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Texas Promulgated Contracts Homework | Questions and Answers 2024 |Updated & Verified
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Texas Promulgated Contracts Homework | Questions and Answers 2024 |Updated & Verified
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Texas Promulgated Contracts Homework |Questions and Answers 2024 |Updated &
Verified
if the sales price is adjusted based upon a survey, either party may terminate the contract if the
sales price varies by more than - ✔✔10%
if the property is currently under an agricultural exemption, and the use of the property changes,
the buyers may be charged a - ✔✔rollback tax
the buyer may terminate the contract and receive a refund of earnest money if lener required repairs
- ✔✔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 -
✔✔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 - ✔✔mediation
IRS statutes require a buyer to - ✔✔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 - ✔✔- mailed
- hand delivered
- faxed or e mailed
the condominium resale certificate must have been prepared within the previous - ✔✔3 months
the lead based paint disclosure is - ✔✔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 - ✔✔the number of days negotiated in the contract
when should a licensee advise a party to a contract to consult an attorney? - ✔✔before signing the
contract if the client doesn't understand the effect of signing the sales contract or the terms or
conditions in the agreement
who is responsible for filling in the effective day in the contract - ✔✔the broker
the sales contract identifies the agency relationships between the broker(s) and the parties - ✔✔in
broker information section
in the third party financing addendum for credit approval - ✔✔the buyer has a definite time to
notify seller of the inability to obtain financing approval
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