Champions Promulgated Contract Forms Test 2024 Questions & Answers (Scored A+)

Champions Promulgated Contract Forms Test 2024 Questions & Answers (Scored A+) One to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominium (Resale) - ANSWER-A TREC promulgated contract for use where the seller does not own fee simple title to the land beneath the unit. New Home Contract (Completed Construction) - ANSWER-This contract form is used for new homes where the construction has been completed by the builder and no one has previously lived in the home. New Home Contract (Incomplete Construction) - ANSWER-The contract is used for the sale of new homes when construction has not yet been completed by the builder and when the closing will occur after construction has been completed. Unimproved Property Contract - ANSWER-Used for the sale of properties with no existing structure. This contract has no improvements, or accessories. No seller disclosure. Farm and Ranch Contract - ANSWER-A TREC promulgated contract for use where the land being sold is greater than 10 acres and includes land, improvements, accessories and crops. Contains provisions for surface leases related to a property The parties to the contract specifically as noted in paragraph 18.A - ANSWER-The escrow agent is not a party to this contract and does not have liability for the performance or non-performance of any part of this contract, or liable for any interest or loss on any earnest money cause by the failure of any financial institution. The purpose and use of Paragraph 6- - ANSWER-The owner's Title policy being paid for by buyer or seller. The Title company has 20 days from when they receive the contract to furnish a commitment to buyer for Title Insurance. Objections, who will furnish the survey, the intended use of the property (residential use) and any membership in property associations. Stig