Texas Promulgated Contracts
Exam Questions and Answers
100% Pass
The TREC PROMULGATED CONTRACT FORMS - CORRECT ANSWER:-
ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE
IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION -
CORRECT ANSWER:-THE TENANT HAS THE RIGHT TO MATCH OR
BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE
PROPERTY FROM BEING SOLD
TREC promulgated contract forms provide for - CORRECT ANSWER:-third
party financing,
assumption
seller finance
a lender can withdraw the approval of a property - CORRECT ANSWER:-at any
time prior to closing
, the third party financing addendum for credit approval is used when - CORRECT
ANSWER:-the buyer is obtaining any kind of financing
a new survey is always required for all transactions - CORRECT ANSWER:-false
the number of days allowed for objections to title or survey is - CORRECT
ANSWER:-the number of days entered in paragraph 6
trec has promulgated forms for - CORRECT ANSWER:-residential transactions
TREC promulgated contracts allow the buyer to have the property inspected -
CORRECT ANSWER:-by inspectors licensed by trec or otherwise permitted by
law
when a buyer defaults on a contract and the seller choses to retain the buyer's
earnest money, the seller has agreed to - CORRECT ANSWER:-liquidated
damages
when one party defaults under a contract, the other party is known as - CORRECT
ANSWER:-injured party
earnest money is first applied to the - CORRECT ANSWER:-buyer's down
payment
the escrow agent is - CORRECT ANSWER:-not a party to the transaction
for a valid option to exist - CORRECT ANSWER:-the option fee must be paid
directly to the seller or listing broker
all blanks in paragraph 23 must be filled
Exam Questions and Answers
100% Pass
The TREC PROMULGATED CONTRACT FORMS - CORRECT ANSWER:-
ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE
IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION -
CORRECT ANSWER:-THE TENANT HAS THE RIGHT TO MATCH OR
BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE
PROPERTY FROM BEING SOLD
TREC promulgated contract forms provide for - CORRECT ANSWER:-third
party financing,
assumption
seller finance
a lender can withdraw the approval of a property - CORRECT ANSWER:-at any
time prior to closing
, the third party financing addendum for credit approval is used when - CORRECT
ANSWER:-the buyer is obtaining any kind of financing
a new survey is always required for all transactions - CORRECT ANSWER:-false
the number of days allowed for objections to title or survey is - CORRECT
ANSWER:-the number of days entered in paragraph 6
trec has promulgated forms for - CORRECT ANSWER:-residential transactions
TREC promulgated contracts allow the buyer to have the property inspected -
CORRECT ANSWER:-by inspectors licensed by trec or otherwise permitted by
law
when a buyer defaults on a contract and the seller choses to retain the buyer's
earnest money, the seller has agreed to - CORRECT ANSWER:-liquidated
damages
when one party defaults under a contract, the other party is known as - CORRECT
ANSWER:-injured party
earnest money is first applied to the - CORRECT ANSWER:-buyer's down
payment
the escrow agent is - CORRECT ANSWER:-not a party to the transaction
for a valid option to exist - CORRECT ANSWER:-the option fee must be paid
directly to the seller or listing broker
all blanks in paragraph 23 must be filled
