TREC PROMULGATED CONTRACT FORMS 351 FINAL EXAM LATEST 2023-2024 ACTUAL EXAM 210
QUESTIONS AND CORRECT DETAILED ANSWERS
In the State of Texas who is allowed to use a customized real estate contract?
The real estate brokerage company
The salesperson
The broker
Lawyers licensed to practice in Texas - (answer) Lawyers licensed to practice in Texas
Marcy is 17 and married. Her spouse is stationed in the Middle East. She purchased a home shortly
before Stan, her husband returns to the United States. Select a problem that exists with this situation.
Offer and acceptance issue
Competency issue
Consideration issue
This is a valid binding contract - (answer) Competency issue
A contract is considered executed?
When both parties agree to the negotiated contract and both parties sign the final sales contract
When a buyer comes forth with an offer
When a seller counters an offer with several changes
When the parties involved verbally agree to mutual terms - (answer) When both parties agree to the
negotiated contract and both parties sign the final sales contract
A void contract is:
One that is not in effect
Not binding
Not valid
All of these - (answer) All of these
Which of these would NOT be a requirement of a lender for a standard mortgage loan?
A FICO score of at least 625
A 30% down payment
,TREC PROMULGATED CONTRACT FORMS 351 FINAL EXAM LATEST 2023-2024 ACTUAL EXAM 210
QUESTIONS AND CORRECT DETAILED ANSWERS
An appraisal to determine the value of the home
Verification of employment - (answer) A 30% down payment
TOE refers to:
Today or eventually
Time of event
Trust options evaluated
Time is of the essence - (answer) Time is of the essence
Inserting the phrase "this offer is subject to cancellation by the buyer at any time prior to acceptance"
will show the seller all of the following except:
Quick action is necessary
The seller should make a decision
The seller should accept or make a counter
The buyer is not really interested - (answer) his shows that the buyer is not only interested but they
want a quick response from the seller.
What would be an example of a good faith effort that the court would take into account and not
penalize a party for failing to complete?
The party deliberately failed to meet the requirements
One party stopped answering their phone in efforts to stall proceedings
The party in question went on an extended vacation
A party suffered a serious heart attack and was in a coma for two weeks - (answer) A party suffered a
serious heart attack and was in a coma for two weeks
Earl is including a labeled photograph showing all the machinery that he is including in the sale of his
farm property. This would be considered a:
Sales document
Contract
Testimony
, TREC PROMULGATED CONTRACT FORMS 351 FINAL EXAM LATEST 2023-2024 ACTUAL EXAM 210
QUESTIONS AND CORRECT DETAILED ANSWERS
Exhibit - (answer) Exhibit
Any amendment to the contract must be ratified by:
The buyer
The seller
The real estate salesperson
The buyer and the seller - (answer) The buyer and the seller
When there are problems with the title of a property, this condition is called:
Possession
Performance
Clouds on title
Waste - (answer) Clouds on title
The State's Statute of Limitations time period is decided by:
A judge hearing the case
The State
The jury
The Federal government - (answer) The State
If a buyer failed to meet the terms of the contract the buyer becomes a:
Tendered buyer
Default buyer
Default seller
Tendered seller - (answer) Default buyer
Revocation means:
To renounce
QUESTIONS AND CORRECT DETAILED ANSWERS
In the State of Texas who is allowed to use a customized real estate contract?
The real estate brokerage company
The salesperson
The broker
Lawyers licensed to practice in Texas - (answer) Lawyers licensed to practice in Texas
Marcy is 17 and married. Her spouse is stationed in the Middle East. She purchased a home shortly
before Stan, her husband returns to the United States. Select a problem that exists with this situation.
Offer and acceptance issue
Competency issue
Consideration issue
This is a valid binding contract - (answer) Competency issue
A contract is considered executed?
When both parties agree to the negotiated contract and both parties sign the final sales contract
When a buyer comes forth with an offer
When a seller counters an offer with several changes
When the parties involved verbally agree to mutual terms - (answer) When both parties agree to the
negotiated contract and both parties sign the final sales contract
A void contract is:
One that is not in effect
Not binding
Not valid
All of these - (answer) All of these
Which of these would NOT be a requirement of a lender for a standard mortgage loan?
A FICO score of at least 625
A 30% down payment
,TREC PROMULGATED CONTRACT FORMS 351 FINAL EXAM LATEST 2023-2024 ACTUAL EXAM 210
QUESTIONS AND CORRECT DETAILED ANSWERS
An appraisal to determine the value of the home
Verification of employment - (answer) A 30% down payment
TOE refers to:
Today or eventually
Time of event
Trust options evaluated
Time is of the essence - (answer) Time is of the essence
Inserting the phrase "this offer is subject to cancellation by the buyer at any time prior to acceptance"
will show the seller all of the following except:
Quick action is necessary
The seller should make a decision
The seller should accept or make a counter
The buyer is not really interested - (answer) his shows that the buyer is not only interested but they
want a quick response from the seller.
What would be an example of a good faith effort that the court would take into account and not
penalize a party for failing to complete?
The party deliberately failed to meet the requirements
One party stopped answering their phone in efforts to stall proceedings
The party in question went on an extended vacation
A party suffered a serious heart attack and was in a coma for two weeks - (answer) A party suffered a
serious heart attack and was in a coma for two weeks
Earl is including a labeled photograph showing all the machinery that he is including in the sale of his
farm property. This would be considered a:
Sales document
Contract
Testimony
, TREC PROMULGATED CONTRACT FORMS 351 FINAL EXAM LATEST 2023-2024 ACTUAL EXAM 210
QUESTIONS AND CORRECT DETAILED ANSWERS
Exhibit - (answer) Exhibit
Any amendment to the contract must be ratified by:
The buyer
The seller
The real estate salesperson
The buyer and the seller - (answer) The buyer and the seller
When there are problems with the title of a property, this condition is called:
Possession
Performance
Clouds on title
Waste - (answer) Clouds on title
The State's Statute of Limitations time period is decided by:
A judge hearing the case
The State
The jury
The Federal government - (answer) The State
If a buyer failed to meet the terms of the contract the buyer becomes a:
Tendered buyer
Default buyer
Default seller
Tendered seller - (answer) Default buyer
Revocation means:
To renounce
