Final Exam RELE 1200 | questions and answers with complete solution 2023/24

Final Exam RELE 1200 | questions and answers with complete solution 2023/24 1. According to paragraph 18 of the One to Four Family Residential Contract, at closing, earnest money is first applied to - cash down payment 2. Which addendum is commonly used in a transaction involving an 80% fixed-rate loan? - Third Party Financing Addendum 3. In the Third Party Financing Addendum, what should be the cap on interest rates? - A rate the buyer will pay that is available in the market 4. When may a potential purchaser's offer to buy real estate be withdrawn? - Anytime prior to seller acceptance and buyer notification of acceptance 5. Which of the following is NOT addressed by a TREC-promulgated form? - A purchase using a contract for deed 6. Which law requires a contract for real property to be in writing and signed to be enforceable? - Texas Statute of Frauds 7. The primary intention of HUD regarding occupancy standards is to make sure the occupancy standards do not eliminate the protection of - families with children. 8. How many resale certificates are currently promulgated by TREC? - two 9. Which of the following is the BEST way to extend the closing date on a contract? - Use the TREC Amendment to Contract and have the buyers and the sellers sign it. 10. Who may give opinions concerning the status or validity of title to real estate? - an attorney 11. How many back-up contracts can be created using the TREC-promulgated addendum for that purpose? - one 12. The promulgated form for the purchase of One to Four Family Residential Contract (Resale) was authored by the - Texas Broker-Lawyer Committee. 13. A real estate licensee has a business relationship with a home warranty company where the licensee receives a referral fee. Which form is required? - Disclosure of Relationship with Residential Service Company 14. Which of the following offers must be communicated to the seller by the listing agent? - Offers made to the principal before the principal has accepted an offer 15. A buyer and seller enter into a written 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 specific performance? - four years 16. Which financing option listed in paragraph 3 requires the use of a promulgated addendum? - all of these 17. A seller furnishes the existing survey to the buyer, but it is not acceptable to the buyer's lender. The cost of a new survey will be at whose expense? - A party negotiated in the contract 18. Which of the following is addressed as part of the real estate in paragraph 2 of the One to Four Family Residential Contract (Resale)? - Draperies 19. When is the seller required to deliver a title commitment to the buyer? - 20 days after the title company receives the contract 20. When a legally enforceable promise is exchanged for a legally enforceable promise, - a contract is created. 21. The premium for title insurance policies - is the same throughout the state. 22. A seller's instruction not to present back-up offers - must be given to the licensee in writing. 23. Paragraphs found in every purchase agreement include all of the following EXCEPT - parcel 24. According to the standard wording in the Property Condition paragraph (paragraph 7E) of the TREC One to Four Family Residential Contract (Resale), who is required to pay for the lender-required repairs? - no one 25. Which of the following is NOT an essential element of a contract for the purchase of a one- to four family residential resale property? - Earnest money 26. If the seller allows the buyer to move in prior to the closing of the sale, the seller is - a land