TEXAS PROMULGATED CONTRACTS EXAM || MOST
RECENT EXAM 2026-2027 ACTUAL COMPLETE REAL
EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
GUARANTEED SUCCESS!! NEWEST EXAM |
JUST RELEASED!!
TREC No. 40-7 is a document used as for third party financing
addendum - ANSWER -for credit approval. The Third Party
Financing Addendum for Credit Approval addendum is to be
used if the buyer is applying for a loan with conventional, FHA,
VA or other forms of financing.
TREC No. 41-2 form is used for the Loan Assumption
Addendum. - ANSWER - The TREC No. 26-7 is the Seller
Financing Addendum - ANSWER -which is needed when the
seller carries a note for a buyer for all or a portion of the sales
price.
1 of 3 - For sellers who are carrying notes for buyers, Texas
Real Estate Commission promulgated addendum requires a
late payment fee of _________ for any payment made more than
10 days late. - ANSWER -5%
,2 of 3 - If a buyer fails to provide her financial information to
the seller by the deadline specified in the Texas Real Estate
Commission promulgated Seller's
Financing addendum, when can the seller terminate the
agreement? - ANSWER -7 days after deadline
3 of 3 - According to the TREC Loan Assumption
Addendum, if the seller does not respond to the buyer's
qualification information within ___________ regarding credit
worthiness, it is assumed that the seller has given approval. -
ANSWER -7 days
1 of 3 - When a seller carries a loan for a buyer, matured unpaid
amounts will bear interest at the rate of ________ or at the
highest lawful rate, whichever is lower according to the Texas
Real Estate Commission promulgated Seller
Financing addendum. - ANSWER -1.5% per month
Earnest Money Summary (2) - ANSWER -Good
faith money
Liquidated
damages
are Licensees allowed to strike information from the form. -
ANSWER -only at
the direction of the principal to the
transaction.
,What law prohibits price fixing? - ANSWER -Sherman Anti-Trust
Act
What is it called when two or more real estate brokers work
together to conspire
to charge the same commission? - ANSWER -
Price Fixing
What entity promulgates real estate contracts for use by
licensees? - ANSWER
-
TREC
Is working with an outdated contract or form a violation of the
TREC rules? -
ANSWER –
true
What is it called when a buyer puts together the paperwork
necessary to buy a house from a seller and that paperwork is
presented to the seller? - ANSWER offer
Point of beginning (POB) - ANSWER -is point designated in the
description as
an initial point for beginning a land
description.
Principal Meridians, which run_____________________ and
the Base Lines
, that run ___________ - ANSWER -North
and South,
East and West
They divide the land into divisions six miles wide, extending
North and South,
parallel with the Meridian. - ANSWER -
"Range Lines."
Beginning at the Base Line, at intervals of six miles, lines are run
East and West
parallel with the Base Line. These are designated as -
ANSWER -Township
Lines
2 of 3 - How big is a township in relation to a rectangular
survey? - ANSWER -
contain 36 square
miles.
OP-C Notice to Prospective Buyer - ANSWER -When an offer to
purchase real estate in Texas is signed, a license holder shall
advise each buyer, in writing, that the buyer should:
(1) have the abstract covering the real estate that is the subject
of the contract
examined by an attorney chosen by the
buyer; or
RECENT EXAM 2026-2027 ACTUAL COMPLETE REAL
EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
GUARANTEED SUCCESS!! NEWEST EXAM |
JUST RELEASED!!
TREC No. 40-7 is a document used as for third party financing
addendum - ANSWER -for credit approval. The Third Party
Financing Addendum for Credit Approval addendum is to be
used if the buyer is applying for a loan with conventional, FHA,
VA or other forms of financing.
TREC No. 41-2 form is used for the Loan Assumption
Addendum. - ANSWER - The TREC No. 26-7 is the Seller
Financing Addendum - ANSWER -which is needed when the
seller carries a note for a buyer for all or a portion of the sales
price.
1 of 3 - For sellers who are carrying notes for buyers, Texas
Real Estate Commission promulgated addendum requires a
late payment fee of _________ for any payment made more than
10 days late. - ANSWER -5%
,2 of 3 - If a buyer fails to provide her financial information to
the seller by the deadline specified in the Texas Real Estate
Commission promulgated Seller's
Financing addendum, when can the seller terminate the
agreement? - ANSWER -7 days after deadline
3 of 3 - According to the TREC Loan Assumption
Addendum, if the seller does not respond to the buyer's
qualification information within ___________ regarding credit
worthiness, it is assumed that the seller has given approval. -
ANSWER -7 days
1 of 3 - When a seller carries a loan for a buyer, matured unpaid
amounts will bear interest at the rate of ________ or at the
highest lawful rate, whichever is lower according to the Texas
Real Estate Commission promulgated Seller
Financing addendum. - ANSWER -1.5% per month
Earnest Money Summary (2) - ANSWER -Good
faith money
Liquidated
damages
are Licensees allowed to strike information from the form. -
ANSWER -only at
the direction of the principal to the
transaction.
,What law prohibits price fixing? - ANSWER -Sherman Anti-Trust
Act
What is it called when two or more real estate brokers work
together to conspire
to charge the same commission? - ANSWER -
Price Fixing
What entity promulgates real estate contracts for use by
licensees? - ANSWER
-
TREC
Is working with an outdated contract or form a violation of the
TREC rules? -
ANSWER –
true
What is it called when a buyer puts together the paperwork
necessary to buy a house from a seller and that paperwork is
presented to the seller? - ANSWER offer
Point of beginning (POB) - ANSWER -is point designated in the
description as
an initial point for beginning a land
description.
Principal Meridians, which run_____________________ and
the Base Lines
, that run ___________ - ANSWER -North
and South,
East and West
They divide the land into divisions six miles wide, extending
North and South,
parallel with the Meridian. - ANSWER -
"Range Lines."
Beginning at the Base Line, at intervals of six miles, lines are run
East and West
parallel with the Base Line. These are designated as -
ANSWER -Township
Lines
2 of 3 - How big is a township in relation to a rectangular
survey? - ANSWER -
contain 36 square
miles.
OP-C Notice to Prospective Buyer - ANSWER -When an offer to
purchase real estate in Texas is signed, a license holder shall
advise each buyer, in writing, that the buyer should:
(1) have the abstract covering the real estate that is the subject
of the contract
examined by an attorney chosen by the
buyer; or
