EXAMS SET QUESTIONS AND ANSWERS SURE A+
✔✔A change made to a standard insurance policy.
a. Earnest money
b. Survey
c. Title policy
d. Endorsement
e. Seller's Disclosure - ✔✔D
✔✔Insurance policy against losses resulting form defects in title.
a. Earnest money
b. Survey
c. Title policy
d. Endorsement
e. Seller's Disclosure - ✔✔C
✔✔A "deposit" paid upfront by the buyer.
a. Earnest money
b. Survey
c. Title policy
,d. Endorsement
e. Seller's Disclosure - ✔✔A
✔✔Form stating known facts and defects concerning a property.
a. Earnest money
b. Survey
c. Title policy
d. Endorsement
e. Seller's Disclosure - ✔✔E
✔✔When the property ________________, a Seller's Disclosure Notice is not required.
a. Is a previously unoccupied new home
b. Is sold to an investor
c. Has an out-of-state owner
d. Is sold "as-is" - ✔✔A
✔✔The Seller's Disclosure Notice should be completed by ________________.
a. The agent
b. The seller
c. The buyer
d. The title company - ✔✔B
✔✔The Texas Department of Insurance has promulgated _________________
exceptions to title insurance policies.
a. Eight
b. Five
c. Nine
d. Three - ✔✔A
✔✔The title company has 20 days from the date that they receive the contract to furnish
a(n) _______________ to the buyer for title insurance.
a. Survey
b. Objection
c. Inspection
d. Commitment - ✔✔D
✔✔A survey must be acceptable to the _____________________.
a. Title company and lender
b. Broker
, c. Buyer and seller
d. Listing agent - ✔✔A
✔✔The T-47 Residential Real Property Affidavit should be completed
_________________, in most cases.
a. At funding
b. After inspection
c. At closing
d. When the listing is taken - ✔✔D
✔✔The __________________ ensures compliance with TRELA, which requires that
license holders advise buyers to have an abstract of title examined or to obtain title
insurance.
a. Title commitment
b. Notice to Prospective Buyer
c. Seller's Disclosure
d. Inspection report - ✔✔B
✔✔If an environmental assessment is performed and is shown to affect the intended
use of the property, a buyer may _________________, providing a copy of the
assessment to the seller at that time.
a. Submit a lower offer
b. Terminate the contract
c. Ask for an allowance
d. Request a new inspection - ✔✔B
✔✔While no standard exists for the dollar amount of earnest money, it is often _____ of
the purchase price of the property.
a. 1%
b. 3%
c. 5%
d. 10% - ✔✔A
✔✔Processes of resolving contractual disagreements between parties.
a. Default
b. Mediation
c. Escrow
d. Option period
e. Prorations - ✔✔B