Promulgated Contract Forms
The TREC promulgated 1-4 family residential contract (resale) states
that if the cost of lender required repairs and treatment exceed
____% of the sales price, buyer may terminate the contract and the
earnest money will be refunded to the buyer. - Correct Answer
✔️✔️5%
Who is designated as responsible for promptly sending a copy of the
contract to any attorneys that are named in the contract? - Correct
Answer ✔️✔️The broker
Steering is illegal and is described as channeling a minority to or away
from any area to change the character of the neighborhood. -
Correct Answer ✔️✔️true
In the event of buyer's default, the seller may: - Correct Answer
✔️✔️-Terminate the contract
,-Receive the earnest money as liquidated damages
-enforce specific performance
-Any ONE of the above
A voluntary dispute resolution is called litigation - Correct Answer
✔️✔️false
In a real estate transaction, a street address is considered sufficient to
described the property being conveyed - Correct Answer ✔️
✔️false
When electing to use the option paragraph of the contract, the buyer
may, within the time specified in the paragraph, do any of the the
following EXCEPT: - Correct Answer ✔️✔️Complete the
repairs himself before the end of the the option period.
OK:
, Terminate the contract
Do nothing and proceed to closing
amend the contract waiving the right to terminate
There is no TREC promulgated contracts for new construction. All
builders use their own contracts. - Correct Answer ✔️✔
️false
Per Paragraph #16 of the Residential Contract (Mediation), if a buyer
and or seller agrees to mediate, they are giving up their right to
pursue relief through the courts - Correct Answer ✔️✔
️false
When a "Fixture" in a property does not remain for the buyer, how do
we inform the buyer of that fact and make sure the item does not
convey with the property? - Correct Answer ✔️✔️List the
item on the "Residential Contract"
The TREC promulgated 1-4 family residential contract (resale) states
that if the cost of lender required repairs and treatment exceed
____% of the sales price, buyer may terminate the contract and the
earnest money will be refunded to the buyer. - Correct Answer
✔️✔️5%
Who is designated as responsible for promptly sending a copy of the
contract to any attorneys that are named in the contract? - Correct
Answer ✔️✔️The broker
Steering is illegal and is described as channeling a minority to or away
from any area to change the character of the neighborhood. -
Correct Answer ✔️✔️true
In the event of buyer's default, the seller may: - Correct Answer
✔️✔️-Terminate the contract
,-Receive the earnest money as liquidated damages
-enforce specific performance
-Any ONE of the above
A voluntary dispute resolution is called litigation - Correct Answer
✔️✔️false
In a real estate transaction, a street address is considered sufficient to
described the property being conveyed - Correct Answer ✔️
✔️false
When electing to use the option paragraph of the contract, the buyer
may, within the time specified in the paragraph, do any of the the
following EXCEPT: - Correct Answer ✔️✔️Complete the
repairs himself before the end of the the option period.
OK:
, Terminate the contract
Do nothing and proceed to closing
amend the contract waiving the right to terminate
There is no TREC promulgated contracts for new construction. All
builders use their own contracts. - Correct Answer ✔️✔
️false
Per Paragraph #16 of the Residential Contract (Mediation), if a buyer
and or seller agrees to mediate, they are giving up their right to
pursue relief through the courts - Correct Answer ✔️✔
️false
When a "Fixture" in a property does not remain for the buyer, how do
we inform the buyer of that fact and make sure the item does not
convey with the property? - Correct Answer ✔️✔️List the
item on the "Residential Contract"
