Promulgated Contracts Final Exam Revie | 50
Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
Brokers fees are included in the 1-4 Family Residential Contract (resale) between the Buyer and the
Seller. T/F - ✔✔FALSE
If a Buyer chooses not to be represented by an agent, the Buyer must be made aware that any
information they share can be communicated to the Seller. t/f - ✔✔TRUE
In Paragraph #14 of the Residential Contract (casualty loss), If a seller cannot complete the repairs
within the time limit, the buyer has the option of:
A) Terminating the contract
B) Extending the closing
C) Accepting the property in the damaged condition with an assignment of insurance proceeds
D) Any of the above - ✔✔D. Any of the above
,The Information About Brokerage Services (IBS) states the broker may represent the:
A) Owner
B) Buyer
C) Both owner and buyer as intermediary
D) All of the above - ✔✔D. All of the Above
A suit for specific performance is:
A) To force the buyer not to default on the contract
B) To force the seller not to default on the contract
C) To force either the buyer or the seller to perform on the terms of the contract
D) Is a lawsuit against the inspection company - ✔✔C. To force either the buyer or the seller to
perform on the terms of the contract
The Seller contracts to furnish the buyer an existing survey, but neglects to furnish an "affidavit' with the
time specified. The lender requests a new survey be furnished. Who pays for the new survey?
A) Whoever is stated in the contract if the existing survey is rejected
B) The title company can approve the existing survey and override the lender
C) The buyer
D) The seller - ✔✔D. The seller
, A TREC promulgated Farm and Ranch contract can include:
A) Buildings
B) Crops
C) Equipment
D) All of the above - ✔✔D. All of the above
The Third Party Financing Condition Addendum is NOT used with:
A) Conventional financing
B) Seller financing
C) FHA Financing
D) VA Financing - ✔✔B. seller financing
**If Conventional, FHA or VA financing is used, the Buyer will complete the Third
Party Financing Addendum.
The Texas Real Estate Commission (TREC) promulgates an addendum to be used in a short sale. This
Short Sale Addendum is to be signed by:
A) Listing agent
B) Buyers' agent
C) Lien holder
Questions with 100% Correct Answers |
Updated 2023 | Guaranteed A+
Brokers fees are included in the 1-4 Family Residential Contract (resale) between the Buyer and the
Seller. T/F - ✔✔FALSE
If a Buyer chooses not to be represented by an agent, the Buyer must be made aware that any
information they share can be communicated to the Seller. t/f - ✔✔TRUE
In Paragraph #14 of the Residential Contract (casualty loss), If a seller cannot complete the repairs
within the time limit, the buyer has the option of:
A) Terminating the contract
B) Extending the closing
C) Accepting the property in the damaged condition with an assignment of insurance proceeds
D) Any of the above - ✔✔D. Any of the above
,The Information About Brokerage Services (IBS) states the broker may represent the:
A) Owner
B) Buyer
C) Both owner and buyer as intermediary
D) All of the above - ✔✔D. All of the Above
A suit for specific performance is:
A) To force the buyer not to default on the contract
B) To force the seller not to default on the contract
C) To force either the buyer or the seller to perform on the terms of the contract
D) Is a lawsuit against the inspection company - ✔✔C. To force either the buyer or the seller to
perform on the terms of the contract
The Seller contracts to furnish the buyer an existing survey, but neglects to furnish an "affidavit' with the
time specified. The lender requests a new survey be furnished. Who pays for the new survey?
A) Whoever is stated in the contract if the existing survey is rejected
B) The title company can approve the existing survey and override the lender
C) The buyer
D) The seller - ✔✔D. The seller
, A TREC promulgated Farm and Ranch contract can include:
A) Buildings
B) Crops
C) Equipment
D) All of the above - ✔✔D. All of the above
The Third Party Financing Condition Addendum is NOT used with:
A) Conventional financing
B) Seller financing
C) FHA Financing
D) VA Financing - ✔✔B. seller financing
**If Conventional, FHA or VA financing is used, the Buyer will complete the Third
Party Financing Addendum.
The Texas Real Estate Commission (TREC) promulgates an addendum to be used in a short sale. This
Short Sale Addendum is to be signed by:
A) Listing agent
B) Buyers' agent
C) Lien holder
