Promulgated Contract Forms Champions Real Estate with correct answers 100%

Promulgated Contract Forms Champions Real Estate with correct answers 100% TREC contract forms - Correct Answer 1. 1 - 4 family residential contract 2. Third party financing addendum 3. Loan Assumption addendum 4. Addendum for release of liability 5. Seller Financing Addendum 1 - 4 family residential contract - Correct Answer States parties involved, what is being sold and excluded from the sale of the property, sales price for the property by adding the down payment plus sum of all financing, lastly disclosure if a familial status to client Third Party Financing Addendum - Correct Answer The ____ ____ ____ ____ gives the details of the lender's loan to the borrower Loan Assumption Addendum - Correct Answer to be used when the buyer assumes the sellers existing mortgage Addendum for release of liability - Correct Answer Needs to have the release of liability on assumption of loan to have seller removed from liability of paying mortgage Seller Financing Addendum - Correct Answer In this type of agreement, the Seller helps to finance the purchase by giving the Buyer a trust deed loan on the property. Non-Realty Items Addendum - Correct Answer used when personal property is to be included in a sale TREC contract forms and their uses - Correct Answer If the license holder properly uses TREC Promulgated forms, the unlawful practice of law is more easily avoided. The use of forms was prepared and approved by a licensed Texas attorney for the particular transaction involved or a form prepared by the property owner or prepared by an attorney and required by the property owner TREC rules regarding the buyers use of inspectors - Correct Answer Seller is to permit the buyer to perform as many inspections as the buyer deems necessary, provided they are done in a reasonable amount of time Must be TREC licensed inspector unless you are performing hydrostatic testing The purpose and use of paragraph 6 - Correct Answer Related to the Title Policy is the Title Commitment. The Title Commitment is the document that spells out the owners' rights to the property and other people's rights to the property. For example, there will usually be utility easements on a property, giving the city access to certain parts of your lot. The parties to the contract specifically as noted in paragraph 18 A - Correct Answer The escrow agent is not a party to the contract, and has no liability for the performance of either party. Stigmatized Properties - Correct Answer Properties branded by society as undesirable because of events that occurred there. Ex. Death or haunted The unlawful practice of law - Correct Answer Altering the text of TREC Promulgated contract form Items to be retained by the seller as specified for the contract - Correct Answer Paragraph 2D