Chapter1_exam-bank.docx - Texas Promulgated Forms Second Edition Update Texas Promulgated Forms Second Edition Update Chapter 1 Exam Bank QUESTION 1

Chapter1_exam-bank.docx - Texas Promulgated Forms Second...

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Texas Promulgated Forms, Second Edition UpdateTexas Promulgated Forms, Second Edition UpdateChapter 1 Exam BankQUESTION# 1 Which of these promulgated forms does NOT include “time is of the essence”?a.The six promulgated contract formsb.Addendum for Back-Up Contractc.Buyer's Temporary Residential Leased.Loan Assumption AddendumQUESTION# 2 A couple starts celebrating the sale of their home after their listing agent calls them with the news that they’ve received an acceptable offer. The listing agent says he is coming over to get their acceptance and signatures. However, by the time the agent arrives the sellers are completelyinebriated. The agent has them sign the contract and then takes it to the title company. This contract isThe statute of limitations in Texas isA person approaches an owner and says, “I’d like to buy your house.” The owner says, “Sure” and they agree on a price. What type of contract is this?A buyer and seller enter a contract for the sale of a 3-bedroom residential property. Shortly after the contract is in place, the buyer has an inspection done. As a result of the inspection, the buyer wants the seller to fix the fence and replace the garage door opener. The seller agrees. How should the parties proceed?a.The parties must use an amendment form.©2016 Kaplan, Inc.May be reproduced for educational uses only.
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Texas Promulgated Forms, Second Edition Updateb.The parties must document this agreement in the Special Provisions paragraph of the contract.c.They have to proceed under the terms of the current contract; because the parties are already under contract, no further negotiations are allowed.d.The broker must contact his attorney to get advice.QUESTION# 6 The essential elements of a valid real estate contract includeQUESTION# 7 A seller accepted money from a buyer for his unrestricted right to cancel the purchase transaction(option to terminate) within ten days of the executed date of the sales contract. This agreement is a(n)
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