Texas Promulgated Contracts Champions And Promulgated Contract Forms
Exam Newest Updated 2024
When should a licensee advise a client to consult an attorney:
(a) at first contact with the client
(b) before signing the contract if the client does not understand the effect of
signing the sales contract or the terms or conditions in the agreement
(c) after the contract has been signed by all parties
(d) a licensee should never advise a client to consult an attorney - B
One possible issue with using the Seller's existing survey is that the Buyer may
have no cause of action against the original surveyor in the event that an error is
discovered.
(a) True
(b) False - B
,All of the TREC promulgated contracts provide that the Buyer is purchasing the
property "as-is".
(a) True
(b) False - A
According to the Third Party Financing Addendum for Credit Approval of a VA loan,
if the purchase price or cost exceeds the reasonable value of the property as
determined by the Department of Veterans Affairs the Buyer:
(a) Can terminate the transaction without penalty
(b) Can pay the excess amount in cash from a source which Buyer agrees to
disclose to the VA
(c) Can negotiate with the seller to have the seller lower the sales price to an
amount equal to the VA reasonable value
, (d) All of the above - D
funding, a contract is a(n):
(a) tentative contract
(b) voidable contract
(c) executory contract
(d) fully executed contract - C
At closing the buyer should bring a:
(a) personal check for the amount of closing costs and down payment
(b) a promissory note for the amount of closing costs and down payment
(c) cash for the amount of closing costs and down payment
Exam Newest Updated 2024
When should a licensee advise a client to consult an attorney:
(a) at first contact with the client
(b) before signing the contract if the client does not understand the effect of
signing the sales contract or the terms or conditions in the agreement
(c) after the contract has been signed by all parties
(d) a licensee should never advise a client to consult an attorney - B
One possible issue with using the Seller's existing survey is that the Buyer may
have no cause of action against the original surveyor in the event that an error is
discovered.
(a) True
(b) False - B
,All of the TREC promulgated contracts provide that the Buyer is purchasing the
property "as-is".
(a) True
(b) False - A
According to the Third Party Financing Addendum for Credit Approval of a VA loan,
if the purchase price or cost exceeds the reasonable value of the property as
determined by the Department of Veterans Affairs the Buyer:
(a) Can terminate the transaction without penalty
(b) Can pay the excess amount in cash from a source which Buyer agrees to
disclose to the VA
(c) Can negotiate with the seller to have the seller lower the sales price to an
amount equal to the VA reasonable value
, (d) All of the above - D
funding, a contract is a(n):
(a) tentative contract
(b) voidable contract
(c) executory contract
(d) fully executed contract - C
At closing the buyer should bring a:
(a) personal check for the amount of closing costs and down payment
(b) a promissory note for the amount of closing costs and down payment
(c) cash for the amount of closing costs and down payment
