Promulgated Contract Forms QUIZ with correct ANSWERS

QUIZ 1: All oral negotiations are______ - Answer- (A) voluntary The ______ assumes primarily liability for performance under the contract - Answer- (A) assignee Mutual consent is completed by the process of ______ - Answer- (B) offer and acceptance Which of the following is the buyers primary obligation toward the performance of a real estate contract? - Answer- (C) be ready to pay the agreed-upon price Which of the following contracts is NOT assignable? - Answer- (C) contracts for personal services SCENARIO 1: Which of the following courses of action are not available to the seller? - Answer- (D) if guy can not obtain financing and still wants to purchase the property, the seller has to accept the 80% down payment If guy quickly secured financing and learns he can buy a $180,000 property without the inheritance, which of the following is TRUE about renegotiating the sales contract? - Answer- (C) the seller is under no obligation to renegotiate the sales price and may still seek remedy against guy if he doesn't complete the sale WhT could happen if— a couple of days after the contract was executed— the title company had pointed out that Guy is 17 1/2 years of age? - Answer- (C) guy could chose to void the contract QUIZ 2: Sales agent Nate receives for offers on seller Tim's property in the order in which they were received. After presenting the offers to Tim, Nate sees that a fifth offer was faxed over. What should Nate do? - Answer- (D) present the fifth offer to Tim When a seller agrees to pay for a home warranty as a condition of a sale, the seller has made a(n)_____ - Answer- (C) concession Notification is also referred to as_____ - Answer- (B) communication Imputed Notice: - Answer- (B) under this concept, an offer is presumed to have been delivered to the principal when it is delivered to the agent QUIZ 3: Which of the following is NOT considered an accessory? - Answer- (B) mailbox Exclusions to the cell must be entered in paragraph_______ Of the 1 to 4 family residential contract - Answer- (D) 2D Which of the following is one of the benefits of a loan assumption? - Answer- (D) all of these are benefits of loan assumption Which of the following is NOT included in paragraph 2 property? - Answer- (D) personal property Which one of the following statements is FALSE? - Answer- (A) there is no TREC promulgated form for the sale of personal property QUIZ 4: Who pays for a survey? - Answer- (A) either buyer or seller According to paragraph 6.D. Of the 1 to 4 family contract, if a buyers objections are not cured within______, The contract will terminate unless the buyer waves the objections. - Answer- (C) 15 days A(n) is a change made to a standard insurance policy. - Answer- (B) endorsement The Notice to Prospective Buyer: - Answer- (b) Complies with the TRELA requirement that license holders advise buyers to have an abstract examined or to obtain title insurance. ______ is often 1% of the purchase price of the property - Answer- (A) earnest money QUIZ 5: For a valid option to exist, all of the blanks in paragraph________must be filled in. - Answer- (B) 23 Paragraph ; of the buyers temporary lease states that rental is paid for per____ - Answer- (C) day Settlement and other expenses can be found in paragraph______ of the 1 to 4 family contract. - Answer- (A) 12 QUIZ 6: The___________must be prepared by the condominium owners association no more than three months prior to the date the completed certificate is delivered to the buyer - Answer- (A) condominium resale certificate The new home contract (completed