AYPO Real Estate Promulgated Contracts Exam Questions and Answers, Exams of Real Estate Management

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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 - correct 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 it b. Place "N/A" (not applicable) so it is clear that the buyer/buyer's agent is aware that the section exists and was not just overlooked c. Any of these d. Just leave it blank - correct answer b. Place "N/A" (not applicable) so it is clear that the buyer/buyer's agent is aware that the section exists and was not just overlooked

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Which of these is an exemption to the "legal capacity" requirement to form a contract? a. A contract for a life necessity b. The other party had no knowledge of the party's lack of legal capacity c. Both of these are correct d. Neither of these are correct - correct answer a. A contract for a life necessity An amendment must always include reference to all of these, except: a. The title report b. The original contract c. Parties d. Date of ratification - correct answer a. The title report What category of disclosure do "psychological stigmas" fall into in Texas?

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d. Does not release them from those promises - correct answer d. Does not release them from those promises Restrictive covenants are regulations which can include which of the following? a. Dictating minimum residence size b. Nuber of homes per lot c. Types of construction allowed and not allowed d. All of these - correct answer d. All of these Before leasing the property back to a seller or leasing it ahead of closing to a buyer, both parties need to pay attention to the effect that leasing will have on which of the following? a. Their insurance coverage b. The Seller's disclosure c. The title commitment d. The title policy - correct answer a. Their insurance coverage

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HUD's primary concern is to ensure that any occupancy standards are not so strict as: a. To discriminate against single residents b. To undo protections of families with children c. To create a safety hazard d. None of these - correct answer b. To undo protections of families with children Which of these is a part of the Seller Financing Agreement a. Promissory Note b. Deed of Trust c. Buyer's Credit Approval d. All of these - correct answer d. All of these Which of these DOES NOT mean that a contract might not or will not likely stand up in court? a. Valid b. Voidable c. Unenforceable

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a. 23 b. 18 c. 6 d. 5 - correct answer d. 5 How many multiple back-up offers can be in line at one time? a. No more than two b. Texas law only allows for one back-up offer at a time c. There is no limit to the number of backup offers d. No more than three - correct answer b. Texas law only allows for one back-up offer at a time Which of these forms is for general consumer client information, and not directly related to a sale? a. Consumer Information Form b. Both of these c. Information About Brokerage Services d. Neither of these - correct answer b. Both of these

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A person is not engaged in a real estate brokerage, regardless of whether the person is licensed under this chapter, based solely on engaging in which of the following activities? a. Any of these. b. Entering into an obligation to pay another person that is secured by an interest in real property c. Sponsoring, promoting, or managing, or otherwise participating as a principal, partner, or financial manager of, an investment in real estate d. Constructing, remodeling, or repairing a home or other building - correct answer a. Any of these. To receive a daily rate of $40 in a buyer's or seller's lease, the monthly rate would have to be set at which of these monthly rates? a. $ b. $1, c. $1, d. $1,000 - correct answer c. $1,

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answer c. To section off a portion of the property, the equivalent value of which has been paid off, and sell off that portion if desired The DTPA only applies to real estate transactions in situations involving: a. An express misrepresentation of a material fact that cannot be characterized as advice, judgement, or opinion b. An unconscionable action or course of action that cannot be characterized as advice, judgement, or opinion. c. A failure to disclose information known by the licensee at the time of the transaction if the non-disclosure was intended to induce the consumer into a transaction they would not have entered if they were aware of the undisclosed information d. Any of these - correct answer d. Any of these Texas' promulgated One to Four Family Residential Contract (Resale) §___ allows the buyer a grace period in which they can cancel the deal without risking their escrow deposit. a. 7

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b. 5 c. 11 d. 22 - correct answer b. 5 To promulgate means which of the following? (best answer) a. Officially announce, publish, make known to the public, or to formally announce a statute or a decision by a court. b. Mandatory use c. All of these d. To legislate or regulate - correct answer a. Officially announce, publish, make known to the public, or to formally announce a statute or a decision by a court. The TREC 1-4 §11 can be used only for which of these a. Adding legal provisions b. Adding terms to the loan agreement c. Factual statements and business details applicable to the sale

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What is the proper method for calculating the rent in a buyer's or seller's lease agreement? a. The charge should be a daily charge based on an annual (360-day) lease agreement b. The charge should be a daily charge based on a desired 30-day monthly rental rate c. Parties are not required to state d. Parties negotiate a daily rent based on the Consumer Product Index - correct answer b. The charge should be a daily charge based on a desired 30-day monthly rental rate A title endorsement is a(n): a. Notarized copy of title b. Professionally recommended title company c. Title approved by the local Clerk of the Court or equivalent recording agent d. None of these - correct answer d. None of these Accepting the "property in its present condition" in section 7 of the TREC 1-4:

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a. None of these b. Waives the right to inspection c. Precludes the use of any professional inspectors d. Does not waive the right to request seller repairs based upon professional inspections performed later - correct answer d. Does not waive the right to request seller repairs based upon professional inspections performed later The Mineral Estate does NOT include which of these? a. Gas b. The right to sign a mineral lease covering any part of the Property c. Iron d. Oil - correct answer c. Iron The Real Estate License Act was created to: a. Maintain high standards in the real estate profession

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d. A resale certificate, all of which are described by section 207.003 of the Texas Property Code - correct answer b. Both of these Failure to present an offer is which of the following? a. Allowable act if the offer is not in writing b. Prerogative of the listing agreement c. Violation of a licensee's fiduciary duties d. Unauthorized practice of law - correct answer c. Violation of a licensee's fiduciary duties Which of these IS NOT an addendum listed in the TREC 1- 4 §22 Agreement of Parties a. Environmental Assessment, Threatened or Endangered Species and Wetlands Addendum b. Addendum for Property Subject to Mandatory Membership in a Property Owners Association c. Addendum for Inclusion and Exclusion of Personal Property

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d.Buyer's Temporary Residential Lease - correct answer c. Addendum for Inclusion and Exclusion of Personal Property A cost that is not prorated by the title company is which of these? a. Loan fees b. Rents c. Association fees d. Property taxes - correct answer a. Loan fees Which of these Farm and Ranch Contract sections IS NOT distinguished from the TREC 1-4? a. 6 Title Policy and Survey b. 7 Property Conditions c. 15 Default d. 13 Prorations - correct answer c. 15 Default Who pays for and who is the provider of the title insurance policy is determined by which of the following?

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c. Landlord and seller, renter d. Owner and landlord, renter - correct answer d. Owner and landlord, renter Which of these IS NOT included in the Seller's Disclosure? a. Deferred maintenance or other repairs that may be necessary b. Violations of deed restrictions on the property c. Psychological stigmas, e.g., a violent death on the property d. Any defects of malfunctions in critical systems known to the seller - correct answer c. Psychological stigmas, e.g., a violent death on the property An executory contract is one that does which of the following? a. Still has a material duty needing to be performed b. Creates an option c. Has been fufilled d. Cannot be enforced - correct answer a. Still has a material duty needing to be performed

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A title insurance "commitment" provides a buyer: a. With a guarantee of a clear title b. With the terms and conditions under which the title company will be issuing the title insurance policy c. Time to request a title insurance policy d. With homeowner's insurance - correct answer b. With the terms and conditions under which the title company will be issuing the title insurance policy The Broker-Lawyer Committee was established by: a. Texas Association of REALTORS b. Texas Real Estate Commission c. Texas Bar Association d. The Real Estate License Act - correct answer d. The Real Estate License Act Which of these IS NOT a warning issued on the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway?