Texas Pre-License - Promulgated Contracts
Study online at https://quizlet.com/_9c9zw5
1. According to TREC rules, which of these must earnest money
be delivered to the seller within three days of a
contract's effective date?
2. What are brokers required to do regarding Con- post it in each office
sumer Protection Notice TREC No. CN 1-2?
3. Rollback taxes are addressed in all of the follow- Residential Service Contract
ing EXCEPT:
4. Agent Sarah knows her client wants to make it could be considered the unautho-
the sales contract contingent on appraisal, so rized practice of law
she adds a notation to that effect in the Special
Provisions section of the contract. Why is that
wrong?
5. What are two real estate governing bodies that TREC and the Broker-Lawyer Com-
were formed as a result of TRELA? mittee
6. If a seller is still accepting counteroffers, what it is not yet officially in contract
is true about their property?
7. Which of the following bodies appoints the pub- the governor
lic member on the Broker-Lawyer Committee?
8. What is the statute of limitations to claim fraud 4 years from discovery
or misrepresentation against a license holder?
9. Anthony changed the use of his land from farm Anthony
land to residential before he sold it. According
to TREC rules, who is responsible for any roll-
back taxes he might owe?
10.
, Texas Pre-License - Promulgated Contracts
Study online at https://quizlet.com/_9c9zw5
Paragraph D of the Short Sale Addendum con- The contract will terminate and the
tains a date by which the seller must get ap- earnest money will be refunded to
proval from their lender for the sale. What hap- the buyer.
pens if the lender does not give approval by the
date?
11. Which of the following is TRUE regarding a con- It is valid.
tract to transfer real estate which contains no
earnest money?
12. What is the purpose of the "Listing Broker's fee" to reflect a previously agreed-upon
section at the bottom of Page 9 of the One to commission
Four Family Residential contract?
13. Which of these is NOT something that is appro- that the contract is contingent on the
priate to put in Paragraph 11 (the Special Provi- inspection
sions section) of a TREC promulgated contract?
14. According to Paragraph 9B, what happens the buyer must honor the lease, and
when someone buys a property that currently the seller transfers them the security
under a lease? deposit
15. A back-up buyer's contract is executed on Sep- October 8, 5 pm
tember 28 with a four-day option period. On
October 4, the seller informed the back-up buy-
er that the first contract was terminated. When
does the back-up buyer's option period end?
16. Reggie made Betty an offer on her house. She withdraw her counter to Reggie
countered, but Reggie has not yet accepted.
Then along comes Archie with a better offer.
Before accepting Archie's offer, what must Betty
do?
, Texas Pre-License - Promulgated Contracts
Study online at https://quizlet.com/_9c9zw5
17. What form must be provided to any unrepre- Information About Brokerage Ser-
sented buyer or seller a license holder talks vices form
with?
18. A buyer was unable to obtain financing. How by sending a promulgated Notice of
would they notify the seller that they are termi- Buyer's Termination
nating the contract?
19. What is the name of the document prepared by The Condominium Resale Certificate
a condo association (or HOA) to outline the fees
and rules of the condo for a prospective buyer?
20. When seller financing is being used, the seller the lender
becomes:
21. If a buyer is sent an Addendum for Property They can terminate the contract
Subject to Mandatory Membership in an Own- within the first three days.
er's Association and they don't like the terms,
what remedy do they have?
22. Agent Ralph has a buyer client that wants the It should be written in a Non-Realty
seller to leave them the refrigerator, built-in Items Addendum, not in the Special
microwave, and vent hood. Ralph notes this Provisions section.
expectation in the Special Provisions section.
What is wrong with this scenario?
23. Buyer Jeremy gave Seller Anthony $800 in Yes, because option money is never
earnest money and an additional $200 in option refundable.
money. During the option period, Jeremy decid-
ed to terminate the contract. Anthony gave him
back $800. Is this correct? Why or why not?
24. Statute of Limitations
Study online at https://quizlet.com/_9c9zw5
1. According to TREC rules, which of these must earnest money
be delivered to the seller within three days of a
contract's effective date?
2. What are brokers required to do regarding Con- post it in each office
sumer Protection Notice TREC No. CN 1-2?
3. Rollback taxes are addressed in all of the follow- Residential Service Contract
ing EXCEPT:
4. Agent Sarah knows her client wants to make it could be considered the unautho-
the sales contract contingent on appraisal, so rized practice of law
she adds a notation to that effect in the Special
Provisions section of the contract. Why is that
wrong?
5. What are two real estate governing bodies that TREC and the Broker-Lawyer Com-
were formed as a result of TRELA? mittee
6. If a seller is still accepting counteroffers, what it is not yet officially in contract
is true about their property?
7. Which of the following bodies appoints the pub- the governor
lic member on the Broker-Lawyer Committee?
8. What is the statute of limitations to claim fraud 4 years from discovery
or misrepresentation against a license holder?
9. Anthony changed the use of his land from farm Anthony
land to residential before he sold it. According
to TREC rules, who is responsible for any roll-
back taxes he might owe?
10.
, Texas Pre-License - Promulgated Contracts
Study online at https://quizlet.com/_9c9zw5
Paragraph D of the Short Sale Addendum con- The contract will terminate and the
tains a date by which the seller must get ap- earnest money will be refunded to
proval from their lender for the sale. What hap- the buyer.
pens if the lender does not give approval by the
date?
11. Which of the following is TRUE regarding a con- It is valid.
tract to transfer real estate which contains no
earnest money?
12. What is the purpose of the "Listing Broker's fee" to reflect a previously agreed-upon
section at the bottom of Page 9 of the One to commission
Four Family Residential contract?
13. Which of these is NOT something that is appro- that the contract is contingent on the
priate to put in Paragraph 11 (the Special Provi- inspection
sions section) of a TREC promulgated contract?
14. According to Paragraph 9B, what happens the buyer must honor the lease, and
when someone buys a property that currently the seller transfers them the security
under a lease? deposit
15. A back-up buyer's contract is executed on Sep- October 8, 5 pm
tember 28 with a four-day option period. On
October 4, the seller informed the back-up buy-
er that the first contract was terminated. When
does the back-up buyer's option period end?
16. Reggie made Betty an offer on her house. She withdraw her counter to Reggie
countered, but Reggie has not yet accepted.
Then along comes Archie with a better offer.
Before accepting Archie's offer, what must Betty
do?
, Texas Pre-License - Promulgated Contracts
Study online at https://quizlet.com/_9c9zw5
17. What form must be provided to any unrepre- Information About Brokerage Ser-
sented buyer or seller a license holder talks vices form
with?
18. A buyer was unable to obtain financing. How by sending a promulgated Notice of
would they notify the seller that they are termi- Buyer's Termination
nating the contract?
19. What is the name of the document prepared by The Condominium Resale Certificate
a condo association (or HOA) to outline the fees
and rules of the condo for a prospective buyer?
20. When seller financing is being used, the seller the lender
becomes:
21. If a buyer is sent an Addendum for Property They can terminate the contract
Subject to Mandatory Membership in an Own- within the first three days.
er's Association and they don't like the terms,
what remedy do they have?
22. Agent Ralph has a buyer client that wants the It should be written in a Non-Realty
seller to leave them the refrigerator, built-in Items Addendum, not in the Special
microwave, and vent hood. Ralph notes this Provisions section.
expectation in the Special Provisions section.
What is wrong with this scenario?
23. Buyer Jeremy gave Seller Anthony $800 in Yes, because option money is never
earnest money and an additional $200 in option refundable.
money. During the option period, Jeremy decid-
ed to terminate the contract. Anthony gave him
back $800. Is this correct? Why or why not?
24. Statute of Limitations
