Promulgated Contracts Practice Exam With
Correct Solutions 2024
Which .of .these .forms .is .least .likely .to .be .involved .in .the .sale .of .unimproved .property? .-
.correct .answer.The .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? .- .correct .answer.the .effective .date
How .many .lawyers .are .on .the .Broker-Lawyer .Committee? .- .correct .answer.six
According .to .the .NAR .Code .of .Ethics, .unless .the .agent .has .written .instructions .stating
.otherwise, .they .must .present .all .offers .until: .- .correct .answer.the .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? .- .correct .answer.No, .because .the
.first .offer .was .dead .when .Joy .countered.
Which .of .these .is .NOT .true .about .a .Seller's .Temporary .Residential .Lease? .- .correct
.answer.the .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)? .- .correct .answer.A .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? .- .correct .answer.they
.contain ."time .is .of .the .essence" .language
When .seller .financing .is .being .used, .the .seller .becomes: .- .correct .answer.the .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? .- .correct
.answer.Addendum .for .Sale .of .Other .Property .by .Buyer
Which .of .these .is .NOT .necessary .for .a .contract .to .be .binding .and .effective? .- .correct
.answer.For .an .offer .to .become .a .contract, .it .must .be .in .writing, .it .has .to .be .signed .by .all
.parties .with .changes .initialed, .acceptance .must .be .completed, .and .acceptance .of .the
.contract .must .be .communicated .to .the .other .party. .There .is .not .a .faxing .or .delivery
.requirement.
Which .of .these .is .NOT .a .protected .class .of .people, .according .to .Fair .Lending .Laws? .-
.correct .answer.sexuality
Why .are .there .multiple .promulgated .contracts .for .use .in .Texas? .- .correct
.answer.because .different .types .of .properties .have .different .specific .contract .needs
A .murder/suicide .took .place .in .a .property. .The .crime .was .widely .publicized. .What .is .the
.disclosure .requirement .for .this .crime? .- .correct .answer.It .must .be .disclosed .forever.
A .contract .that .is .fully .performed .is .referred .to .as: .- .correct .answer.executed
Which .is .the .purpose .of .the .Information .About .Brokerage .Services .form? .- .correct
.answer.to .inform .clients .how .a .license .holder .can .represent .a .party .in .a .real .estate
.transaction
In .loan .fraud, .the .lender .is .usually .the .. .- .correct .answer.victim
What .is .the .statute .of .limitations .to .claim .fraud .or .misrepresentation .against .a .license
.holder? .- .correct .answer.The .statute .of .limitations .to .claim .fraud .or .misrepresentation
.against .a .license .holder .is .4 .years .from .discovery.
Per .Paragraph .7D, .what .is .it .called .when .a .buyer .accepts .the .property, ."with .any .and .all
.defects .and .without .warranty"? .- .correct .answer.accepting .it .in ."as .is" .condition
What .should .an .agent .do .if .asked .to .violate .anti-discrimination .laws .by .a .client? .- .correct
.answer.educate .the .seller .about .anti-discrimination .laws .and .say .they .cannot .honor .the
.request
Emily .and .Josh .signed .a .real .estate .contract .with .each .other. .The .contract .is .now .fully
.executed. .What .does .that .mean .that .Josh .and .Emily .have .done? .- .correct .answer.fulfilled
.the .material .terms .of .the .contract
Paragraph .7D(2) .of .the .contract .indicates: .- .correct .answer.repairs .that .must .be
.completed .by .the .seller .before .closing
Correct Solutions 2024
Which .of .these .forms .is .least .likely .to .be .involved .in .the .sale .of .unimproved .property? .-
.correct .answer.The .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? .- .correct .answer.the .effective .date
How .many .lawyers .are .on .the .Broker-Lawyer .Committee? .- .correct .answer.six
According .to .the .NAR .Code .of .Ethics, .unless .the .agent .has .written .instructions .stating
.otherwise, .they .must .present .all .offers .until: .- .correct .answer.the .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? .- .correct .answer.No, .because .the
.first .offer .was .dead .when .Joy .countered.
Which .of .these .is .NOT .true .about .a .Seller's .Temporary .Residential .Lease? .- .correct
.answer.the .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)? .- .correct .answer.A .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? .- .correct .answer.they
.contain ."time .is .of .the .essence" .language
When .seller .financing .is .being .used, .the .seller .becomes: .- .correct .answer.the .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? .- .correct
.answer.Addendum .for .Sale .of .Other .Property .by .Buyer
Which .of .these .is .NOT .necessary .for .a .contract .to .be .binding .and .effective? .- .correct
.answer.For .an .offer .to .become .a .contract, .it .must .be .in .writing, .it .has .to .be .signed .by .all
.parties .with .changes .initialed, .acceptance .must .be .completed, .and .acceptance .of .the
.contract .must .be .communicated .to .the .other .party. .There .is .not .a .faxing .or .delivery
.requirement.
Which .of .these .is .NOT .a .protected .class .of .people, .according .to .Fair .Lending .Laws? .-
.correct .answer.sexuality
Why .are .there .multiple .promulgated .contracts .for .use .in .Texas? .- .correct
.answer.because .different .types .of .properties .have .different .specific .contract .needs
A .murder/suicide .took .place .in .a .property. .The .crime .was .widely .publicized. .What .is .the
.disclosure .requirement .for .this .crime? .- .correct .answer.It .must .be .disclosed .forever.
A .contract .that .is .fully .performed .is .referred .to .as: .- .correct .answer.executed
Which .is .the .purpose .of .the .Information .About .Brokerage .Services .form? .- .correct
.answer.to .inform .clients .how .a .license .holder .can .represent .a .party .in .a .real .estate
.transaction
In .loan .fraud, .the .lender .is .usually .the .. .- .correct .answer.victim
What .is .the .statute .of .limitations .to .claim .fraud .or .misrepresentation .against .a .license
.holder? .- .correct .answer.The .statute .of .limitations .to .claim .fraud .or .misrepresentation
.against .a .license .holder .is .4 .years .from .discovery.
Per .Paragraph .7D, .what .is .it .called .when .a .buyer .accepts .the .property, ."with .any .and .all
.defects .and .without .warranty"? .- .correct .answer.accepting .it .in ."as .is" .condition
What .should .an .agent .do .if .asked .to .violate .anti-discrimination .laws .by .a .client? .- .correct
.answer.educate .the .seller .about .anti-discrimination .laws .and .say .they .cannot .honor .the
.request
Emily .and .Josh .signed .a .real .estate .contract .with .each .other. .The .contract .is .now .fully
.executed. .What .does .that .mean .that .Josh .and .Emily .have .done? .- .correct .answer.fulfilled
.the .material .terms .of .the .contract
Paragraph .7D(2) .of .the .contract .indicates: .- .correct .answer.repairs .that .must .be
.completed .by .the .seller .before .closing
