Promulgated contracts practice exam | 90
Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
Agent Ralph has a buyer client that wants the seller to leave them the refrigerator, built-in microwave,
and vent hood. Ralph notes this expectation in the Special Provisions section. What is wrong with this
scenario? - ✔✔It should be written in a Non-Realty Items Addendum, not in the Special Provisions
section.
Which of these is a possible result of when zoning is changed and a property no longer qualifies for a
previous exemption? - ✔✔Rollback taxes can be assessed when zoning is changing and the property
no longer qualifies for a previous exemption.
In Paragraph 9 of the One to Four Family (Resale) contract, what must happen "on or before" the
specified date? - ✔✔closing
Laura is in contract for a home. Her contract contains a Sale of Other Property by Buyer Addendum. The
seller has just accepted a back-up contract for the property that doesn't have this contingency. What
happens to Laura and her contract? - ✔✔Laura can waive the addendum by a date she and the seller
agree on, otherwise her contract terminates.
A buyer needs more option period time. They have asked the seller, who agreed, and signed TREC's
Amendment to Contract. What else must they do to make the extension official? - ✔✔pay an
additional option fee
, Which of these is NOT something TREC has the power to do? - ✔✔licensing developers and builders
Agent Ted advises his client that the title to the property he is buying is clear — no need to do a further title
search. Why is this inappropriate? - ✔✔It may constitute unauthorized practice of law under TRELA.
Additions to the standard coverage in a title policy can be purchased via: - ✔✔endorsements
According to TREC rules, which of these must be delivered to the seller within three days of a contract's
effective date? - ✔✔earnest money
What is the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway for? -
✔✔warns buyers that if their property become located on the beach area by erosion, they can be
required to remove the structure at their own expense
A seller is renting back a property from a buyer using the Seller's Temporary Residential Lease. The
seller damages the property while they are staying there. Who is responsible for the cost of the repairs?
- ✔✔the seller/tenant
When all parties have agreed to all terms of an offer, have signed the offer, and have initialed any
changes that took place during negotiations, what happens to the offer? - ✔✔An offer becomes a
contract when all parties have agreed to all terms of the offer, have signed the offer, and have initialed
any changes that took place during negotiations.
Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
Agent Ralph has a buyer client that wants the seller to leave them the refrigerator, built-in microwave,
and vent hood. Ralph notes this expectation in the Special Provisions section. What is wrong with this
scenario? - ✔✔It should be written in a Non-Realty Items Addendum, not in the Special Provisions
section.
Which of these is a possible result of when zoning is changed and a property no longer qualifies for a
previous exemption? - ✔✔Rollback taxes can be assessed when zoning is changing and the property
no longer qualifies for a previous exemption.
In Paragraph 9 of the One to Four Family (Resale) contract, what must happen "on or before" the
specified date? - ✔✔closing
Laura is in contract for a home. Her contract contains a Sale of Other Property by Buyer Addendum. The
seller has just accepted a back-up contract for the property that doesn't have this contingency. What
happens to Laura and her contract? - ✔✔Laura can waive the addendum by a date she and the seller
agree on, otherwise her contract terminates.
A buyer needs more option period time. They have asked the seller, who agreed, and signed TREC's
Amendment to Contract. What else must they do to make the extension official? - ✔✔pay an
additional option fee
, Which of these is NOT something TREC has the power to do? - ✔✔licensing developers and builders
Agent Ted advises his client that the title to the property he is buying is clear — no need to do a further title
search. Why is this inappropriate? - ✔✔It may constitute unauthorized practice of law under TRELA.
Additions to the standard coverage in a title policy can be purchased via: - ✔✔endorsements
According to TREC rules, which of these must be delivered to the seller within three days of a contract's
effective date? - ✔✔earnest money
What is the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway for? -
✔✔warns buyers that if their property become located on the beach area by erosion, they can be
required to remove the structure at their own expense
A seller is renting back a property from a buyer using the Seller's Temporary Residential Lease. The
seller damages the property while they are staying there. Who is responsible for the cost of the repairs?
- ✔✔the seller/tenant
When all parties have agreed to all terms of an offer, have signed the offer, and have initialed any
changes that took place during negotiations, what happens to the offer? - ✔✔An offer becomes a
contract when all parties have agreed to all terms of the offer, have signed the offer, and have initialed
any changes that took place during negotiations.
