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Promulgated Forms – Practice Test

May 8, 2017 Leave a Comment Written by MrBeeToe

Promulgated Forms – Practice Test

Welcome to your Promulgated Forms - Practice Test

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and _______.
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.
In the business of real estate, _______ is defined as something given in exchange for a promise.
The TREC-promulgated contract forms:
In a lease with a "right of refusal" provision:
TREC has promulgated forms for:
An offer can be communicated by _______.
The Third Party Financing Addendum cannot be used for:
According to the Seller Financing Addendum, the interest rate is:
_______ occurs when a buyer assumes and agrees to pay the seller's existing mortgage.
Land, improvements, and accessories are collectively referred to as:
According to the TREC contract, accessories include:
Exclusions to the sale must be removed:
The loan amount in Paragraph 3.B. of the sales contract includes:
The sales price in 3.C. is always:
The _______ ensures compliance with TRELA, which requires that license holders advise buyers to have an abstract of title examined or to obtain the insurance.
The earnest money is:
If a buyer is concerned about the presence of endangered species, toxic substances, or wetlands on a property, the agent should:
How long does a buyer have to object to defects, exceptions, and encumbrances to title disclosed in the survey and title commitment?
Being within the extraterritorial jurisdiction of a municipality is an indication the property will:
The Lead-Based Paint Disclosure:
A buyer did not comply with his end of an agreement, by the agreed to deadline, to obtain financing within a six week period and states that he is not even sure he still wants to buy the property. The seller would have the following recourse EXCEPT:
What could happen if - a couple of days after a contract is executed - the title company pointed out that the buyer was only 17 1/2 years of age?
In Paragraph 5 of the TREC approved sales contract, what information should be listed in the fields if a buyer agreed to provide $30,000 in earnest money on a property located at 123 Main St., Anywhere, TX. The title company used is XYZ Title Company. The buyer also stated he was willing to go up to $40,000 in earnest money.
The buyer wants the seller to pay for the title policy. He prefers to use the seller's existing survey, but he doesn't mind paying for a new one if the existing survey is found to be unacceptable. He wants to receive the survey within 7 days. In Paragraph 6.C., the buyer's agent should:
The property a buyer is making an offer on was built in 1970, and there was a signed seller's disclosure in the documents section of the multiple listing service, but there was no Lead-Based Paint Addendum. The buyer's agent has not been able to get the signed addendum from the listing agent, and the buyer has indicated that he would like to move forward with making an offer. The buyer's agent could:
For a valid option to exist:
Usual expenses of the seller as stated in the contract include:
The process of dividing ongoing expenses between the buyer and seller at the closing is called:
If not using a temporary lease, the buyer is entitled to possession of the property:
If a seller wants to continue to occupy the property for two days after the closing and the buyer agrees:
When one party defaults under a contract, the other party is known as the:
The State of Texas encourages the parties to resolve all conflicts and disputes through alternative dispute resolution procedures such as:
All written notices between the parties are effective when:
When should a license holder advise a party to a contract to consult an attorney?
Who is responsible for filling in the effective date of the contract?
The sales contract identifies the agency relationships between the broker(s) and parties.
The condominium resale certificate must have been prepared within the previous:
If the buyer is allowed to select certain items in the new home that is under construction, the builder (seller) may reject a selection if it adversely affects the market value of the home.
If an overage is incurred due to a change order, the excess is paid by:
At the closing the buyer should bring:
Damage or destruction of a property under contract prior to closing:
In a Farm and Ranch sale, the buyer will receive all of the following items except:
In the Farm and Ranch contract, the Seller generally has the right to harvest crops:
Reservations of oil, gas, and other minerals will generally be inserted in:
The sales price may be adjusted based upon a survey. If the sales price is adjusted, __________.
If the sales price is adjusted based upon a survey, either party may terminate the contract if the sales price varies by more than:
If the property is currently under an agricultural exemption, and the use of the property changes, the buyer may be charged a:
The buyer may terminate the contract and receive a refund of earnest money if lender required repairs:
If in Paragraph B(2) is checked, and 50% entered in the Addendum for Reservation of Oil, Gas, and Other Minerals:
A purchase of property seaward of the Gulf Intracoastal Waterway must be given a disclosure notice that:
If a home is to be sold, with lender's consent, at a price less than the outstanding balance on a mortgage, the sale is known as a:
A buyer's agent submits an offer contingent of the sale and funding of the buyer's home and submits an addendum for Sale of Other Property. What would happen if the buyer's current home does not sell?
A buyer's agent submits an offer contingent of the sale and funding of the buyer's home and submits an addendum for Sale of Other Property. If the seller receives and accepts an offer during the contingency period, and the buyer declines to waive the contingency:
A buyer's agent submits an offer contingent of the sale and funding of the buyer's home and submits an addendum for Sale of Other Property. If the buyer waives the contingency and then fails to close and fund due to non-receipt of proceeds from the sale of her home, all of the following remedies are available to the seller EXCEPT:
The commission agreement between the broker and the seller is usually found in the:
Which of the following activities is specifically prohibited under the Civil Rights Act of 1968?
A building or community must not discriminate based on familial status, unless it qualifies as housing for older persons.
__________ occurs when a property is refinanced or resold immediately after purchase for an artificially inflated value.

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