StudySmart

Promulgated Contracts Exam Prep with Questions and Answers Essential elements of a contract include: A. Competent parties B. Offer and acceptance C. Consideration D. All of the above ANSWER D. All of the above (**also includes legality of object) A contract must include all of these items except: A. Legal Description B. Sales Price C. Names of parties D. Type of loan ANSWER D. Type of loan If a Seller counters a Buyer's offer, it is considered a rejection. A. True ...

Promulgated Contracts Exam Study Guide with Questions and Answers Executed and Executory contracts are differentiated by: A.by their structures. B. by their enforceability. C. their stages of fulfillment. D. by their validity. ANSWER Their stages of fulfillment Which of these is an exemption to the "legal capacity" requirement to form a contract? A. A contract for a life necessity. B. Neither of these is correct. C.Both of these are correct. D. The other party had no knowle...

Promulgated forms Exam 1 with Questions and Answers The Texas Real Estate Commission prohibits a license holder from using a sales contract drafted by A) the broker. B) an attorney. C) the seller. D) the buyer. ANSWER A Protected classes under the Fair Housing Act include all of the following EXCEPT A) gender. B) age. C) race. D) color. ANSWER B The One to Four Family Residential Contract requires the survey to be acceptable to the

Promulgated Contract Forms Final Exam with Questions and Answers If a Buyer wants the Seller to pay some or all of their closing costs, it should be added to the contract in: A) Paragraph #11 (Special Provisions) B) Paragraph #12 - Seller participation in the Buyer's costs C) Third Part financing Addendum D) All of the above ANSWER B) Paragraph 12- Seller participation in the Buyer's costs If a Buyer chooses not to be represented by an agent, the Buyer must be made aware th...

Promulgated Contract Forms Exam with Questions and Solutions Use of the TREC promulgated One to Four Family Residential Contract (Resale): A. Is allowed on the sale of a residential condominium B. Can be used for a vacant residential lot C. Covers single family, duplex, triplex, and fourplex transactions D. All of the above ANSWER C. Covers single family, duplex, triplex, and fourplex transactions Broker's fees are: A. Included in the One to Four Family Residential Contract (Resale...

AYPO Real Estate Promulgated Contracts Actual Exam Questions and Answers "Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? a. Required disclosures b. Prohibited disclosures c. Permitted disclosures d. None of these ANSWER c. Permitted disclosures If there is a field in a promulgated form for which you have no information to include, your safest option is which of the following? a. Run a line through ...

Texas Law of Contracts Exam with Questions and Answers Drafts and revises contract forms for use in real estate transactions in the state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee ANSWER E Forms published by TREC that are mandatory for license holders to use in real estate transactions int he state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-La...

Promulgated Contract Forms Real Estate Chapter 5 Exam with Questions and Answers The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are: legal purpose, competent parties, mutual assent, consideration and ____________. (a) Signature of witnesses (b) In writing (c) Acknowledgment by a notary (d) Recording in county clerk's office ANSWER b If a contract has been entered into with a person who has been judged to be incom...

Texas Promulgated Contracts Champions Exam Study Guide with Questions and Answers The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording ANSWER B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Execut...

Principles of Real Estate 2 Test Review with Complete Solutions The expenses, which a lender incurs while processing a mortgage loan application, are recovered from the borrower as: a. discount points b. an origination fee c. a mortgage insurance premium d. private mortgage insurance ANSWER b. an origination fee Zoning is enforced by: a. building permits b. building codes c. building inspectors d. all the above ANSWER d. all the above Land plus new construction cost min...

Principles of Real Estate 2 Exam 3 Study Guide with Complete Solutions Math calculation – interest ANSWER Simple Interest = Interest Rate (%) × Principal Compound Interest = Amount = P(1+(r/n))^nt Terminology associated with the real estate transaction including closing, funding, servicing, origination, and consummation ANSWER Closing: The closing of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by t...

Texas Principles of Real Estate 2 Exam Study Pool with Questions and Answers Which of the following is an area of a real estate brokers job that requires mathematics A. Commissions from Property Sales B. Mortgage interest C. All of these are correct D. Property Taxes ANSWER All of the following If the base side of the triangular play measures 45' and the height line measures 12' what is the area of the plot in square feet? ([bxh]x1/2=a) A. 540 square ft B. 1034 square ft ...

Principles of Real Estate I 121 Exam with Complete Solutions Commercial brokers must be aware of the following EXCEPT: A. Growth possibilities B. Income tax regulations C. Purchasing arrangements D. Residential building codes ANSWER D. Residential building codes The largest number of real estate transactions closed in Texas are from: A. The sale of business buildings B. The sale of residential homes C. The sale of farms and ranches D. The sale of individual vacant lots in a cit...

Texas Principles of Real Estate 2 Exam Set 2 with Complete Solutions The approach used as the best indicator of value for existing properties. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence ANSWER B Refers to the loss in desirability of the style, layout, or function of an element of a property over time. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolesce...

Texas Principles of Real Estate II Exam Set 1 with Questions and Answers 1 What ratio is calculated based on all of the monthly obligations the borrower has outstanding a payment ratio b loan ratio c mortgage ratio d debt ratio ANSWER d debt ratio 1 If a broker sells a property for 450,000 and makes 36,000 what is the rate of commission? a 7% b 6% c 8% d -9% ANSWER c 8% 36,000 / 450000 = 0.08 or 8% 1 common closing items such as taxes, utilities, mortgage inte...

Texas Pre-License Principles of Real Estate II Exam 2 with Complete Solutions A deposit is made by a buyer to a seller in order to show the buyer's good faith in the transaction. Upon closing, the buyer receives a credit for this prepaid deposit. What is this deposit known as? A. commission allocation B. earnest money C. escrow insurance D. mortgage insurance ANSWER Earnest Money Which of the following is NOT one of the economic principles of value? A. Principle of regression ...

Principles of Real Estate II Exam 1 Prep with Complete Solutions Written documents affecting title to real estate are recorded: A. Where the titleholder resides B. Where the titleholder has legal residence C. At the county clerk's office where the property is located D. At any county clerk's office in Texas ANSWER C. At the county clerk's office where the property is located (Each county in Texas has a county clerk's office and all documents pertaining to property in that cou...

Texas Principles of Real Estate II Exam Prep with Questions and Answers Common closing items such as taxes, utilities, mortgage interest, and insurance are divided equally at closing between the buyer and seller. These items are being: a. negotiated b. sub-categorized c. withheld in escrow d. prorated tixck d. prorated Convert fractions to decimals when doing a real estate math problem by a. dividing the numerator by the denominator. b. multiplying the numerator by the denominator. ...

Texas Principles of Real Estate II Focus Review Exam with Questions and Answers Lenders require a borrower to establish and maintain a reserve fund to ______. ANSWER Pay any property taxes in case the borrower misses a payment Brandon recently purchased an old warehouse building. This building will serve as a hub for local deliveries of fruits and vegetables within the state. During its first week in operation, one of the delivery drivers was involved in an accident that spilled coconuts a...

Principles of Real Estate II 122 Exam with Questions and Answers 1. Written documents affecting title to real estate are recorded: A. Where the titleholder resides B. Where the titleholder has legal residence C. At the county clerk's office where the property is located D. At any county clerk's office in Texas ANSWER C. At the county clerk's office where the property is located A person appointed by a court to settle the estate of a deceased person when the executor cannot pe...