TEXAS PROMULGATED CONTRACTS-CHAMPIONS
(2024-2025) WITH SOLUTIONS
The process of dividing ongoing expenses between the buyer
and seller at the closing is called:
(a) assessing
(b) prorating
(c) collecting expenses
(d) accounting - <<<aNSWERS>>>B
In the Farm and Ranch contract, if the Sales Price is adjusted
based upon a survey, either party may terminate the contract if
the Sales Price varies by more than:
(a) the amount entered in 3.C of the contract
(b) 5%
(c) 10%
(d) the amount entered in 3.A of the contract -
<<<aNSWERS>>>C
, TEXAS PROMULGATED CONTRACTS-CHAMPIONS
(2024-2025) WITH SOLUTIONS
If the Seller agrees to contribute to the Buyer's closing costs,
the amount should be:
(a) entered in Paragraph 11, Special Provisions
(b) paid in cash to the Buyer after closing
(c) entered in Paragraph 12.A(1)(b)
(d) added to the sales price in Paragraph 3 -
<<<aNSWERS>>>C
A Buyer wishes to make an offer on a property, but is
concerned that the rare and endangered fluted tree scorpion
occupies the land. In preparing the offer, the agent should:
(a) include in special provision authorization for the Buyer to
conduct assessments of endangered species on the land
(b) include that the Seller provide an affidavit stating that the
land is free of all endangered species
(c) insist that the Seller take immediate action to remove all
fluted tree scorpions from the land
, TEXAS PROMULGATED CONTRACTS-CHAMPIONS
(2024-2025) WITH SOLUTIONS
(d) include the TREC Environmental Assessment, Threatened
or Endangered Species, and Wetlands Addendum -
<<<aNSWERS>>>D
The process of dividing ongoing expenses such as taxes and
POA fees between the buyer and seller at closing is called:
(a) assessing
(b) prorating
(c) collecting expenses
(d) accounting - <<<aNSWERS>>>B
An exception to a license holder using a TREC-promulgated
contract form would be:
(a) if the broker does not want to use the forms
(b) if the license holder prepared his or her own form
(c) if the sale is for a vacant lot in a subdivision
, TEXAS PROMULGATED CONTRACTS-CHAMPIONS
(2024-2025) WITH SOLUTIONS
(d) if an attorney-prepared form is used -
<<<aNSWERS>>>D
During the time between execution and closing/funding, a
contract is a(n):
(a) tentative contract
(b) voidable contract
(c) executory contract
(d) fully executed contract - <<<aNSWERS>>>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
(2024-2025) WITH SOLUTIONS
The process of dividing ongoing expenses between the buyer
and seller at the closing is called:
(a) assessing
(b) prorating
(c) collecting expenses
(d) accounting - <<<aNSWERS>>>B
In the Farm and Ranch contract, if the Sales Price is adjusted
based upon a survey, either party may terminate the contract if
the Sales Price varies by more than:
(a) the amount entered in 3.C of the contract
(b) 5%
(c) 10%
(d) the amount entered in 3.A of the contract -
<<<aNSWERS>>>C
, TEXAS PROMULGATED CONTRACTS-CHAMPIONS
(2024-2025) WITH SOLUTIONS
If the Seller agrees to contribute to the Buyer's closing costs,
the amount should be:
(a) entered in Paragraph 11, Special Provisions
(b) paid in cash to the Buyer after closing
(c) entered in Paragraph 12.A(1)(b)
(d) added to the sales price in Paragraph 3 -
<<<aNSWERS>>>C
A Buyer wishes to make an offer on a property, but is
concerned that the rare and endangered fluted tree scorpion
occupies the land. In preparing the offer, the agent should:
(a) include in special provision authorization for the Buyer to
conduct assessments of endangered species on the land
(b) include that the Seller provide an affidavit stating that the
land is free of all endangered species
(c) insist that the Seller take immediate action to remove all
fluted tree scorpions from the land
, TEXAS PROMULGATED CONTRACTS-CHAMPIONS
(2024-2025) WITH SOLUTIONS
(d) include the TREC Environmental Assessment, Threatened
or Endangered Species, and Wetlands Addendum -
<<<aNSWERS>>>D
The process of dividing ongoing expenses such as taxes and
POA fees between the buyer and seller at closing is called:
(a) assessing
(b) prorating
(c) collecting expenses
(d) accounting - <<<aNSWERS>>>B
An exception to a license holder using a TREC-promulgated
contract form would be:
(a) if the broker does not want to use the forms
(b) if the license holder prepared his or her own form
(c) if the sale is for a vacant lot in a subdivision
, TEXAS PROMULGATED CONTRACTS-CHAMPIONS
(2024-2025) WITH SOLUTIONS
(d) if an attorney-prepared form is used -
<<<aNSWERS>>>D
During the time between execution and closing/funding, a
contract is a(n):
(a) tentative contract
(b) voidable contract
(c) executory contract
(d) fully executed contract - <<<aNSWERS>>>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
