Agent Ralph has a buyer client that wants the seller to leave them the refrigerator, built-in microwave, and vent hood. Ralph notes this expectation in
... [Show More] the Special Provisions section. What is wrong with this scenario? - Answer- It should be written in a Non-Realty Addendum, not in the Special Provisions section.
If legal action is required regarding a TREC sales contract, what will the non-prevailing party be responsible for? - Answer- the prevailing party's reasonable attorney fees and court costs
What is one exception to HUD's occupancy guidelines of two people per bedroom? - Answer- infants in a room with parents
A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is signed and changes initialed. Today, the written acceptance of the final agreement has been communicated to the other party. What is today called? - Answer- the effective date
Who is tasked with drafting and editing Texas's promulgated contracts? - Answer- the Broker-Lawyer Committee
A seller is planning to convey a refrigerator through the Non-Realty Items Addendum. They financed the applianced purchase, and still have a few payments left. Is this allowed? Why or why not? - Answer- No, items conveyed through the Non-Realty Items Addendum must be owned fully by the seller.
In which of these scenarios would it be correct to use the Residential Condominium Contract (Resale)? - Answer- A client is buying a property where the land is not owned individually and the common areas are shared equally among the community's owners.
Per Paragraph 7D, what is it called when a buyer accepts the property, "with any and all defects and without warranty"? - Answer- accepting it in "as is" condition
A seller is renting back a property from a buyer using the Seller's Temporary Residential Lease. The seller damages the property while they are staying there. Who is responsible for the cost of the repairs? - Answer- the seller/tenant
The seller of an unimproved property would provide a disclosure about the property in what location? - Answer- in paragraph 7E of TREC Unimproved Property Contract
Agent Ted advises his client that the title to the property he is buying is clear — no need to do a further title search. Why is this inappropriate? - Answer- it may constitute unauthorized practice of law under TRELA.
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 selling the property. What will happen to the security deposit? - Answer- Mary will transfer the security deposit to the buyer at closing.
What does the date in the Third Party Financing Addendum provide a deadline to buyers for? - Answer- informing a seller they didn't get their financing approved
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 28 at 5 PM
When all parties have agreed to all terms of an offer, have signed the offer, and have initialed any changes that took place during negotiations, what happens to the offer? - Answer- it becomes a contract
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
A potential buyer's current home is under contract. He has found a home he would like to make an offer on, but does not want to take a chance on being obligated to buy if his current home does not close. What form can help this buyer? - Answer- Addendum for Sale of Other Property by Buyer
Emily and Josh signed a real estate contract with each other. The contract is now fully executed. What does that mean that Josh and Emily have done? - Answer- fulfilled the material terms of the contract
What is the purpose of TREC form OP-C Notice to Prospective Buyer? - Answer- provides a notice to buyers using their own contract to obtain an Abstract of Title
An agent's buyer client wants to keep the curtains in the home they are buying, and the seller has agreed. What does the agent need to include with the contract to ensure this happens? - Answer- A Non-Realty Items Addendum
Which is the purpose of the Information About Brokerage Services form? - Answer- to inform clients how a license holder can represent a party in a real estate transaction [Show Less]