AYPO Real Estate Promulgated Contracts Final - Exam Review Questions + Answers Graded A+

_____ is the form that licensees are most likely to work with the most frequently. - One to Four Family Residential Contract (Resale) "Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? - Permitted disclosures "psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? - Permitted disclosutes "subdivision information" means which of the following? - A resale certificate, all of which are described by section 207.003 of the Texas Property Code A current copy of the restrictions applying to the subdivision and bylaws and rules of the association. §11 Special Provisions of the TREC 1-4 can be used only for: - Factual statements and business details applicable to the sale. §2 Property of the New Construction Contracts does not include which of these? - 1. Exclusions 2. Improvements 3. Accessories §7 Property Conditions (D)(2) of the TREC 1-4 contract should be used: - To identify specific repairs evident to buyer that buyer requires as a condition to purchase. A "release clause" in a mortgage agreement would allow which of the following without additional lender approval? - To section off a portion of the property, the equivalent value of which has been paid off, and sell off that portion if desired. A contract for deed is a classic example of a(n): - Executory contractA contract for non-life necessities with a person lacking legal capacity is: - Voidable A cost that is not prorated by the title company is which of these? - Loan fees A person is not engaged in real estate brokerage, regardless of whether the person is licensed under this chapter, based solely on engaging in which of the following activities - Constructing, remodeling, or repairing a home or other building A title insurance "commitment" provides a buyer: - With the terms and conditions under which the title company will be issuing the title insurance policy According to TREC 1-4 §10.(A), any possession by Buyer prior to closing or by Seller after closing which is not authorized by a written lease will establish: - A tenancy at sufferance relationship between the parties. According to TREC a "reasonable time" within which to deposit the escrow check is: - By the end of the second business day following formation of the contract. An "assignment of rights"is best described by which of the following? - A transfer of rights or duties under a contract from a current party to a contract to another party An amendment must always include reference to all of these, except: - The title report An assignment of rights is: - A transfer of rights or duties under a contract from a current party to a contract to another party. An attachment added to the end of a contract and incorporated in the contract terms is called an: - Addendum An executory contract is one that does which of the following - Still has a material duty needing to be preformed.An option is a form of which kind of contract? - Unilateral An oral contract for the lease of a property for one year or less has a statute of limitation of - Two years An oral contract for the lease of a property for one year or less has a statute of limitation of: - Two years Before signing a purchase contract, the licensee must give a buyer written advice to: - Have the abstract covering the property examined by an attorney of the buyer's selection Obtain an owner's title insurance policy prior to closing Contracts that are not promulgated by TREC but are used by licensees MUST be which of the following? - Created or approved by and attorney or used at the discretion of the seller. DTPA only applies to real estate transactions in situations involving: - 1. A failure to disclose information known by the licensee at the time of the transaction if the non-disclosure was intended to induce the consumer into a transaction they would not have entered if they were aware of the undisclosed information. 2. An express misrepresentation of a material fact that cannot be characterized as advice, judgment, or opinion. 3. An unconscionable action or course of action that cannot be characterized as advice, judgment, or opinion. Failure to timely transmit an offer to a seller may result in which of the following? - License Revocation Lawsuits License suspension For how many days is a Paragraph 23 option valid? - The length of the option period is set by the contracting parties.For items for which a promulgated addendum is provided the proper way to include the item is: - Through use of the addendum.