Description
1.The Special Provisions paragraph of the contract allows license holders to insert:(a) Information about the sellers temporary lease for 30 days, (b) Information about a buyers temporary lease for 90 day, (c) Information about the licensed status of the seller, (d) Factual or business details for which there is no TREC form
2. At closing, ongoing expenses are prorated between the buyer and seller. Proration is most commonly associated with _____. (a) The buyers loan, (b) The sellers loan, (c) The title policy, (d) Property taxes.
3. A buyer has made a full-price offer on a sellers property. As part of the offer, he has asked the seller to include the washer and dryer. The seller has accepted the price; however, he refuses to include the appliances. At this point: (a) The buyer and seller have a valid contract., (b) The buyer and seller have a voidable contract. (c) There is a unilateral agreement between the buyer and seller. (d) The sellers counteroffer is a rejection of the buyers offer.
4. A buyer loves the dining room set and master bedroom furnishings in the house he is purchasing. The sellers agree to sell the furniture to him. What should the buyers get from the sellers? (a) The buyer should receive an affidavit of ownership for the furnishings. (b) An amendment to the contract will describe the personal property included in the sale. (c) The buyer should receive a deed for the furnishings. d) The sellers should give the buyer a bill of sale.
5. Joan is charged with collecting payments and administering the trust account of a budget mortgage loan. Joan is called the _ (a) Lender (b) Underwriter (c) Loan processor (d) Mortgage servicer
6. John and Maria are married and own a home together. John is a partner in a law firm, and the partnership owns an office building. John owns a townhouse that he rents to a young couple. John has decided to sell the townhouse, and the title company has told John that only his signature will be required to sell the property. Based on this information, what type of ownership does John have? (a) Tenancy by the entirety (b) Partition (c) Estate in severalty (d) A syndicate
7. Marias house is advertised as an FSBO (For Sale By Owner). She advertises and holds an open house on Sunday afternoon. Thomas views the property and immediately offers Maria the full price. He tells her he will bring a deposit of $1,000 the following day. Maria accepts his terms, and they shake hands. This contract is: (a) Unenforceable because of the Statute of Frauds (b) Voidable because of the Statute of Frauds (c) Invalid because it lacks mutuality (d) Valid and enforceable if there were adult witnesses present
