Promulgated Contract Forms study
UPDATED ACTUAL Exam Questions and
CORRECT Answers
What is the time of the effective date and Closing? - CORRECT ANSWER - Executory
........... is not a valid requirement in contract? - CORRECT ANSWER - Earnest Money
Elements of valid contract are? - CORRECT ANSWER - Mutual consent ( offer and
acceptance) COLIC
Which type of contract is NOT assignable? - CORRECT ANSWER - Buyer representation
agreement
Common Amendments ? - CORRECT ANSWER - 1. Repairs, 2.Closing Date 3. Sales
price, down payment amount financed
What is difference between Void and Voidable Contract? - CORRECT ANSWER - VOID
= invalid from beginning , VOIDABLE= cannot be forced against one or more parties
TREC has Promulgated forms for? - CORRECT ANSWER - Most residential Properties
The Jones received an offer on a home what course can they take? - CORRECT
ANSWER - Accept, Reject, Counteroffer
Under this concept , offer presumed to be delivered to the principal when it is delivered to the
agent is called? - CORRECT ANSWER - Imputed Notice
, An offer can be communicated by? - CORRECT ANSWER - Phone, Email, hand
delivered
what is Lease with right to 1st refusal - CORRECT ANSWER - A tenant has right to match
or better offer before sold
An exception to license holder not using promulgated form is ? - CORRECT ANSWER -
An attorney prepared form is used
Seller wishes to retain (remove) certain fixtures - CORRECT ANSWER - Exclusions
3rd party financing addendum can be used when? - CORRECT ANSWER - any kind of
3rd party financing
Which following loan assumption is true? - CORRECT ANSWER - when a purchaser
assumes an existing mortgage , the original borrower is not necessarily released from on-going
liability for payment.
Term USDA loan is ................ with 0%down - CORRECT ANSWER - 30 years
Accessories are commonly conveyed to who? - CORRECT ANSWER - the buyer
loan amount of sale contract include? - CORRECT ANSWER - Only the amount borrowed
by the borrower
What occurs when buyer assumes and agrees to pay the sellers existing mortgage - CORRECT
ANSWER - Loan assumption
Personal property included in a sale - CORRECT ANSWER - Non reality Items
UPDATED ACTUAL Exam Questions and
CORRECT Answers
What is the time of the effective date and Closing? - CORRECT ANSWER - Executory
........... is not a valid requirement in contract? - CORRECT ANSWER - Earnest Money
Elements of valid contract are? - CORRECT ANSWER - Mutual consent ( offer and
acceptance) COLIC
Which type of contract is NOT assignable? - CORRECT ANSWER - Buyer representation
agreement
Common Amendments ? - CORRECT ANSWER - 1. Repairs, 2.Closing Date 3. Sales
price, down payment amount financed
What is difference between Void and Voidable Contract? - CORRECT ANSWER - VOID
= invalid from beginning , VOIDABLE= cannot be forced against one or more parties
TREC has Promulgated forms for? - CORRECT ANSWER - Most residential Properties
The Jones received an offer on a home what course can they take? - CORRECT
ANSWER - Accept, Reject, Counteroffer
Under this concept , offer presumed to be delivered to the principal when it is delivered to the
agent is called? - CORRECT ANSWER - Imputed Notice
, An offer can be communicated by? - CORRECT ANSWER - Phone, Email, hand
delivered
what is Lease with right to 1st refusal - CORRECT ANSWER - A tenant has right to match
or better offer before sold
An exception to license holder not using promulgated form is ? - CORRECT ANSWER -
An attorney prepared form is used
Seller wishes to retain (remove) certain fixtures - CORRECT ANSWER - Exclusions
3rd party financing addendum can be used when? - CORRECT ANSWER - any kind of
3rd party financing
Which following loan assumption is true? - CORRECT ANSWER - when a purchaser
assumes an existing mortgage , the original borrower is not necessarily released from on-going
liability for payment.
Term USDA loan is ................ with 0%down - CORRECT ANSWER - 30 years
Accessories are commonly conveyed to who? - CORRECT ANSWER - the buyer
loan amount of sale contract include? - CORRECT ANSWER - Only the amount borrowed
by the borrower
What occurs when buyer assumes and agrees to pay the sellers existing mortgage - CORRECT
ANSWER - Loan assumption
Personal property included in a sale - CORRECT ANSWER - Non reality Items
