promulgated contracts final exam qs | 70
Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
What is the probably best action a seller can take if he or she wants to take a fixture prior to closing?
Mark the item with a tag that states that the item does not convey.
List the item in the remarks section of the MLS as not conveying.
Place a notice on the inside of the front door telling any potential buyers that the item does not convey.
Remove the item prior to any showings. - ✔✔Remove the item prior to any showings.
In completing a sales contract, the sale price should equal
the market price.
the down payment added to any loans.
.the appraised value.
the loan amount and closing costs. - ✔✔the down payment added to any loans.
When a transfer fee is enforced, who receives the payment?
The owner of the property
The state of Texas
The homeowners association
The original creator of the covenant - ✔✔The original creator of the covenant
What agreement is typically made when a buyer moves in before the actual close?
,Short-term lease agreement
Buyer's Temporary Lease
Seller's Temporary Lease
The TREC promulgated purchase agreement addresses this and no further documentation is needed. -
✔✔Buyer's Temporary Lease
Which of the following statements best defines "promulgate"?
To disperse
To define a code of conduct
To officially publish rules
To disseminate - ✔✔To officially publish rules
What happens to the penalty funds collected from transfer fee violators?
They are placed in the general revenue fund of the State.
They are placed in the HUD general revenue fund.
They are placed in the Real Estate Recovery Fund.
They are placed in a holding account to distribute to the victims. - ✔✔They are placed in the
general revenue fund of the State.
In which of the following situations would a temporary lease be inappropriate?
When the seller stays in the property for three days after closing.
When the buyer moves in the week prior to the closing date.
When the seller needs the weekend after closing to finish moving.
, When the buyer moves in six months prior to the closing. - ✔✔When the seller needs the weekend
after closing to finish moving.
On the TREC promulgated Unimproved Property Contract, in what paragraph would you
find information regarding potential annexation?
Casualty Loss
Title Policy and Survey
Property Condition
Default - ✔✔Title Policy and Survey
Which of the following transactions would use Form 9-10, Unimproved Property Contract?
The sale of a condominium
The sale of a spec home
The sale of land with no utilities
The sale of an office building - ✔✔The sale of a spec home
Form 9-10 Unimproved Property Contract differs from Form 20-11 Residential Contract in that
Form 9-10 covers condominiums.
Form 9-10 calls for possession on the date of closing.
Form 9-10 has no section to specify repairs to the property.
brokers fees are listed on Form 9-10. - ✔✔Form 9-10 calls for possession on the date of closing.
To write a legal description for a large ranch, the licensee would
want to use the triangular survey method.
Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
What is the probably best action a seller can take if he or she wants to take a fixture prior to closing?
Mark the item with a tag that states that the item does not convey.
List the item in the remarks section of the MLS as not conveying.
Place a notice on the inside of the front door telling any potential buyers that the item does not convey.
Remove the item prior to any showings. - ✔✔Remove the item prior to any showings.
In completing a sales contract, the sale price should equal
the market price.
the down payment added to any loans.
.the appraised value.
the loan amount and closing costs. - ✔✔the down payment added to any loans.
When a transfer fee is enforced, who receives the payment?
The owner of the property
The state of Texas
The homeowners association
The original creator of the covenant - ✔✔The original creator of the covenant
What agreement is typically made when a buyer moves in before the actual close?
,Short-term lease agreement
Buyer's Temporary Lease
Seller's Temporary Lease
The TREC promulgated purchase agreement addresses this and no further documentation is needed. -
✔✔Buyer's Temporary Lease
Which of the following statements best defines "promulgate"?
To disperse
To define a code of conduct
To officially publish rules
To disseminate - ✔✔To officially publish rules
What happens to the penalty funds collected from transfer fee violators?
They are placed in the general revenue fund of the State.
They are placed in the HUD general revenue fund.
They are placed in the Real Estate Recovery Fund.
They are placed in a holding account to distribute to the victims. - ✔✔They are placed in the
general revenue fund of the State.
In which of the following situations would a temporary lease be inappropriate?
When the seller stays in the property for three days after closing.
When the buyer moves in the week prior to the closing date.
When the seller needs the weekend after closing to finish moving.
, When the buyer moves in six months prior to the closing. - ✔✔When the seller needs the weekend
after closing to finish moving.
On the TREC promulgated Unimproved Property Contract, in what paragraph would you
find information regarding potential annexation?
Casualty Loss
Title Policy and Survey
Property Condition
Default - ✔✔Title Policy and Survey
Which of the following transactions would use Form 9-10, Unimproved Property Contract?
The sale of a condominium
The sale of a spec home
The sale of land with no utilities
The sale of an office building - ✔✔The sale of a spec home
Form 9-10 Unimproved Property Contract differs from Form 20-11 Residential Contract in that
Form 9-10 covers condominiums.
Form 9-10 calls for possession on the date of closing.
Form 9-10 has no section to specify repairs to the property.
brokers fees are listed on Form 9-10. - ✔✔Form 9-10 calls for possession on the date of closing.
To write a legal description for a large ranch, the licensee would
want to use the triangular survey method.
