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PASS Promulgated Contract Forms: Final Exam Test 2023, Exams of Advanced Education

Liberty University (LU)Advanced Education

A study guide or exam preparation material related to real estate contract forms promulgated by the texas real estate commission (trec). It covers various topics such as earnest money deposits, agency disclosure, lead-based paint addenda, financing conditions, short sale addenda, casualty loss, lender-required repairs, seller's temporary lease, contingencies, default remedies, surveys, brokerage representation, mediation, fair housing laws, and other key aspects of residential real estate contracts in texas. Detailed information and explanations on these contract-related concepts, making it a potentially valuable resource for real estate students, agents, or professionals preparing for exams or seeking to deepen their understanding of trec-approved contract forms and related regulations.

Typology: Exams

2024/2025

Available from 10/25/2024

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PASS PROMULGATED CONTRACT FORMS:
FINAL EXAM TEST 2023
When earnest money is deposited with an escrow agent, the escrow agent: - A) Is not
responsible for the performance of any signatory B) Has the right to secure written release of
all signatories C) Is not liable for interest on the money
How does the Texas Real Estate License Act define the first face-to-face meeting with required
agency disclosure? - When a substantive dialogue about a specific real property occurs
If a property was built before 1978, what specific addendum is required? - Disclosure of Lead-
Base Paint Addendum
The Buyer's Agency Agreement allows an agent to show the same properties to competing
clients - true
The Third Party Financing Condition Addendum is not used with - Seller financing
The Texas Real Estate Commission (TREC) promulgates an addendum to be used in a short sale.
This Short Sale Addendum is to be signed by: - Buyer and seller
In Paragraph #14 of the Residential Contract (casualty loss), If a seller cannot complete the
repairs within the time limit, the buyer has the option of: - Terminating the contract
In Paragraph 3B of the sales contract, the "sum of all financing" - Excludes any loan funding fee
or mortgage insurance premium
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. - 5%
The financing paragraph will be used to indicate: - A) Third party financing B) Assumption C)
Seller financing
If a Seller is to remain in the property after closing: - D) A Seller's Temporary Lease Form
promulgated by TREC should be completed and signed by buyer and seller and attached to the
contract. -
Your buyers have signed a contract to buy a new home. The contract is subject to the sale of
their present home. This is called a: - Contingency
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PASS PROMULGATED CONTRACT FORMS:

FINAL EXAM TEST 2023

When earnest money is deposited with an escrow agent, the escrow agent: - A) Is not responsible for the performance of any signatory B) Has the right to secure written release of all signatories C) Is not liable for interest on the money How does the Texas Real Estate License Act define the first face-to-face meeting with required agency disclosure? - When a substantive dialogue about a specific real property occurs If a property was built before 1978, what specific addendum is required? - Disclosure of Lead- Base Paint Addendum The Buyer's Agency Agreement allows an agent to show the same properties to competing clients - true The Third Party Financing Condition Addendum is not used with - Seller financing The Texas Real Estate Commission (TREC) promulgates an addendum to be used in a short sale. This Short Sale Addendum is to be signed by: - Buyer and seller In Paragraph #14 of the Residential Contract (casualty loss), If a seller cannot complete the repairs within the time limit, the buyer has the option of: - Terminating the contract In Paragraph 3B of the sales contract, the "sum of all financing" - Excludes any loan funding fee or mortgage insurance premium 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. - 5% The financing paragraph will be used to indicate: - A) Third party financing B) Assumption C) Seller financing If a Seller is to remain in the property after closing: - D) A Seller's Temporary Lease Form promulgated by TREC should be completed and signed by buyer and seller and attached to the contract. - Your buyers have signed a contract to buy a new home. The contract is subject to the sale of their present home. This is called a: - Contingency

In the event of buyer's default, the seller may: - A) Terminate the contract B) Receive the earnest money as liquidated damages C) Enforce specific performance If there is an existing survey on the property, what does the seller take to the title company and the lender? - The existing survey and a notarized affidavit stating if there have been any changes in the survey since the time the existing survey was completed - Failure on the part of the broker/sales associate to advise the purchaser in writing to have an abstract of title examined by an attorney or obtain a title insurance policy: - May be cause to have the agent's license suspended or revoked, and precludes receiving any commissions or agreed fees associated with the sale. Who is designated as responsible for promptly sending a copy of the contract to any attorneys that are named in the contract? - The broker Intermediary requires: - A) Disclosure of who represents whom in a transaction B) Written agreement by both seller and buyer C) involvement of only one company What must a Buyer's Representation Agreement have? - A termination date Once a contract is finalized and receipted it: - Can be amended multiple times if all parties agree If a buyer and/or seller agree to mediate, they are giving up their right to pursue relief through the courts. - false A contract is described as an agreement between two or more parties to do or not do something: - true A voluntary dispute resolution is called litigation: - true Brokers fees are included in the 1-4 Family Residential Contract (resale) between the Buyer and the Seller. - false The Residential Condominium Contract allows a limit to the amount a Buyer will pay for Association transfer fees: - true An addendum has been provided by TREC for voluntary use to provide for transfer of personal property (Non-Realty Items): - true A Buyer/Tenant Representation Agreement is only available through the Texas Real Estate Commission (TREC): - true

The Condominium Resale Certificate called for in paragraph 2 of the TREC Residential Condominium Contract (Resale) must have been prepared no more than _________ before the date it is delivered to the buyer. - 3 months The Seller as well as the Buyer has the unrestricted right to terminate the contract under the option period: - false If a Buyer wants the Seller to pay some or all of their closing costs, it should be added to the contract in: - Paragraph #12 - Seller participation in the Buyer's costs A suit for specific performance is: - To force the seller not to default on the contract If the contract includes an option period for the buyer and the buyer does not tender the option fee to the Seller within the time limit (currently with 3 days from effective date of the contract) the Buyer no longer has an unrestricted right to terminate under the option: - false Paragraph 23 "termination option" of the TREC 1-4 Family Residential Contract: - Requires a fee for a specified period of time The TREC promulgated Seller Financing Addendum states that if the buyer does not furnish the required qualifying documentation with the time limit allowed, Seller may terminate the contract and keep the earnest money: - true If a Buyer chooses not to be represented by an agent, the Buyer must be made aware that any information they share can be communicated to the Seller: - true Any changes to the original contract once it is finalized and receipted must be done: - On an amendment What is the status of a contract if the seller does not make the buyer aware of a property being located with a municipal utility district? - voidable If an Agent receives confidential information from a Client while the agency agreement is in force, that agent may: - Share that information if the Client authorizes the agent to share it Within ____ days after the title company receives a copy of the contract, Seller shall furnish to Buyer a Commitment for title insurance. - 20 In Texas, dual agency has been replaced with Intermediary: - true There are no TREC promulgated contracts for new construction. All builders use their own contracts: - false A TREC promulgated Farm and Ranch contract can include: - A) Buildings B) Crops C) Equipment

Earnest money: - Is used to make the offer more enticing to the seller Standard forms of TREC must be used unless: - A principal in the transaction requests a different form to be used According to the TREC 1-4 Residential Contract (Resale), who is responsible for paying the owner policy of title insurance fee? - The party stipulated in the contract When electing to use the option paragraph of the contract, the buyer may, within the time specified in the paragraph, do any of the following EXCEPT: - Complete the repairs himself before the end of the option period If the Buyer does not give notice to the Seller that he/she cannot obtain credit approval with the number of days stated in the contract, the contract will no longer be subject to the buyer's credit approval. - true