State Exam - Contracts

Question 1

TREC 1-4 Family Residential Contract (Resale) - Paragraph 3

Answer 1

The cash portion plus the financing = the Sales Price

Question 2

TREC 1-4 Family Residential Contract (Resale) - Paragraph 4

Answer 2

Texas law requires a license holder to disclose if they represent themselves, a spouse, parent, or child. (Agency coupled with an interest)

Question 3

TREC 1-4 Family Residential Contract (Resale) - Paragraph 5

Answer 3

Within 3 days of Effective Date, BUYER must deliver earnest money to escrow agent. TIME IS OF THE ESSENCE for this paragraph.

Question 4

TREC 1-4 Family Residential Contract (Resale) - Paragraph 6B

Answer 4

Title company has 20 days to provide the title commitment after they receive the sales contract.

Question 5

TREC 1-4 Family Residential Contract (Resale) - Paragraph 6C

Answer 5

Within _____ days after the Effective Date of this contract, Seller shall furnish to Buyer and Title Company Seller’s existing survey and an Insurance T-47 affidavit.

Question 6

TREC 1-4 Family Residential Contract (Resale) - Paragraph 6D

Answer 6

allows buyer to choose a number of days to review both the title commitment and the survey. If buyer is unhappy with the results of either, he has the negotiated number of days to address his concerns with the seller.