on July 1. The buyer is willing
to be in back-up position until July 16 and see if the first
contract will terminate. What are the back-up buyer's
responsibilities while they are in back-up position? Correct
Answer Pay any earnest money and option money agreed to in
the back-up contract
A blind tenant with a helper dog wishes to rent an apartment in a
complex with a no pets policy and the landlord refuses based on
,its policy. Which of the following is TRUE under the Fair
Housing Act? Correct Answer It is a violation of the Act.
A broker, while representing a buyer, absconds with the earnest
money. The buyer ends up suffering economic damages of
$1,000,000 and mental anguish damages of $500,000 and sues
the broker. The broker may be held liable for which of the
following amounts? Correct Answer $1,500,000 if the broker
acted knowingly
A broker, while representing a buyer, forges the buyer's
signature on a sales contract. The buyer ends up suffering
economic damages of $100,000 and sues the broker. The broker
may be held liable for which of the following amounts? Correct
Answer $300,00 if it was intentional
A buyer and a seller enter into a contract using the Farm and
Ranch Contract, which is one of TREC's six promulgated
contracts. The effective date of the contract is June 20, and the
buyer has 8 days to fulfill a duty under the contract. By when
must the buyer complete the duty? Correct Answer June 28 at
midnight
A buyer and seller agree that buyer will buy the seller's home for
$475,000 with no option to terminate using the TREC One to
Four Family Residential Contract. The lender requires the roof
to be replaced, the perimeter to be treated for termites, and the
stucco on the back of the house to be repaired. The roof will cost
$10,000, the termite treatment will cost $1,800, and the stucco
repair is estimated to cost $8,000. Seller agrees to pay for
,everything. What are the buyer's options? Correct Answer The
buyer may not terminate the contract.
A buyer and seller enter into a contract for the sale of a four-
bedroom home. If either party defaults under the contract, the
other party has how much time to file a lawsuit for damages?
Correct Answer four years
A buyer and seller enter into an agreement for buyer to purchase
seller's 150 acre ranch using the TREC Farm and Ranch
Contract. The parties agree that the sales price is calculated at
$6,000 per acre and that the sales price will be adjusted based on
the survey. The buyer gets a survey done which indicates that
the ranch is 135 acres. The buyer wants to adjust the sales price
accordingly. What is seller's option under the contract? Correct
Answer Seller may not terminate because the variance is 10%.
A buyer and seller enter into an agreement for buyer to purchase
seller's 2,000-acre ranch using the TREC Farm and Ranch
Contract. The parties agree that the sales price is calculated at
$2,000 per acre and that the sales price will be adjusted based on
the survey. The buyer gets a survey done which indicates that
the ranch is 2,400 acres. The seller wants to adjust the sales
price accordingly and buyer disagrees. What is buyer's option
under the contract? Correct Answer Buyer may terminate with
written notice to the seller.
A buyer and seller enter into an agreement for buyer to purchase
seller's 200-acre ranch using the TREC Farm and Ranch
Contract. The parties agree that the sales price is calculated at
$4,000 per acre and that the sales price will be adjusted based on
, the survey. The buyer gets a survey done which indicates that
the ranch is 220 acres. The seller wants to adjust the sales price
accordingly. What is buyer's option under the contract? Correct
Answer Buyer may not terminate because the variance is 10%.
A buyer and seller enter into an agreement for buyer to purchase
seller's 3,500 acre ranch using the TREC Farm and Ranch
Contract. On page nine of the contract, who is responsible for
payment of the commission to the listing Correct Answer it is
negotiated by the parties
A buyer and seller enter into an agreement for buyer to purchase
seller's 3,500-acre ranch using the TREC Farm and Ranch
Contract. Buyer intends to develop the ranch for commercial
use. Who is responsible for payment of additional taxes?
Correct Answer buyer
A buyer and seller enter into an agreement for buyer to purchase
seller's 3,500-acre ranch using the TREC Farm and Ranch
Contract. On page nine of the contract, who is responsible for
payment of the commission to the buyer's broker? Correct
Answer it is negotiated by the parties
A buyer and seller enter into an agreement for buyer to purchase
seller's 3,500-acre ranch using the TREC Farm and Ranch
Contract. Seller was denied a special use valuation by the county
that resulted in assessments. Who is responsible for payment of
the assessments? Correct Answer seller
A buyer and seller enter into an agreement for buyer to purchase
seller's 3,500-acre ranch using the TREC Farm and Ranch
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