TEXAS PROMULGATED CONTRACTS ACTUAL
FINAL EXAMS QUESTIONS AND ANSWERS SURE
A+
✔✔TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions - ✔✔D
✔✔An offer can be communicated by ___________________.
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the above - ✔✔D
,✔✔The Third Party Financing Addendum For Credit Approval is used when:
(a) The buyer is obtaining FHA financing
(b) Paragraph 4.A(2)(a) is checked in the contract
(c) The buyer is obtaining VA financing
(d) The buyer is obtaining any kind of financing - ✔✔D
✔✔In the Third Party Financing Addendum for Credit Approval:
(a) The buyer has no incentive to obtain financial approval
(b) The buyer has a definite time to notify seller of the inability to obtain financing
approval
(c) The buyer's earnest money will not be returned if the buyer does not obtain financing
(d) The option period is explained - ✔✔B
✔✔The Third Party Financing Addendum for Credit Approval cannot be used for:
(a) VA guaranteed loans
(b) FHA insured loans
(c) Seller Financing
(d) Texas Veterans Loans - ✔✔C
✔✔According to the Seller Financing Addendum, the interest rate is:
(a) Set at 6%
(b) Negotiated between the parties
(c) Set by TREC
(d) Determined at closing - ✔✔B
✔✔___________________ occurs when a buyer assumes and agrees to pay the
seller's existing mortgage.
, (a) Loan assumption
(b) Seller liability
(c) Seller lien
(d) Credit approval - ✔✔A
✔✔Land, improvements and accessories are collectively referred to as:
(a) The estate
(b) The property
(c) The listing
(d) The homestead - ✔✔B
✔✔According to the TREC contract, accessories include:
(a) Refrigerators
(b) Stoves
(c) Washing machines
(d) Gas dryers - ✔✔B
✔✔Exclusions to the sale must be removed
(a) Prior to delivery of possession
(b) At the convenience of the seller
(c) When the offer becomes a binding contract
(d) Two days prior to closing - ✔✔A
✔✔The loan amount in Paragraph 3.B. of the sales contract includes:
(a) The amount of the mortgage insurance
(b) The loan plus origination fees
(c) Only the amount borrowed by the buyer
FINAL EXAMS QUESTIONS AND ANSWERS SURE
A+
✔✔TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions - ✔✔D
✔✔An offer can be communicated by ___________________.
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the above - ✔✔D
,✔✔The Third Party Financing Addendum For Credit Approval is used when:
(a) The buyer is obtaining FHA financing
(b) Paragraph 4.A(2)(a) is checked in the contract
(c) The buyer is obtaining VA financing
(d) The buyer is obtaining any kind of financing - ✔✔D
✔✔In the Third Party Financing Addendum for Credit Approval:
(a) The buyer has no incentive to obtain financial approval
(b) The buyer has a definite time to notify seller of the inability to obtain financing
approval
(c) The buyer's earnest money will not be returned if the buyer does not obtain financing
(d) The option period is explained - ✔✔B
✔✔The Third Party Financing Addendum for Credit Approval cannot be used for:
(a) VA guaranteed loans
(b) FHA insured loans
(c) Seller Financing
(d) Texas Veterans Loans - ✔✔C
✔✔According to the Seller Financing Addendum, the interest rate is:
(a) Set at 6%
(b) Negotiated between the parties
(c) Set by TREC
(d) Determined at closing - ✔✔B
✔✔___________________ occurs when a buyer assumes and agrees to pay the
seller's existing mortgage.
, (a) Loan assumption
(b) Seller liability
(c) Seller lien
(d) Credit approval - ✔✔A
✔✔Land, improvements and accessories are collectively referred to as:
(a) The estate
(b) The property
(c) The listing
(d) The homestead - ✔✔B
✔✔According to the TREC contract, accessories include:
(a) Refrigerators
(b) Stoves
(c) Washing machines
(d) Gas dryers - ✔✔B
✔✔Exclusions to the sale must be removed
(a) Prior to delivery of possession
(b) At the convenience of the seller
(c) When the offer becomes a binding contract
(d) Two days prior to closing - ✔✔A
✔✔The loan amount in Paragraph 3.B. of the sales contract includes:
(a) The amount of the mortgage insurance
(b) The loan plus origination fees
(c) Only the amount borrowed by the buyer
