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2023 Construction Promulgated Contract Form Practice Exam With Answers (62 Solved Questions)

2023 Construction Promulgated Contract Form Practice Exam With Answers provides step-by-step solutions to past exam questions.

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    Promulgated Contract Form Practice Exam With 100% Correct Answers 2023 If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - Correct Answer - B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing broker C) The salesman working with the seller and buyer D) The salesman sponsored by a broker representing the seller - Correct Answer - A) The Broker representing the seller and buyer An agent would use the same contract for new construction no matter if it was completed or incomplete. A) True B) Fals e - Correct Answer - FALSE Regarding mediation - the Buyer and Seller are obligated under the terms of the Residential contract to abide by the ruling of the mediator. A) True B) False - Correct Answer - B) False A bilateral contract is: A) A promise in exchange for a promise B) A promise made only by the agent C) A promise made only by the seller D) No promise - Correct Answer - A) A promise in exchange for a promise The option paragraph of the contract creates an executed contract. A) True B) False - Correct Answer - B) False A unilateral contract only binds one party to perform. A) True B) False - Correct Answer - A) True It is required by law that a seller disclosure any information they have regarding their property. They may u se any form or notice that they wish. A) True

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    B) False - Correct Answer - A) True The Non - Realty Items addendum form for transfer of personal property can include the following EXCEPT A) An agreed dollar amount between buyer and seller for the conveyance B) A place to list the personal property to be conveyed C) A representation by Seller that the items are owned free and clear of encumbrances D) A warranty and guarantee from the se ller that the items are in working condition - Correct Answer - D) A warranty and guarantee from the seller that the items are in working condition The Buyer/Tenant Representation Agreement must always be signed by the agent's sponsoring broker. A) True B) False - Correct Answer - B) False A survey is required on all Condominium Contracts. A) True B) False - Correct Answer - B) False Once a contract goes to closing and is funded to the Seller, the Seller has no further liability for any representations t he Seller may have made prior to the closing. A) True B) False - Correct Answer - B) False The legal description in a Condominium Contract includes the unit being conveyed along with ownership of the undivided interest of the land and common interests jo intly owned by the condominium owners. A) True B) False - Correct Answer - A) True A Municipal Utility District (MUD) is a political subdivision of the State of Texas authorized by the Texas Water Code to provide ____________ and other services within th e MUD boundaries. A) Water B) Sewage C) Drainage D) All of the above - Correct Answer - D) All of the above If a Seller counters a Buyer's offer, it is considered a rejection. A) True B) False - Correct Answer - A) True

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