TPF assignment 1 –Latest version
2024//Pass!!!
What happens to the option fee if the buyer terminates within
the option period under paragraph 23 of the TREC One to Four
Residential Contract? ✔️✔️correct answer-The option fee is
not refunded to the buyer.
Where in the One to Four Family Residential Contract would a
licensee indicate that she is the seller in the transaction and
that she has a real estate license? ✔️✔️correct answer-
Paragraph 4
Restrictive covenants may include rules regarding
✔️✔️correct answer-minimum size requirements, pets, fees
for road maintenance.
The Statutory Tax District Notice in paragraph 6 of the One to
Four Family Residential Contract applies to which of the
following? ✔️✔️correct answer-A utility district that provides
water services
How many different notices are in paragraph 6E of the One to
Four Family Residential Contract? ✔️✔️correct answer-Ten
, According to the One to Four Family Residential Contract
(Resale), the title policy cost is the responsibility of the
✔️✔️correct answer-party that agreed to pay the cost in the
contract.
Which of the following is FALSE regarding earnest money?
✔️✔️correct answer-Earnest money is necessary to bind the
contract.
Under paragraph 5 of the TREC One to Four Family Residential
Contract, what happens if the buyer fails to deposit the earnest
money? ✔️✔️correct answer-The buyer is in default.
The buyer agrees to purchase a home "as is" in part relying on
an existing inspection report. The buyer uses the One to Four
Family Residential Contract with an option period of 14 days.
What are the buyer's choices during the option period?
✔️✔️correct answer-The buyer may have the property
inspected again.
Who receives the earnest money if the buyer terminates the
contract because of lender required repairs under the One to
Four Family Residential Contract? ✔️✔️correct answer-Buyer
Buyers are buying property from a trustee in bankruptcy sale.
How should the seller trustee reply to the buyers' offer where
the seller would be required to provide the seller's disclosure
notice within five days of execution of the contract under
paragraph 7 of the One to Four Family Residential Contract?
2024//Pass!!!
What happens to the option fee if the buyer terminates within
the option period under paragraph 23 of the TREC One to Four
Residential Contract? ✔️✔️correct answer-The option fee is
not refunded to the buyer.
Where in the One to Four Family Residential Contract would a
licensee indicate that she is the seller in the transaction and
that she has a real estate license? ✔️✔️correct answer-
Paragraph 4
Restrictive covenants may include rules regarding
✔️✔️correct answer-minimum size requirements, pets, fees
for road maintenance.
The Statutory Tax District Notice in paragraph 6 of the One to
Four Family Residential Contract applies to which of the
following? ✔️✔️correct answer-A utility district that provides
water services
How many different notices are in paragraph 6E of the One to
Four Family Residential Contract? ✔️✔️correct answer-Ten
, According to the One to Four Family Residential Contract
(Resale), the title policy cost is the responsibility of the
✔️✔️correct answer-party that agreed to pay the cost in the
contract.
Which of the following is FALSE regarding earnest money?
✔️✔️correct answer-Earnest money is necessary to bind the
contract.
Under paragraph 5 of the TREC One to Four Family Residential
Contract, what happens if the buyer fails to deposit the earnest
money? ✔️✔️correct answer-The buyer is in default.
The buyer agrees to purchase a home "as is" in part relying on
an existing inspection report. The buyer uses the One to Four
Family Residential Contract with an option period of 14 days.
What are the buyer's choices during the option period?
✔️✔️correct answer-The buyer may have the property
inspected again.
Who receives the earnest money if the buyer terminates the
contract because of lender required repairs under the One to
Four Family Residential Contract? ✔️✔️correct answer-Buyer
Buyers are buying property from a trustee in bankruptcy sale.
How should the seller trustee reply to the buyers' offer where
the seller would be required to provide the seller's disclosure
notice within five days of execution of the contract under
paragraph 7 of the One to Four Family Residential Contract?
