GRI - Contracts to Close (Texas) Exam
Questions And Answers Verified 100% Correct
what are some of the standard expectations? - ANSWER 1.
restrictive covenants
2. utility easements
3. tide lands
what insurance policy covers a change of ownership? -
ANSWER title policy
who pays for title policy - ANSWER it is negotiable
who authorized hydrostatic testing? - ANSWER the seller
who is obligated to pay for lender required repairs? - ANSWER
neither party
what is a good example of written agreement where broker fees
are written? - ANSWER listing agreement
which amendment is used if a seller is occupying property after
closing? - ANSWER Seller's Temporary Lease Agreement
who is entitled to recover attorney fee? - ANSWER which ever
party prevails
if BUYER defaults, the SELLER can? - ANSWER 1. sue for
damages
2. accept the earnest money for liquidated damages
, if SELLER defaults, the BUYER can? - ANSWER 1. sue for
specific performance
2. receive the earnest money
who drafts forms to use that are not promulgated? - ANSWER
Texas Realtors
buyers make payments however title remains vested with the
seller is known as? - ANSWER contract for deed
who can do a CMA? - ANSWER 1. a licensed real estate broker
2. a salesperson CMA
3. a registered, licensed or certified appraiser
what must be completed and initialed on a property when
negotiation comes into play? - ANSWER the CMA
what contract is used when a buyer's finances are contingent
upon approval? - ANSWER Third Party Financing Addendum
does a sold comparable need to be accessed on the inside to be
used as a comparable? - ANSWER NO
would a CMA be used to figure out commission? - ANSWER NO
according to article 11, if you are not competent in an zone your
are comping, should you seek some help from someone who is? -
ANSWER YES
a sale of a foreclosure must be what to be considered typical in
the market? - ANSWER arm's lenght
Questions And Answers Verified 100% Correct
what are some of the standard expectations? - ANSWER 1.
restrictive covenants
2. utility easements
3. tide lands
what insurance policy covers a change of ownership? -
ANSWER title policy
who pays for title policy - ANSWER it is negotiable
who authorized hydrostatic testing? - ANSWER the seller
who is obligated to pay for lender required repairs? - ANSWER
neither party
what is a good example of written agreement where broker fees
are written? - ANSWER listing agreement
which amendment is used if a seller is occupying property after
closing? - ANSWER Seller's Temporary Lease Agreement
who is entitled to recover attorney fee? - ANSWER which ever
party prevails
if BUYER defaults, the SELLER can? - ANSWER 1. sue for
damages
2. accept the earnest money for liquidated damages
, if SELLER defaults, the BUYER can? - ANSWER 1. sue for
specific performance
2. receive the earnest money
who drafts forms to use that are not promulgated? - ANSWER
Texas Realtors
buyers make payments however title remains vested with the
seller is known as? - ANSWER contract for deed
who can do a CMA? - ANSWER 1. a licensed real estate broker
2. a salesperson CMA
3. a registered, licensed or certified appraiser
what must be completed and initialed on a property when
negotiation comes into play? - ANSWER the CMA
what contract is used when a buyer's finances are contingent
upon approval? - ANSWER Third Party Financing Addendum
does a sold comparable need to be accessed on the inside to be
used as a comparable? - ANSWER NO
would a CMA be used to figure out commission? - ANSWER NO
according to article 11, if you are not competent in an zone your
are comping, should you seek some help from someone who is? -
ANSWER YES
a sale of a foreclosure must be what to be considered typical in
the market? - ANSWER arm's lenght
