According to the Environmental Assessment, Threatened or Endangered Species, & Wetlands Addendum, what happens if the buyer can provide the seller with a
... [Show More] report proving that the use of the property is negatively affected by one of the noted factors (before the agreed-upon deadline)? - Answer- The buyer can terminate the contract and get their EARNEST money back
Which of these is an example of a time when it is acceptable not to use a TREC promulgated form? - Answer- The US government requires a different form be used
A seller is selling a property that is under a lease. When does the seller have to deliver a copy of the lease and any move-in condition form to the buyer? - Answer- within seven days after the effective date
In a TREC promulgated contract, what is the Third Party Financing Addendum concerned with? - Answer- Financing contingencies
Which of these is NOT a place where commission split agreements between cooperating brokers can be determined? - Answer- the sales contract
The Seller's Disclosure Notice is a requirement of - Answer- The Texas property code
A stand-alone refrigerator would be considered ______ . - Answer- A stand-alone refrigerator is considered personal property and will not transfer in a sale unless otherwise noted on the contract. If the refrigerator is built-in it is considered real property and will transfer in the sale.
Which of these does NOT create housing occupancy standards? - Answer- the Federal Housing Administration
According to the Addendum for Back-Up Contract, if a first contract is terminated and the seller notifies the back-up buyer of the termination, what happens? - Answer- that date becomes the effective date of the back-up contract
What information does the Disclosure of Relationship with Residential Service Company form convey? - Answer- that it is a violation of RESPA for a license holder to receive a referral fee for passing on a name to a service provider
Which of these is appropriate to put in the Special Provisions section of the One to Four Family Residential Contract? - Answer- The names of sellers that wouldn't fit in Paragraph 1
Which of these materials would be considered part of a property's mineral estate? - Answer- Oil
Paragraph D of the Short Sale Addendum contains a date by which the seller must get approval from their lender for the sale. What happens if the lender does not give approval by the date? - Answer- The contract will terminate and the earnest money will be refunded to the buyer
There are three different types of financing choices in Paragraph Three of TREC's One to Four Family Residential Contract. They are: - Answer- Third party, assumption, and seller financing
What does Paragraph A of the Addendum for Back-Up Contract specify a back-up contract holder do when they execute the contract? - Answer- Deposit the earnest and option money agreed to in the contact
How can an agent help protect the earnest money of a buyer who is financing their purchase? - Answer- by submitting a third party financing addendum
If an agent makes a change to Paragraph 6A8 in a TREC promulgated contract, which of these is most likely to be the result? - Answer- The title policy will be amended to read "shortage in area" rather than the standard exception
Which of these is an example of something that could go in Paragraph 12 of the One to Four Family Residential Contract? - Answer- The seller plans to pay some of the buyers closing costs
Reggie made Betty an offer on her house. She countered, but Reggie has not yet accepted. Then along comes Archie with a better offer. Before accepting Archie's offer, what must Betty do? - Answer- Withdraw her counter to Reggie
Within how many days after the title company receiving a copy of the contract will the buyer receive the title policy documents? - Answer- 20 days
When should a license holder use form T-47, Residential Real Property Affidavit? - Answer- when a seller wants to use an existing survey
Which of these is NOT a protected class of people, according to Fair Lending Laws? - Answer- Sexuality
What does the Residential Condominium Contract require in the legal description of the property? - Answer- A unit number
What part of the Third Party Financing Addendum for Credit Approval specifically pertains to people getting VA loans? - Answer- Paragraph D
When both parties mutually agree to terminate a contract, who provides the appropriate form? - Answer- the title company
What is the purpose of the Short Sale Addendum? - Answer- to protect a seller who is selling their home for less than they owe their lender
Agent Kara signed a buyer's representation agreement with her client that set her commission at 3%. The listing broker of the home her client chose offered 3.5% to the buyer's broker. What percentage of the sale price of the home will Kara's commission be? - Answer- 3.5%
What are brokers required to do regarding Consumer Protection Notice TREC No. CN 1-2? - Answer- Post it in each office
Where in the One to Four Family Residential Contract does it spell out what remedy the buyer has if the property is damaged after going into contract but before closing? - Answer- Paragraph 14
How can a license holder ensure that any relevant addenda or notices are officially included in a contract? - Answer- By checking the appropriate boxes in paragraph 22
In TREC promulgated contracts, what does paragraph 6E(8) say about private transfer fees? - Answer- that if they exist, the seller must notify the buyer
A Residential Real Property Affidavit Promulgated by the Texas Department of Insurance (T-47 Affidavit) must be furnished to the buyer _______________________. - Answer- when the seller provides the existing survey
If a seller wants to reserve part of their mineral rights after selling, where on the Reservation of Oil, Gas and Other Minerals Addendum would they note what percentage they're keeping? - Answer- Paragraph b2
George Jr. inherited the family compound after George Sr. died. The will was contested, and some family is still disgruntled. George is now selling the property. How can a buyer best protect themself from any claims on the title? - Answer- ask the family to sign a quitclaim deed
The words "time is of the essence" are in: - Answer- Paragraph 23 of the one to four family contract
Which type of TREC promulgated contract form(s) gives disclosure about the type of insulation in the property? - Answer- both new home contracts
Agents are required to give all buyers a written copy of the title notice. Aside from Paragraph 6E(1) of the One to Four Family Residential contract, where else can this notice be found? - Answer- the notice to prospective buyer
Which of these is a possible result of when zoning is changed and a property no longer qualifies for a previous exemption? - Answer- the property's owner owes charged rollback taxes
How long after receiving an Addendum for Property Subject to Mandatory Membership in an Owner's Association does a buyer have to terminate the contract? - Answer- 3 days
What is the only time it is acceptable for a license holder not to present all offers to a seller client? - Answer- if the listing agreement specifies it is not necessary
What should an agent do if asked to violate anti-discrimination laws by a client? - Answer- educate the seller about anti discrimination laws and say they cannot honor the request
A contract has an effective date of July 21st, with a seven day option period. What is the latest that contract can be terminated without penalty? - Answer- July 28th at 5pm
Paragraph C2 on the Lead Based Paint Disclosure states that: - Answer- the buyer has 10 days to have the property inspected for lead paint
What is the statute of limitations to claim fraud or misrepresentation against a license holder? - Answer- 4 years from discovery
Why does the Notice of Buyer's Termination of Contract only have to be signed by the buyer? - Answer- the buyers termination rights are outlined in the contract
According to Paragraph 10B, Possessions, what is a seller prohibited from doing after the effective date? - Answer- execute a lease without buyers permission
Mary has a rental property with a two year lease on it. She collected a $500 security deposit at the beginning of the lease. Now she is se [Show Less]