Promulgated Contracts Exam Prep | 100
Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
present it to the owner as quickly as possible - ✔✔When a licensee receives an oral offer on a
property, they should do which of the following?
1955 - ✔✔TRELA the primary real estate law in Texas today, was established in which of the
following years?
If they are prepared by the owner, or by an attorney and required by the property owner -
✔✔TREC allows the use of forms that are not promulgated under which of these circumstances?
(1) The escrow company provides the parties with accounting for where the money goes, e.g., title fees,
prorated taxes, rents, or other divisible obligations, as well as proceeds to the seller
(2) Use of the escrow process avoids a number of problems, such as multiple parties writing checks
for fees, title policies, and property taxes - ✔✔How do I benefit from the escrow process?
(1)Rules for changing or removing covenants, rules about pets and other animals, regulations on
in-home businesses and renting
(2)fees for road maintenance or amenities, rules on landscaping suck as that limit tree height or cutting,
,(3) Setbacks (how far homes must be from streets, alleys, and lot lines); easements - ✔✔What kind of
information will I get on a title commitment?
survey - ✔✔A sketch or a map of a property showing its boundaries and other physical features
like easements and property setbacks
Full name and marital status of all parties - ✔✔Identification of the buyer and seller must include
Through the use of the addendum - ✔✔For items for which a promulgated addendum is provided
the proper way to include the item is
Seller financing - ✔✔Which form of financing does the "Third Party financing addendum" not cover?
1.5% per month or highest lawful rate, whichever is lower, for mature unpaid amounts
5% penalty on installment payments paid more than 10 days past their due date
Prepayment without penalty
(all of these) - ✔✔The Promissory Note section of the Seller's Financing Addendum includes
Buyer has sufficient unused VA entitlement remaining
, Buyer is a veteran
Buyer is otherwise qualified
(all of these) - ✔✔VA will not restore Seller's VA entitlement except under which of these conditions?
factual statements and business details applicable to the sale - ✔✔The use of paragraph 11
(Special Provisions) of the One to Four Family Residential Contract is restricted to
Are handled in a separate agreements - ✔✔The TREC 1-4 states that Brokers Fees are which of
the following?
They are not liable for interest on earnest money
They are not a party to the contract
They are not liable for any losses of escrow money attributable to the failure of a financial
institution unless the financial institution is acting as escrow agent
(they have all of these protections) - ✔✔Which of the following statements regarding the escrow
officer in a One to Four Family Residential sale is accurate?
Whoever is specified - ✔✔According to the One to Four Family Residential Contract, who pays for
the title policy?
Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
present it to the owner as quickly as possible - ✔✔When a licensee receives an oral offer on a
property, they should do which of the following?
1955 - ✔✔TRELA the primary real estate law in Texas today, was established in which of the
following years?
If they are prepared by the owner, or by an attorney and required by the property owner -
✔✔TREC allows the use of forms that are not promulgated under which of these circumstances?
(1) The escrow company provides the parties with accounting for where the money goes, e.g., title fees,
prorated taxes, rents, or other divisible obligations, as well as proceeds to the seller
(2) Use of the escrow process avoids a number of problems, such as multiple parties writing checks
for fees, title policies, and property taxes - ✔✔How do I benefit from the escrow process?
(1)Rules for changing or removing covenants, rules about pets and other animals, regulations on
in-home businesses and renting
(2)fees for road maintenance or amenities, rules on landscaping suck as that limit tree height or cutting,
,(3) Setbacks (how far homes must be from streets, alleys, and lot lines); easements - ✔✔What kind of
information will I get on a title commitment?
survey - ✔✔A sketch or a map of a property showing its boundaries and other physical features
like easements and property setbacks
Full name and marital status of all parties - ✔✔Identification of the buyer and seller must include
Through the use of the addendum - ✔✔For items for which a promulgated addendum is provided
the proper way to include the item is
Seller financing - ✔✔Which form of financing does the "Third Party financing addendum" not cover?
1.5% per month or highest lawful rate, whichever is lower, for mature unpaid amounts
5% penalty on installment payments paid more than 10 days past their due date
Prepayment without penalty
(all of these) - ✔✔The Promissory Note section of the Seller's Financing Addendum includes
Buyer has sufficient unused VA entitlement remaining
, Buyer is a veteran
Buyer is otherwise qualified
(all of these) - ✔✔VA will not restore Seller's VA entitlement except under which of these conditions?
factual statements and business details applicable to the sale - ✔✔The use of paragraph 11
(Special Provisions) of the One to Four Family Residential Contract is restricted to
Are handled in a separate agreements - ✔✔The TREC 1-4 states that Brokers Fees are which of
the following?
They are not liable for interest on earnest money
They are not a party to the contract
They are not liable for any losses of escrow money attributable to the failure of a financial
institution unless the financial institution is acting as escrow agent
(they have all of these protections) - ✔✔Which of the following statements regarding the escrow
officer in a One to Four Family Residential sale is accurate?
Whoever is specified - ✔✔According to the One to Four Family Residential Contract, who pays for
the title policy?
