AYPO PROMULGATED
CONTRACTS FINAL EXAM
COMPREHENSIVE
QUESTIONS (FREQUENTLY
TESTED) WITH VERIFIED
ANSWERS GRADED A+
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
, Contact for further consultation
1. If the title company is unable to deliver the title commitment
within 20 days Answer: the time for delivery is automatically extended up to 15 days or 3 days
before the closing date, whichever is sooner
2. Which of these is not a potential Fair Housing violation? Answer:
Requiring that at least one resident be at least 55 years of age or older per unit ( where %80
of the units are occupied by individuals 85 yrs or older)
3. Which of these Farm and Ranch Contract sections IS NOT
distinguished from the TREC 1-4? Answer: 15 Default
4. An "assignment of rights" is best described by which of the following
Answer: Answer: all of these are correct
-the conveyance of the bundle of rights by the seller to the buyer at the conclusion of the contract
-a transfer of rights or duties under a contract from a current party to a contract to another party
-designation of a party's obligations under a contract
5. In paragraph 6B of the TREC 1-4,
the agreement calls for the seller to furnish the buyer a title
commitment within days. Answer: 20
6. The offer becomes a sales contract following which of these
2/
5
CONTRACTS FINAL EXAM
COMPREHENSIVE
QUESTIONS (FREQUENTLY
TESTED) WITH VERIFIED
ANSWERS GRADED A+
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
, Contact for further consultation
1. If the title company is unable to deliver the title commitment
within 20 days Answer: the time for delivery is automatically extended up to 15 days or 3 days
before the closing date, whichever is sooner
2. Which of these is not a potential Fair Housing violation? Answer:
Requiring that at least one resident be at least 55 years of age or older per unit ( where %80
of the units are occupied by individuals 85 yrs or older)
3. Which of these Farm and Ranch Contract sections IS NOT
distinguished from the TREC 1-4? Answer: 15 Default
4. An "assignment of rights" is best described by which of the following
Answer: Answer: all of these are correct
-the conveyance of the bundle of rights by the seller to the buyer at the conclusion of the contract
-a transfer of rights or duties under a contract from a current party to a contract to another party
-designation of a party's obligations under a contract
5. In paragraph 6B of the TREC 1-4,
the agreement calls for the seller to furnish the buyer a title
commitment within days. Answer: 20
6. The offer becomes a sales contract following which of these
2/
5
