Promulgated Contract Forms: Final Exam Solved 100%
Correct!!
When earnest money is deposited with an escrow agent, the escrow agent:
A) Is not responsible for the performance of any signatory B) Has the right to secure
written release of all signatories C) Is not liable for interest on the money
How does the Texas Real Estate License Act define the first face-to-face meeting
with required agency disclosure?
When a substantive dialogue about a specific real property occurs
If a property was built before 1978, what specific addendum is required?
Disclosure of Lead-Base Paint Addendum
The Buyer's Agency Agreement allows an agent to show the same properties to
competing clients
true
The Third Party Financing Condition Addendum is not used with
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:
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:
Terminating the contract
In Paragraph 3B of the sales contract, the "sum of all financing"
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.
5%
The financing paragraph will be used to indicate:
A) Third party financing B) Assumption C) Seller financing
If a Seller is to remain in the property after closing:
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:
Contingency
In the event of buyer's default, the seller may:
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?
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 -
Correct!!
When earnest money is deposited with an escrow agent, the escrow agent:
A) Is not responsible for the performance of any signatory B) Has the right to secure
written release of all signatories C) Is not liable for interest on the money
How does the Texas Real Estate License Act define the first face-to-face meeting
with required agency disclosure?
When a substantive dialogue about a specific real property occurs
If a property was built before 1978, what specific addendum is required?
Disclosure of Lead-Base Paint Addendum
The Buyer's Agency Agreement allows an agent to show the same properties to
competing clients
true
The Third Party Financing Condition Addendum is not used with
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:
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:
Terminating the contract
In Paragraph 3B of the sales contract, the "sum of all financing"
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.
5%
The financing paragraph will be used to indicate:
A) Third party financing B) Assumption C) Seller financing
If a Seller is to remain in the property after closing:
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:
Contingency
In the event of buyer's default, the seller may:
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?
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 -
