Champions Promulgated Contract Forms Test with correct answers 100%

Champions Promulgated Contract Forms Test with correct answers 100% One to Four Family Residential Contract (Resale) - Correct Answer The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominium (Resale) - Correct Answer A TREC promulgated contract for use where the seller does not own fee simple title to the land beneath the unit. New Home Contract (Completed Construction) - Correct Answer This contract form is used for new homes where the construction has been completed by the builder and no one has previously lived in the home. New Home Contract (Incomplete Construction) - Correct Answer The contract is used for the sale of new homes when construction has not yet been completed by the builder and when the closing will occur after construction has been completed. Unimproved Property Contract - Correct Answer Used for the sale of properties with no existing structure. This contract has no improvements, or accessories. No seller disclosure. Farm and Ranch Contract - Correct Answer A TREC promulgated contract for use where the land being sold is greater than 10 acres and includes land, improvements, accessories and crops. Contains provisions for surface leases related to a property The parties to the contract specifically as noted in paragraph 18.A - Correct Answer The escrow agent is not a party to this contract and does not have liability for the performance or non-performance of any part of this contract, or liable for any interest or loss on any earnest money cause by the failure of any financial institution. The purpose and use of Paragraph 6- - Correct Answer The owner's Title policy being paid for by buyer or seller. The Title company has 20 days from when they receive the contract to furnish a commitment to buyer for Title Insurance. Objections, who will furnish the survey, the intended use of the property (residential use) and any membership in property associations. Stigmatized properties - Correct Answer Any property where there has been a murder, alleged haunting, or in the vicinity of the residence of a known sexual offender The unlawful practice of law - Correct Answer License holders should not alter the pre-printed text of a promulgated form. Specific examples - agents add provisions to contracts other than business details: Example: Inserting terms into a contract when a TREC promulgated form is available. Adding terms into a contract that are not addressed by a TREC promulgated form. Items to be retained by the seller as specified in the contract - Correct Answer any items retained should be written in Paragraph 2D. EXCLUSIONS. PARAGRAPH 5 features - Correct Answer Earnest Money and Option periods. The option period is the time allowed for inspections that Buyer may want. The buyer is required to deposit the earnest money with the escrow agent within 3 calendar days after the effective date of the contract. Requirements for buyer approval according to the TREC Third Party Financing Addendum - Correct Answer allows the buyer to terminate the transaction if the property doesn't meet the lender's underwriting requirements. Closing Costs or settlement expenses - Correct Answer if any of these listed expenses exceed what the party agreed to pay, the contract will terminate, UNLESS the other party agrees to pay the excess Proration - Correct Answer Dividing property taxes, hazard insurance and other expenses or income between the buyer and seller, as of date of settlement