Texas Promulgated Contracts Updated Exams Test Paper Questions And Answers

TEXAS PROMULGATED CONTRACTS UPDATED
EXAMS TEST PAPER QUESTIONS AND ANSWERS
SURE A+
✔✔Reservations of oil, gas and other minerals will generally be inserted in:

(a) Paragraph 2

(b) Paragraph 11

(c) TREC Addenda form

(d) Paragraph 7 - ✔✔C

✔✔The sales price may be adjusted based upon a survey. If the sales price is adjusted,
____________.

(a) The cash portion can be adjusted

(b) The amount financed can be adjusted

(c) The cash portion and amount financed can be adjusted proportionately

, (d) Any of the above are possible - ✔✔D

✔✔If the sales priced is adjusted based upon a survey, either party may terminate the
contract if the sales price varies by more than:

(a) The amount entered in 3.C of the contract

(b) 5%

(c) 10%

(d) The amount entered in 3.A of the contract - ✔✔B

✔✔If the property is currently under an agricultural exemption, and the use of the
property changes, the buyer may be charged a:

(a) Fine

(b) Penalty

(c) Rollback tax

(d) d. Change of use fee - ✔✔C

✔✔The buyer may terminate the contract and receive a refund of earnest money if
lender required repairs:

(a) Seem really high

(b) Exceed 5% of the Sales Price

(c) Exceed 3% of the Sales Price

(d) Exceed $10,000 - ✔✔B

✔✔If in Paragraph B(2) is checked, and 50% entered in the Addendum for Reservation
of Oil, Gas, and Other Minerals,

(a) Seller reserves 50% of all of the mineral estate

(b) Seller reserves 50% of whatever mineral estate the seller owns as of the closing
date - ✔✔B

✔✔A purchaser of property seaward of the Gulf Intracoastal Waterway must be given a
disclosure notice that