Promulgated Contract Forms: Final Exam with correct answers 100%

Promulgated Contract Forms: Final Exam with correct answers 100% How does the Texas Real Estate License Act define the first face-to-face meeting with required agency disclosure? - Correct Answer When a substantive dialogue about a specific real property occurs If a property was built before 1978, what specific addendum is required? - Correct Answer Disclosure of Lead-Base Paint Addendum The Buyer's Agency Agreement allows an agent to show the same properties to competing clients - Correct Answer true The Third Party Financing Condition Addendum is not used with - Correct Answer Seller financing The Texas Real Estate Commission (TREC) promulgates an addendum to be used in a short sale. This Short Sale Addendum is to be signed by: - Correct Answer Buyer and seller In Paragraph #14 of the Residential Contract (casualty loss), If a seller cannot complete the repairs within the time limit, the buyer has the option of: - Correct Answer Terminating the contract In Paragraph 3B of the sales contract, the "sum of all financing" - Correct Answer Excludes any loan funding fee or mortgage insurance premium The TREC promulgated 1-4 Family Residential Contract (resale) states that if the cost of lender required repairs and treatment exceed _______% of the sales price, buyer may terminate the contract and the earnest money will be refunded to the buyer. - Correct Answer 5% The financing paragraph will be used to indicate: - Correct Answer A) Third party financing B) Assumption C) Seller financing If a Seller is to remain in the property after closing: - Correct Answer D) A Seller's Temporary Lease Form promulgated by TREC should be completed and signed by buyer and seller and attached to the contract. - Your buyers have signed a contract to buy a new home. The contract is subject to the sale of their present home. This is called a: - Correct Answer Contingency In the event of buyer's default, the seller may: - Correct Answer A) Terminate the contract B) Receive the earnest money as liquidated damages C) Enforce specific performance If there is an existing survey on the property, what does the seller take to the title company and the lender? - Correct Answer The existing survey and a notarized affidavit stating if there have been any changes in the survey since the time the existing survey was completed - Failure on the part of the broker/sales associate to advise the purchaser in writing to have an abstract of title examined by an attorney or obtain a title insurance policy: - Correct Answer May be cause to have the agent's license suspended or revoked, and precludes receiving any commissions or agreed fees associated with the sale. Who is designated as responsible for promptly sending a copy of the contract to any attorneys that are named in the contract? - Correct Answer The broker Intermediary requires: - Correct Answer A) Disclosure of who represents whom in a transaction B) Written agreement by both seller and buyer C) involvement of only one company What must a Buyer's Representation Agreement have? - Correct Answer A termination date Once a contract is finalized and receipted it: - Correct Answer Can be amended multiple times if all parties agree If a buyer and/or seller agree to mediate, they are giving up their right to pursue relief through the courts. - Correct Answer false