Texas Promulgated Contract Forms - Chapter 4 Exam Questions with Correct Answers

Earnest money - Answer-A down payment made by a purchaser of real estate as evidence of good faith is referred to as...? Buy-down money Earnest money Discount money Origination deposit Trust funds - Answer-Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction is known as...? Earnest funds Agent fees Deposit funds Trust funds Earnest money - Answer-Which of the following acts as liquidated damages if the buyer defaults on the purchase contract...? Earnest money Buy-down money Discount money Origination deposit F (False) - Answer-An earnest money deposit is required in all residential transactions...? T (True) F (False) Option - Answer-Which of the following refers to a right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right...?