Promulgated Contract form Practice Exam Questions and Answers (Verified)

Promulgated Contract form Practice Exam Questions and Answers (Verified). If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - Answer- 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 - Answer- 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 - Answer- 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 - Answer- 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 - Answer- A) A promise in exchange for a promise The option paragraph of the contract creates an executed contract. A) True B) False - Answer- B) False A unilateral contract only binds one party to perform. A) True B) False - Answer- A) True Promulgated Contract form Practice Exam Questions and Answers (Verified) 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 - Answer- 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 - Answer- 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 - Answer- B) False A survey is required on all Condominium Contracts. A) True B) False - Answer- 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 - Answer- 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 - Answer- 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 C) Drainage D) All of the above - Answer- D) All of the above If a Seller counters a Buyer's offer, it is considered a rejection. A) True B) False - Answer- A) True A Back-Up contract to an existing contract can be terminated at any time under the termination option paragraph: A) Only if option money has been submitted to the seller at the time the Back-up contract is signed and agreed by all parties B) It has not moved to primary position, at which time the number of days in paragraph 23 (Option paragraph) dictates the 'time is of the essence" period C) The Back-Up Addendum form is attached to the contract D) All of the above - Answer- D) All of the above A contract must include all of these items except: A) Legal Description B) Sales Price C) Names of parties D) Type of loan - Answer- D) Type of loan Paragraph 4 (Financing) in the 1-4 Family Residential Contract is also used for cash transactions. A) True B) False - Answer- B) False