Promulgated contracts practice exam 2024 Already Passed

Promulgated contracts practice exam 2024 Already Passed Which of these forms is least likely to be involved in the sale of unimproved property? - answerThe Unimproved Property Contract would not be involved in the sale of a condo. A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is signed and changes initialed. Today, the written acceptance of the final agreement has been communicated to the other party. What is today called? - answerthe effective date How many lawyers are on the Broker-Lawyer Committee? - answersix According to the NAR Code of Ethics, unless the agent has written instructions stating otherwise, they must present all offers until: - answerthe closing Buyer Javier sends a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000, no appliances. She then reconsiders and accepts the first offer. Is Javier obligated to buy the home? Why or why not? - answerNo, because the first offer was dead when Joy countered. Which of these is NOT true about a Seller's Temporary Residential Lease? - answerthe buyer/landlord has no recourse if the seller/tenant overstays In which of these scenarios would it be correct to use the Residential Condominium Contract (Resale)? - answerA client is buying a property where the land is not owned individually and the common areas are shared equally among the community's owners. What is special about the earnest money section (paragraph five) and the option money section (paragraph 23) in the TREC promulgated sales contract? - answerthey contain "time is of the essence" language When seller financing is being used, the seller becomes: - answerthe lender A potential buyer's current home is under contract. He has found a home he would like to make an offer on, but does not want to take a chance on being obligated to buy if his current home does not close. What form can help this buyer? - answerAddendum for Sale of Other Property by Buyer