Promulgated Contract form Practice exam
If Paragraph 4(B) is checked under the Financing Paragraph, the
following are true EXCEPT:
A) The contract is not subject to financing approval
B) the contract is not an FHA or VA contract
C) The third Party Financing Addendum is not used
D) The Buyer has the right to terminate and have earnest money
refunded if they cannot obtain a loan - Correct Answer ✔️✔
️D) The Buyer has the right to terminate and have earnest money
refunded if they cannot obtain a loan
If a buyer elects 8-B (No Intermediary Status), in the Residential
Buyer/Tenant Representation Agreement, the client will:
,A) Not be shown any of the broker's listings
B) Show buyer only the broker's listings
C) Be a customer of the broker
D) Be appointed to another company as a subagent - Correct
Answer ✔️✔️A) Not be shown any of the broker's listings
The clause in a contract stating that "time is of the essence" would
indicate:
A) The contract must be finalized immediately
B) The contract must include the time of day the contract was
executed
C) Strict performance of a certain act within the time stated in the
contract
,D) Monetary penalties will be incurred if the provisions are not met
by certain times - Correct Answer ✔️✔️C) Strict
performance of a certain act within the time stated in the contract
Fraud is defined as a deliberate act of deception made for personal
gain or to damage another individual.
A) True
B) False - Correct Answer ✔️✔️A) True
When completing the finance portion of the contract, the number of
days you select to get the buyer's loan approved should not exceed:
A) The 20 days the seller has to deliver the title commitment to the
buyer
B) The closing date
, C) The time to deposit the earnest money
D) The option period - Correct Answer ✔️✔️B) The closing
date
An expressed agency cannot be orally agreed but must be in writing.
A) True
B) False - Correct Answer ✔️✔️B) False
The Texas Association of Realtors (TAR) Residential Buyer/Tenant
Representation Agreement allows all the following EXCEPT:
A) The Broker can show the same properties to more than one
prospective buyer
B) Confidential information acquired by the agent can be shared with
the seller if the buyer client gives permission
If Paragraph 4(B) is checked under the Financing Paragraph, the
following are true EXCEPT:
A) The contract is not subject to financing approval
B) the contract is not an FHA or VA contract
C) The third Party Financing Addendum is not used
D) The Buyer has the right to terminate and have earnest money
refunded if they cannot obtain a loan - Correct Answer ✔️✔
️D) The Buyer has the right to terminate and have earnest money
refunded if they cannot obtain a loan
If a buyer elects 8-B (No Intermediary Status), in the Residential
Buyer/Tenant Representation Agreement, the client will:
,A) Not be shown any of the broker's listings
B) Show buyer only the broker's listings
C) Be a customer of the broker
D) Be appointed to another company as a subagent - Correct
Answer ✔️✔️A) Not be shown any of the broker's listings
The clause in a contract stating that "time is of the essence" would
indicate:
A) The contract must be finalized immediately
B) The contract must include the time of day the contract was
executed
C) Strict performance of a certain act within the time stated in the
contract
,D) Monetary penalties will be incurred if the provisions are not met
by certain times - Correct Answer ✔️✔️C) Strict
performance of a certain act within the time stated in the contract
Fraud is defined as a deliberate act of deception made for personal
gain or to damage another individual.
A) True
B) False - Correct Answer ✔️✔️A) True
When completing the finance portion of the contract, the number of
days you select to get the buyer's loan approved should not exceed:
A) The 20 days the seller has to deliver the title commitment to the
buyer
B) The closing date
, C) The time to deposit the earnest money
D) The option period - Correct Answer ✔️✔️B) The closing
date
An expressed agency cannot be orally agreed but must be in writing.
A) True
B) False - Correct Answer ✔️✔️B) False
The Texas Association of Realtors (TAR) Residential Buyer/Tenant
Representation Agreement allows all the following EXCEPT:
A) The Broker can show the same properties to more than one
prospective buyer
B) Confidential information acquired by the agent can be shared with
the seller if the buyer client gives permission
