Promulgated contracts practice exam
Which of these is NOT a place where commission split agreements between cooperating
brokers can be determined? Correct Ans-Commission split agreements are not determined
in the contract.
According to the Environmental Assessment, Threatened or Endangered Species, & Wetlands
Addendum, what happens if the buyer can provide the seller with a report proving that the use
of the property is negatively affected by one of the noted factors (before the agreed-upon
deadline)? Correct Ans-the buyer can terminate the contract and get their earnest money
back
Seller Ben wants to make sure that their agent offers a cooperating broker a commission. Ben
believes this will drive better traffic to the listing. How can Ben BEST make sure this is a part of
the transaction? Correct Ans-make sure it appears in the listing agreement that Ben signs
with the broker
What is TRUE of a unilateral contract? Correct Ans-A unilateral contract is a promise
exchanged for performance.
A seller is selling a property that is under a lease. When does the seller have to deliver a copy of
the lease and any move-in condition form to the buyer? Correct Ans-The seller must deliver
a copy of the lease and any move-in condition form within seven days after the effective date of
the contract.
, When should a license holder use form T-47, Residential Real Property Affidavit? Correct
Ans-when a seller wants to use an existing survey
When a contract has been fully executed, what has happened to it? Correct Ans-it has been
terminated
What information does the Disclosure of Relationship with Residential Service Company form
convey? Correct Ans-The Disclosure of Relationship with Residential Service Company form
states that it is a violation of RESPA for a license holder to receive a referral fee for simply
passing on a name to a service provider.
A Residential Real Property Affidavit Promulgated by the Texas Department of Insurance (T-47
Affidavit) must be furnished to the buyer . Correct Ans-When the seller provides the existing
survey
When is it acceptable for a seller not to give a buyer a seller's disclosure notice? Correct Ans-
when the buyer has indicated in the contract it isn't necessary
Even the most experienced home inspectors have limitations. Which of these are frequently
difficult to vet by visual inspection? Correct Ans-HVAC, leaks, and environmental toxins
What does the Residential Condominium Contract require in the legal description of the
property? Correct Ans-a unit number
Which of these is NOT a place where commission split agreements between cooperating
brokers can be determined? Correct Ans-Commission split agreements are not determined
in the contract.
According to the Environmental Assessment, Threatened or Endangered Species, & Wetlands
Addendum, what happens if the buyer can provide the seller with a report proving that the use
of the property is negatively affected by one of the noted factors (before the agreed-upon
deadline)? Correct Ans-the buyer can terminate the contract and get their earnest money
back
Seller Ben wants to make sure that their agent offers a cooperating broker a commission. Ben
believes this will drive better traffic to the listing. How can Ben BEST make sure this is a part of
the transaction? Correct Ans-make sure it appears in the listing agreement that Ben signs
with the broker
What is TRUE of a unilateral contract? Correct Ans-A unilateral contract is a promise
exchanged for performance.
A seller is selling a property that is under a lease. When does the seller have to deliver a copy of
the lease and any move-in condition form to the buyer? Correct Ans-The seller must deliver
a copy of the lease and any move-in condition form within seven days after the effective date of
the contract.
, When should a license holder use form T-47, Residential Real Property Affidavit? Correct
Ans-when a seller wants to use an existing survey
When a contract has been fully executed, what has happened to it? Correct Ans-it has been
terminated
What information does the Disclosure of Relationship with Residential Service Company form
convey? Correct Ans-The Disclosure of Relationship with Residential Service Company form
states that it is a violation of RESPA for a license holder to receive a referral fee for simply
passing on a name to a service provider.
A Residential Real Property Affidavit Promulgated by the Texas Department of Insurance (T-47
Affidavit) must be furnished to the buyer . Correct Ans-When the seller provides the existing
survey
When is it acceptable for a seller not to give a buyer a seller's disclosure notice? Correct Ans-
when the buyer has indicated in the contract it isn't necessary
Even the most experienced home inspectors have limitations. Which of these are frequently
difficult to vet by visual inspection? Correct Ans-HVAC, leaks, and environmental toxins
What does the Residential Condominium Contract require in the legal description of the
property? Correct Ans-a unit number
