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Texas Promulgated Contracts Flashcards | StudBud
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Texas Promulgated Contracts
Texas Promulgated Contracts
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Questions
60
Answers
1
TREC was created in what year?
1939
1812
1776
1949
2
Condominium ownership involves
Shared common facilities
Both are correct
Air space within the unit
3
TREC has a One to Four Family Contract which is promulgated
TRUE
FALSE
4
Could the use of any “contingency addendum” cause a contract to become
Firm
Unenforceable
Voidable
5
A licensee’s use of promulgated forms
None are correct
The State Board of Insurance requires it
Never a good idea
Allowed if broker has his own version of a contract
6
A written __________is a “promise for a promise”
Contract
Lease
Both 1 and 2 are correct.
7
The difference between void and voidable
Void never existed while voidable is maybe
Void means agreement reached
Void has all the elements
Voidable means agreement is solid
8
Brokerage fees are addressed where
Separate written agreements
Paragraph 3 of the contract
At a cocktail party
Clay tablet
9
Is there an Addendum for Sale of Other Property available ?
Yes, its promulgated
No, its not necessary
10
An Amendment
Supplements a contract
Changes a conract
11
The Information About Broker Services form is required
both are correct
Upon the first substantive meeting
A lease for more than a year
12
The acronym TREC stands for - Texas Real Estate Commission
False
True
13
Exaggerating beyond truthfulness is
Misrepresentation
Deceptive trade practice
Fraud
Puffing
14
Various forms, contracts used in this text are:
Promulgated by TREC
Provided by the Department of Equal Housing
Created by the Office of the Attorney General
Created by the State Bar of Texas
15
Which promulgated contract does not mention improvements
The Farm and Ranch
The Condo
Unimproved Property
One to Four Residential
16
A licensee does not have to use a Promulgated contract if
the new home builder has their own form
the government has a form of their own
All are correct
That form is prepared by the property owners attorney
17
A listing agreement has commission arrangements as well as other disclosures.
FALSE
TRUE
18
Real estate candidates who want a license must pass a test to their competency per........
Uncle Julio
Texas Real Estate Practitioners Act
TRELA
SABOR
19
At closing the Seller will deliver what type of deed to the buyer
Special Warranty
Quit Claim Deed
General Warranty
20
Proration means accounting for seller due taxes as of the closing date
True
False
21
Earnest money is
Shows buyers good faith
Required
Paid by the seller
22
An existing survey would require
Real Property affidavit (T-47)
Additional earnest money
23
If the Seller stays after closing the
Buyers Temporary Lease used
Seller Temporary Lease is used
24
A Non-Realty Items Addendum is considered
Never used
Special Deed of Warranty
A Bill of Sale
25
Acceptable forms of consideration are
Money
All are correct
Other assets
Love and affection
26
Things you CAN add to Paragraph 11 are
Commission split discussion
Lengthly legal description
27
Does the Farm and Ranch contract feature a sales price adjustment based on a survey?
Yes
No
28
Title Insurance primarily protects the
Inspector
Buyer
Seller
Title Co.
29
A contract has closed and funded therefore it is —
Fully executed
Effective
Executory
Bilateral
30
Can any citizen use a Promulgated contract form or addendum?
No
Yes
31
Who fills out the Condo Resale Certificate
The buyer
Condo management
The seller
The realtor
32
The Broker-Lawyer Committee consists of
6 members
9 members
13 members
33
TREC promulgates over 15 addendum forms
False
True
34
The term “on or before” means
Firm date
Reasonable time
Time is of the essence
10 days is 10 days
35
In the city - the property is described by
Lot and Block
Monuments
Rectanglular
Metes and Bounds
36
In the sales contract, which paragraph is different in describing the property
Para 5
Para 1
Para 2
Para 4
37
What does the O stand for in COCLAD ?
Other assets
Opportunity
Offer and Acceptance
38
Fee division between brokers is determined by
By the brokers involved
TREC
MLS rules
The buyer or seller
39
Someone knowingly does something wrong or unethical this is called
Commission
I didn’t know
Omission
Product issue
40
Per Paragraph 9 - what type of deed will the seller deliver to the buyer
A General Warranty Deed
A Special Warranty Deed
A Trustees Deed
41
Deed restrictions and covenants apply to
Both of these are correct
A group of homes or lots
The property of a specific subdivision
42
A Buyer moves in before closing then
A Buyers Temporary Lease
The sellers lease
43
The difference between an Administrator and an Executrix is
None of these are true.
The first is male and the second female
There is no difference
Both appointed by judge
44
Which contract needs a Metes and Bounds discussion in Paragraph 2
Condo Sales Contract
Farm and Ranch
One to Four
45
“Time is of the Essence”
A legal term
A term a licensee should not use
All are correct
Strict day adherance
46
Fair Housing Law (Civil Rights Law) founded in
1896
2018
1968
1866
47
A Condominium Resale Certificate is used with a
Vacant land Contracr
Condominium Sales Contract
Single separate residence
48
Ernie Money must be deposited by the end of
2nd day
3 rd business day after effective date
Keep it.
49
TREC may suspend or revoke a license for
All are correct
Practicing law
Typing up a deed
Giving a client your legal opinion
50
Protected classes under Fair Housing would be
Race
Religion
All of these
National origin
51
Suggesting to move because of minorities moving in is called
Steering
Blockbusting
Redlining
52
The TREC Consumer Information Form (TREC form 1-2) must displayed in
The garage
Every licensed broker and inspectors office
The basement
53
A contract can be terminated by
Deaths of principals
All are correct
Mutual agreement
Performance
54
The Texas Property Code requires a seller to provide
A Sellers Disclosure
Deed restriction notice
A survey
Earnest money
55
A condition that caused a death on the property should be
Disclose - disclose - disclose
Refuse to discuss it
Shoved under the carpet
Don’t worry about it
56
What Statute requires the Real Estate Contracts be in writing to be enforceable?
Statute of Limitations
Statute of Senior Frog
Statute of Frauds
57
Four Years
The statute of Limitations is how many years
Statue of Liberty
The Statute of Frogs
58
Paragraph 23 allows the buyer
The right to terminate the contract
Is part of the earnest money
59
If there are lender required repairs
The brokers will do them
IIf they exceed 5% - the buyer can cancel.
The buyer will do them
The Seller will do them
60
Buyer/Seller parties should be listed with ______ in the contract.
Initials and last name only
Their nickname
Leave blank
Full legal name
