Promulgated Contract form Practice exam
(2023)Questions And Answers.
If a buyer decides to terminate a contract, the seller must agree to the
termination.
A) True
B) False
B) False
Which of the following, with written, consent, may act as an Intermediary?
A) The Broker representing the seller and buyer
B) The Broker cooperating with the listing broker
C) The salesman working with the seller and buyer
D) The salesman sponsored by a broker representing the seller
A) The Broker representing the seller and buyer
An agent would use the same contract for new construction no matter if it was
completed or incomplete.
A) True
B) False
FALSE
Regarding mediation - the Buyer and Seller are obligated under the terms of the
Residential contract to abide by the ruling of the mediator.
A) True
B) False
B) False
A bilateral contract is:
A) A promise in exchange for a promise
B) A promise made only by the agent
C) A promise made only by the seller
D) No promise
A) A promise in exchange for a promise
The option paragraph of the contract creates an executed contract.
A) True
B) False
B) False
A unilateral contract only binds one party to perform.
A) True
B) False
A) True
It is required by law that a seller disclosure any information they have regarding
their property. They may use any form or notice that they wish.
, A) True
B) False
A) True
The Non-Realty Items addendum form for transfer of personal property can
include the following EXCEPT
A) An agreed dollar amount between buyer and seller for the conveyance
B) A place to list the personal property to be conveyed
C) A representation by Seller that the items are owned free and clear of
encumbrances
D) A warranty and guarantee from the seller that the items are in working
condition
D) A warranty and guarantee from the seller that the items are in working condition
The Buyer/Tenant Representation Agreement must always be signed by the
agent's sponsoring broker.
A) True
B) False
B) False
A survey is required on all Condominium Contracts.
A) True
B) False
B) False
Once a contract goes to closing and is funded to the Seller, the Seller has no
further liability for any representations the Seller may have made prior to the
closing.
A) True
B) False
B) False
The legal description in a Condominium Contract includes the unit being
conveyed along with ownership of the undivided interest of the land and common
interests jointly owned by the condominium owners.
A) True
B) False
A) True
A Municipal Utility District (MUD) is a political subdivision of the State of Texas
authorized by the Texas Water Code to provide ____________ and other services
within the MUD boundaries.
A) Water
B) Sewage
(2023)Questions And Answers.
If a buyer decides to terminate a contract, the seller must agree to the
termination.
A) True
B) False
B) False
Which of the following, with written, consent, may act as an Intermediary?
A) The Broker representing the seller and buyer
B) The Broker cooperating with the listing broker
C) The salesman working with the seller and buyer
D) The salesman sponsored by a broker representing the seller
A) The Broker representing the seller and buyer
An agent would use the same contract for new construction no matter if it was
completed or incomplete.
A) True
B) False
FALSE
Regarding mediation - the Buyer and Seller are obligated under the terms of the
Residential contract to abide by the ruling of the mediator.
A) True
B) False
B) False
A bilateral contract is:
A) A promise in exchange for a promise
B) A promise made only by the agent
C) A promise made only by the seller
D) No promise
A) A promise in exchange for a promise
The option paragraph of the contract creates an executed contract.
A) True
B) False
B) False
A unilateral contract only binds one party to perform.
A) True
B) False
A) True
It is required by law that a seller disclosure any information they have regarding
their property. They may use any form or notice that they wish.
, A) True
B) False
A) True
The Non-Realty Items addendum form for transfer of personal property can
include the following EXCEPT
A) An agreed dollar amount between buyer and seller for the conveyance
B) A place to list the personal property to be conveyed
C) A representation by Seller that the items are owned free and clear of
encumbrances
D) A warranty and guarantee from the seller that the items are in working
condition
D) A warranty and guarantee from the seller that the items are in working condition
The Buyer/Tenant Representation Agreement must always be signed by the
agent's sponsoring broker.
A) True
B) False
B) False
A survey is required on all Condominium Contracts.
A) True
B) False
B) False
Once a contract goes to closing and is funded to the Seller, the Seller has no
further liability for any representations the Seller may have made prior to the
closing.
A) True
B) False
B) False
The legal description in a Condominium Contract includes the unit being
conveyed along with ownership of the undivided interest of the land and common
interests jointly owned by the condominium owners.
A) True
B) False
A) True
A Municipal Utility District (MUD) is a political subdivision of the State of Texas
authorized by the Texas Water Code to provide ____________ and other services
within the MUD boundaries.
A) Water
B) Sewage
