TREC PROMULGATED CONTRACT FORMS 351 FINAL
EXAM LATEST 2023-2024 ACTUAL EXAM 210 QUESTIONS
AND CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS) | ALREADY GRADED A
Paul is using a TREC form for a contract that is dated February 2003. Priscilla who
works in the same office has a TREC form dated May 2014. Which form is
correct?
Paul’s form because it was the original TREC contract form
Paul’s form because it allows him to fill in the blanks
Priscilla’s form because this form is the latest updated TREC form and the most
current
Rationale: Paul’s because he paid TREC for the right to use this older form –
ANSWER- Priscilla’s form because this form is the latest updated TREC form and
the most current
TREC provides:
Residential leases
Forms for commercial property in all states
Property management contracts
TREC real estate forms – ANSWER- TREC only provides forms for a real estate
Rationale: transaction that are intended to be used by trained licensed real estate
brokers or salespersons
When receiving an offer, Julie is allowed to:
Stall an offer
Tell a buyer she won’t present it because the offer is too low
Provide no advice for low offers<\/p>\n\n\n\n
Provide advice to her client regarding a ridiculous offer – ANSWER- Provide
advice to her client regarding a ridiculous offer
Once a real estate contract is formed:
One party must perform
Both parties must perform
One party may back out
Either party may back out – ANSWER- Both parties must perform
When only one party of a performing couple accepts an offer:
It remains an offer
It becomes a contract
It is a listing
It is a counteroffer – ANSWER- It remains an offer
Who must sign and date the sales agreement?
The buyers and the sellers
The sellers and their attorney
The buyers and their attorney
The licensee that is involved with the sale – ANSWER- The buyers and the sellers
Zella is writing up the TREC addendum for the rototiller that will be included in
the sale of the house and property. What information should she include on the
addendum?
The price the seller is asking
Where the rototiller is currently being stored<\/p>\n\n\n\n
A detailed description of the rototiller
All of these – ANSWER- All of these
Gabe is not pre-approved for a loan. His realtor should suggest what be included
with the offer for the house since Gabe is not pre-approved?
A notation that Gabe may not be approved
The TREC Form 40-6 Third Party Financing Addendum for credit approval
A petition to speed up the transaction
Additional earnest money – ANSWER- Financing Addendum for credit approval
The Texas VA Loan Program has what kind of rating from the Better Business
Bureau?
C
B
A
A+ – ANSWER- A+
All of the following statements are incorrect with the exception of:
The VA allows the veteran\/buyer to take out a second mortgage
The VA is allowed to obtain any form of financing to make up the property’s sale
price from the appraisal’s price
The veteran is allowed to pay cash for the difference between the appraised value
and the asking price – ANSWER- The VA is allowed to obtain any form of
financing to make up the property’s sale price from the appraisal’s price
All may be reasons the owner would become the lender with the exception of:
The buyer is a relative of the owner<\/p>\n\n\n\n
The tenant wants rent to apply to the purchase of the subject property
The buyer has bad credit
The buyer would hold title to the property – ANSWER- The buyer would hold title
to the property
When a seller holds a lien on the property, the right of foreclosure is specified in:
First Right of Refusal
Power of Attorney
A Deed of Trust
A Living Will – ANSWER- A Deed of Trust
One of the benefits for those who serve in the military is:
Obtaining a low guaranteed home loan through Department of Veteran Affairs
Free housing
Purchasing multiple homes
All of these – ANSWER- Obtaining a low guaranteed home loan through
Department of Veteran
All of the following are TREC earnest money requirements with the exception of:
The earnest money is held by the third party
The earnest money is held by the seller
The earnest money is held by the broker in the firm’s trust account
The earnest money may be held by an escrow company – ANSWER- The earnest
money is held by the seller
Wendy, the potential buyer has an option fee attached to her offer. During the
option period she has all of the following options with the exception of:<\/p>\n","protected":false},"excerpt":{"rendered":"
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