Promulgated Contracts Champions
Study Guide (208 questions and correct
answers)
Cashiers check or wire transfer - correct answers Good Funds.
What does a buyer need to bring to closing? - correct answers Good Funds.
Where is Good Funds in the TREC promulgated form? - correct answers Paragraph 9.B(2).
T/F Title companies may accept a small personal check from a buyer as part of the good funds if their
policy allows it. - correct answers True
Created to draft and revise contract forms capable of standardization for use by real estate holders -
correct answers Texas Real Estate Broker-Lawyer Committee
What is the purpose of the Texas Real Estate Broker-Lawyer Committee? - correct answers Expedite real
estate transactions, reduce controversies, create safeguards to protect the interest of the principles to
the transaction
Sometimes a provision in an addendum contradicts a provision in the main body of the contract. What
provision prevails? - correct answers Provision in the addendum
Some contract forms provide that the seller will provide to the buyer a general warranty deed at closing.
If there's an attached addendum that provides that the seller will provide to the buyer a special warranty
deed at closing, which deed must the seller supply? - correct answers Special Warranty Deed
Attachment that adds or further describers the rights and duties of the parties - correct answers
Addendum
When a party to a contract fails to perform under the contract, they are in? - correct answers Default
When a party is in default or breach, what is the other party known as? - correct answers Injured Party
