PromulgatedPROMULGATED CONTRACTS PRACTICE EXAM with correct answers 100%

PromulgatedPROMULGATED CONTRACTS PRACTICE EXAM with correct answers 100% Agent Ralph has a buyer client that wants the seller to leave them the refrigerator, built-in microwave, and vent hood. Ralph notes this expectation in the Special Provisions section. What is wrong with this scenario? - Correct Answer It should be written in a Non-Realty Addendum, not in the Special Provisions section. If legal action is required regarding a TREC sales contract, what will the non-prevailing party be responsible for? - Correct Answer the prevailing party's reasonable attorney fees and court costs What is one exception to HUD's occupancy guidelines of two people per bedroom? - Correct Answer infants in a room with parents A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is signed and changes initialed. Today, the written acceptance of the final agreement has been communicated to the other party. What is today called? - Correct Answer the effective date Who is tasked with drafting and editing Texas's promulgated contracts? - Correct Answer the Broker-Lawyer Committee A seller is planning to convey a refrigerator through the Non-Realty Items Addendum. They financed the applianced purchase, and still have a few payments left. Is this allowed? Why or why not? - Correct Answer No, items conveyed through the Non-Realty Items Addendum must be owned fully by the seller. In which of these scenarios would it be correct to use the Residential Condominium Contract (Resale)? - Correct Answer A client is buying a property where the land is not owned individually and the common areas are shared equally among the community's owners. Per Paragraph 7D, what is it called when a buyer accepts the property, "with any and all defects and without warranty"? - Correct Answer accepting it in "as is" condition A seller is renting back a property from a buyer using the Seller's Temporary Residential Lease. The seller damages the property while they are staying there. Who is responsible for the cost of the repairs? - Correct Answer the seller/tenant The seller of an unimproved property would provide a disclosure about the property in what location? - Correct Answer in paragraph 7E of TREC Unimproved Property Contract