Exam (elaborations)
GRI - Contracts To Closing (Qs And As)
GRI - Contracts To Closing (Qs And As)
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GRI - Contracts To Closing (Qs And As)TREC requires license holders to ABIDE by (TREC 535.16(c) Correct
Ans - License holder is obligated to provide a broker price opinion or
CMA when "negotiating a listing" or offering to purchase the property.
TREC provides additional GUIDANCE in (TREC 535.17) Correct Ans -
License holder may not perform an appraisal of, or provide an "opinion of
value" for a real property. Realtors do "pricing."
When a lender orders an appraisal, they may employ an AMC Correct
Ans - AMC - Appraisal Management Co.
3 Main approaches appraisers use to provide an opinion of value:
Correct Ans - Sales comparison, cost approach, income approach
A key principle of CMAs is they are built on Correct Ans -
Comparisons between the property being evaluated and other properties
that are substantially similar.
The purpose of CMAs Correct Ans - Establish an accurate "range of
value"/price for a property that a Seller wishes to sell or a Buyer wishes to
buy.
Characteristics of comparables: Correct Ans - Date of sale, location
and size
How many comparables should you identify from your CMA Correct
Ans - Range from 3-5 properties
What defines highest and best use in pricing properties? Correct Ans -
PLEM - Physically possible, Legally permissible, Economically feasible,
Maximally productive
Requirements for minimum bedroom size: Correct Ans - 90 square
feet in size, natural light, ventilation and a window that provides
emergency exit.
, A full bathroom requires: Correct Ans - Toilet, sink, tub and/or
shower
GLA Correct Ans - Gross living area, referred as square footage
Correct way to challenge an appraisal Correct Ans - "Send a written
inquiry" to the mortgage lender providing information and addressing
specific concerns.
Who has control over various aspects of the land use? Correct Ans -
Tx Dept of Transportation, Tx Parks and Wildlife, Tx Natural Resources
Conservation Commission and several other agencies.
1 Acre = Correct Ans - 43,560 Sqft.
Who can speak to an Appraiser? Correct Ans - Anyone - Agents,
Title Co. Buyer, Lender, etc.
Any blank in a contract is: Correct Ans - Negotiable. It's purpose is
for choices
TREC Broker-Lawyer Committee Correct Ans - (13) Members, 6
Brokers, 6 Attorneys, 1 public member appointed by the Governor. Serve
staggered 6-yr terms.
Where do we get our forms? Correct Ans - Texas Realtors
On 1-4 Residential, Paragraph 2A - When address does not fit: Correct
Ans - Write in special provisions or "on attached exhibit."
Title Co. issues: Correct Ans - Title Insurance
Number of days , after Title Co. received contract, Seller shall furnish title
commitment to the Buyer Correct Ans - Within 20 days
Who is responsible for Lender Required repairs Correct Ans -
Neither party is obligated to pay, unless otherwise agreed in writing.
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