The TREC PROMULGATED CONTRACT FORMS - correct answer ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE
IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION -
... [Show More] correct answer THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD
TREC promulgated contract forms provide for - correct answer third party financing,
assumption
seller finance
a lender can withdraw the approval of a property - correct answer at any time prior to closing
the third party financing addendum for credit approval is used when - correct answer the buyer is obtaining any kind of financing
a new survey is always required for all transactions - correct answer false
the number of days allowed for objections to title or survey is - correct answer the number of days entered in paragraph 6
trec has promulgated forms for - correct answer residential transactions
TREC promulgated contracts allow the buyer to have the property inspected - correct answer by inspectors licensed by trec or otherwise permitted by law
when a buyer defaults on a contract and the seller choses to retain the buyer's earnest money, the seller has agreed to - correct answer liquidated damages
when one party defaults under a contract, the other party is known as - correct answer injured party
earnest money is first applied to the - correct answer buyer's down payment
the escrow agent is - correct answer not a party to the transaction
for a valid option to exist - correct answer the option fee must be paid directly to the seller or listing broker
all blanks in paragraph 23 must be filled
the fee must be paid within two days of the effective date of the contract
buyers and sellers in the contract should be identified by their - correct answer legal names
land, improvements and accessories are collectively referred to as - correct answer the property
according to the TREC contract, accessories include - correct answer stoves
exclusions to the sale must be removed - correct answer prior to delivery of possession
the loan amount in paragraph 3B of the sales contract includes - correct answer only the amount borrowed by the buyer
the sales price in 3C is always - correct answer the loan amount plus the cash portion
3A+3B
the amount borrowed plus the down payment
the earnest money is - correct answer negotiated between the parties
how long does a buyer have to object to defects, exceptions and encumbrances to title disclosed in the survey and the title commitment - correct answer the negotiated days stated in contract
being within the extraterritorial jurisdiction of a municipality is an indication the property will - correct answer possibly be annexed in the future
if the buyer is allowed to select certain items in the new home that is under construction, the builder (seller) may reject a selection if it adversely affects the market value of the home - correct answer true
if an overage is incurred due to a change order, the excess is paid by - correct answer the buyer
a seller's disclosure notice is not required - correct answer when the property being sold is a previously unoccupied new home
at the closing the buyer should bring - correct answer a cashier's check or wire transfer for the closing costs and down payment
if not using a temporary residential lease, the buyer is entitled to possession of the property - correct answer upon the closing and funding
the buyer and seller temporary residential lease forms are good for any period up to - correct answer 90 days
the special provisions paragraph of the contract allows licensees to insert - correct answer factual business details
statements not addressed in the contract
info where is not trec promulgated addendum, lease or mandatory form
usual expenses of the seller as stated in the contract include - correct answer release of existing lien
the process of dividing ongoing expenses between the buyer and seller at closing is called - correct answer prorating
damage or destruction of a property under contract prior to closing - correct answer can result in termination of the contract
in a farm and ranch sale, the buyer will receive everything but - correct answer trucks
the seller generally has the right to harvest crops - correct answer until delivery of possession
reservations of oil, gas and other mineral rights will be inserted in - correct answer trec addenda form
the sales price may be adjusted based upon a survey. if the sales price is adjusted - correct answer - the cash portion can be adjusted
- the amount financed can be adjusted
- the cash portion and the amount financed can be adjusted proportionately
if the sales price is adjusted based upon a survey, either party may terminate the contract if the sales price varies by more than - correct answer 10%
if the property is currently under an agricultural exemption, and the use of the property changes, the buyers may be charged a - correct answer rollback tax
the buyer may terminate the contract and receive a refund of earnest money if lener required repairs - correct answer exceed 5% of the sales price
if a seller wants to continue to occupy the property for two days after the closing and the buyer agrees - correct answer the seller's temporary residential lease form should be used
the State of Texas encourages the parties to resolve all conflicts and disputes through alternative dispute resolution procedures such as - correct answer mediation
IRS statutes require a buyer to - correct answer withhold 10% of the sales proceeds in excess of $300,000. when a foreign person has no Social Security card or green card
all written notices between the parties are effective when - correct answer - mailed
- hand delivered
- faxed or e mailed
the condominium resale certificate must have been prepared within the previous - correct answer 3 months
the lead based paint disclosure is - correct answer a federal requirement for residential property built prior to 1978
if a buyer makes an offer without having received the Seller's disclosure notice, how many days does the seller have to provide the notice - correct answer the number of days negotiated in the contract
when should a licensee advise a party to a contract to consult an attorney? - correct answer before signing the contract if the client doesn't understand the effect of signing the sales [Show Less]