AYPO Real Estate Promulgated Contracts Final Exam
Review UPDATED ACTUAL Questions and CORRECT
Answers
Which of these is an exemption to the "legal capacity" A contract for a life necessity.
requirement to form a contract?
A contract for non-life necessities with a person lacking Voidable
legal capacity is:
A contract for deed is a classic example of a(n): Executory contract
An option is a form of which kind of contract? Unilateral
According to TREC a "reasonable time" within which to By the end of the second business day following formation of the contract.
deposit the escrow check is:
An attachment added to the end of a contract and Addendum
incorporated in the contract terms is called an:
An assignment of rights is: A transfer of rights or duties under a contract from a current party to a contract to
another party.
An oral contract for the lease of a property for one year Two years
or less has a statute of limitation of:
, Which of these IS NOT a potential reason for terminating Specific performance
a contract?
The Real Estate License Act was created to: 1. Maintain high standards in the real estate profession.
2. Protect licensed brokers and salespersons from unfair or improper competition.
3. Protect the public interests from dishonest or incompetent brokers or
salespersons.
The unauthorized practice of law would include all of Inserting minor handwritten notes on the contract initialed by all parties.
these actions by a licensee, except:
The Broker-Lawyer Committee: Develops forms for TREC to adopt and promulgate at their discretion.
The current One to Four Family Residential Contract 20-16
(Resale) is which of these form numbers?
What is/are the seller's options when receiving an offer? 1. Counter.
2. Accept.
3. Reject.
The offer becomes a sales contract when: It is accepted, signed by the seller, and acceptance communicated to the buyer
or buyer's agent.
Which of these IS NOT in the information requested Who is the buyer's employer?
above?
Identification of the buyer and seller must include: Full name and marital status of all parties.
For items for which a promulgated addendum is provided Through use of the addendum.
the proper way to include the item is:
Which form of financing does the "Third Party Financing Seller financing
Addendum NOT cover?
The Promissory Note section of the Seller's Financing 1. 5% penalty on installment payments paid more than 10 days past their due date.
Addendum includes: 2. 1.5% per month or highest lawful rate, whichever is lower, for mature unpaid
amounts.
3. Prepayment without penalty.
VA will not restore Seller's VA entitlement unless Buyer: 1. Has sufficient unused VA entitlement remaining.
2. Is a veteran.
3. Is otherwise qualified.
Review UPDATED ACTUAL Questions and CORRECT
Answers
Which of these is an exemption to the "legal capacity" A contract for a life necessity.
requirement to form a contract?
A contract for non-life necessities with a person lacking Voidable
legal capacity is:
A contract for deed is a classic example of a(n): Executory contract
An option is a form of which kind of contract? Unilateral
According to TREC a "reasonable time" within which to By the end of the second business day following formation of the contract.
deposit the escrow check is:
An attachment added to the end of a contract and Addendum
incorporated in the contract terms is called an:
An assignment of rights is: A transfer of rights or duties under a contract from a current party to a contract to
another party.
An oral contract for the lease of a property for one year Two years
or less has a statute of limitation of:
, Which of these IS NOT a potential reason for terminating Specific performance
a contract?
The Real Estate License Act was created to: 1. Maintain high standards in the real estate profession.
2. Protect licensed brokers and salespersons from unfair or improper competition.
3. Protect the public interests from dishonest or incompetent brokers or
salespersons.
The unauthorized practice of law would include all of Inserting minor handwritten notes on the contract initialed by all parties.
these actions by a licensee, except:
The Broker-Lawyer Committee: Develops forms for TREC to adopt and promulgate at their discretion.
The current One to Four Family Residential Contract 20-16
(Resale) is which of these form numbers?
What is/are the seller's options when receiving an offer? 1. Counter.
2. Accept.
3. Reject.
The offer becomes a sales contract when: It is accepted, signed by the seller, and acceptance communicated to the buyer
or buyer's agent.
Which of these IS NOT in the information requested Who is the buyer's employer?
above?
Identification of the buyer and seller must include: Full name and marital status of all parties.
For items for which a promulgated addendum is provided Through use of the addendum.
the proper way to include the item is:
Which form of financing does the "Third Party Financing Seller financing
Addendum NOT cover?
The Promissory Note section of the Seller's Financing 1. 5% penalty on installment payments paid more than 10 days past their due date.
Addendum includes: 2. 1.5% per month or highest lawful rate, whichever is lower, for mature unpaid
amounts.
3. Prepayment without penalty.
VA will not restore Seller's VA entitlement unless Buyer: 1. Has sufficient unused VA entitlement remaining.
2. Is a veteran.
3. Is otherwise qualified.
