Promulgated Contract Forms Exam Questions and Answers, Graded to Pass

A state government entity created to encourage agricultural development in Texas is the: - Texas Agricultural Development District If a seller wants to continue to occupy the property for two days after the closing and the buyer agrees: - the Seller's Temporary Residential Lease form should be used 3. A federal disclosure requirement for residential properties built prior to 1978 is - A lead-based paint disclosure According to the Seller Financing Addendum, the interest rate is: - negotiated between the parties TREC has promulgated forms for: - residential transactions The number of days allowed for objections to title or survey is: - the number of days entered in paragraph 6. TREC promulgated contracts allow the Buyer to have the property inspected: - by inspectors licensed by TREC or otherwise permitted by law When one party defaults under a contract, the other party is known as the: - Injured party Buyer Sarah is purchasing a residential property. She plans to live in the home and operate a daycare business in the home as well. Having mentioned this to her agent, the agent should: - specify the use as a daycare in Paragraph 6: Objections If a property is under contract to a buyer, another buyer may use the to enter into a contract for the property if the first contract fails to close. - Addendum for Back-up Contract The title company is: - not a party to the transaction A(n) __________ property is one where a particular event has affected the desirability of said property. - Stigmatized Land, improvements and accessories are collectively referred to as: - The property If an overage is incurred on new home construction due to a change order, the excess is paid by: - the buyer A license holder might be guilty of the unlawful practice of law if he or she: (a) wrote a will for a client (b) advised the buyer regarding title issues (c) drafted a lengthy and complex provision in special provisions (d) All of these actions could result in a real estate license being suspended or revoked by TREC - D A Seller's Disclosure Notice is not required: - when the property being sold is a previously unoccupied new home The closing date: (a) is negotiated by the buyer and the seller (b) is an "on or before" date (c) may be extended in some cases (d) all of the above - D When a seller wishes to retain certain fixtures or accessories, these items are called: - Exclusions Exclusions to the sale must be removed: - prior to delivery of possession In the Farm and Ranch contract, the Sales Price may be adjusted based upon a survey. If the sales price is adjusted, _____________. a) the cash portion can be adjusted (b) the amount financed can be adjusted (c) the cash portion and amount financed can be adjusted proportionately (d) any of the above are possible - D