Real Estate Test 1, Real Estate Test 2, Real Estate Test 3, Real Estate Study Questions/ 700 Q&A.

Real Estate Test 1, Real Estate Test 2, Real Estate Test 3, Real Estate Study Questions/ 700 Q&A. Under TREC regulations, the prohibition of referral fees and rebates without prior approval from the client does NOT apply to which of the following? - Correct Answer Compensation from settlement companies An escape clause establishes the conditions under which a party or parties can back out of a contract agreement without - Correct Answer Breaching the contract Determining if an item is a "fixture" on a property includes consideration of which of these? - Correct Answer The intent of the installer at the time of the property's sale. A seller's disclosure must, at a minimum, provide: - Correct Answer A warranty against any other claims made on the property. or the seller's disclosure honesty and to the best of seller's knowledge. Armand is the legal guardian of Seraphina while she is in recovery from major surgery following a brain aneurysm. While in control, Armond sells Seraphina's life estate to Desmond. A month later, Seraphina is fully recovered, livid about the sale, and seeks to cancel the agreement, but Desmond is determined to take it to court. Which of the following BEST describes the outcome of the situation? - Correct Answer ?The contract is voidable because the life estate was not subject to a sale by Seraphina, therefore, her guardian lacked the authority to sell in the first place. The mortgage clause that allows a borrower to separate and alienate a portion of a mortgaged property is which of these? - Correct Answer Severance clause Esther is selling her home to Estelle. The home was built in 1976 and has had three owners since. One had HIV, one was murdered in a random killing on the property, and one was a family from the middle east who moved back there without becoming citizens here. Which of these disclosures is required for Esther (or her agent) to provide? - Correct Answer The lead-based paint disclosure b