Exam (elaborations)
PCF - Chp. 4 (1).
- Course
- PCF - Chapter 7
- Institution
- PCF - Chapter 7
Exam of 5 pages for the course PCF - Chapter 7 at PCF - Chapter 7 (PCF - Chp. 4 (1).)
[Show more]
Seller
Follow
Content preview
PCF - Chp. 4A "deposit" paid upfront by the buyer - ANS-Earnest Money
Form stating known facts and defects con- cerning a property - ANS-Seller's Disclosure
A measurement of boundaries and land area required in some sale contracts - ANS-Survey
Insurance policy against losses resulting from defects in title - ANS-Title policy
A change made to a standard insurance policy - ANS-Endorsement
(Earnest Money Requirement) PARAGRAPH 5. EARNEST MONEY: What is the format to write
this? - ANS-Amount of earnest money, name and address of the title company. If additional,
enter the amount and then the amount of days.
What is PARAGRAPH 6? - ANS-Title Policy and Survey
The policy contains eight exceptions promulgated by the? - ANS-Texas Department of
Insurance
(Title Policy) PARAGRAPH 6.B: Commitment - ANS-The title company has 20 days from the
days from the date that they receive the contract to furnish a commitment to the buyer for title
insurance.
(Title Policy) PARAGRAPH 6.C.1 - ANS-Seller has existing survey that they intend to use.
Format: Enter # of days the seller has to deliver the survey.If survey is unacceptable a new one
will be made at buyer or sellers expense. If survey is not delivered during time period, buyer will
obtain a new survey at sellers expense.
(Title Policy) PARAGRAPH 6.C.2 - ANS-A new survey is obtained at buyers expense.
(Title Policy) PARAGRAPH 6.C.3 - ANS-A new survey is obtained at sellers expense
(Title Policy) PARAGRAPH 6.D.4: Objections - ANS-Buyer may object to any matters that might
prohibit a certain use or activity of the property. (ex: Parking an rv on the street.) The use of the
property must be listed. Such as "residential use"
(Title Policy) PARAGRAPH 6.E: Title Notices - ANS-Includes a # of notices relating to issues
that may/may not apply to the real estate being sold.
, (Title Policy) PARAGRAPH 6.E.1: Abstract or title policy - ANS-TRELA requires that license
holders advise the buyer to have the abstract examined by an attorney or to obtain a title
insurance policy.
(Title Policy) PARAGRAPH 6.E.(2) MEMBERSHIP IN PROPERTY OWNERS ASSOCIATION: -
ANS-Shows if buyers advised if the property is or is not apart of the association.
(Title Policy) PARAGRAPH 6.E.3: Statutory tax districts - ANS-If property is located in a utility
tax district, it must be disclosed.
(Title Policy) PARAGRAPH 6.E.4: Tide Waters - ANS-If property abuts tidally influenced waters,
it must be disclosed. The notice for this is called "Addendum for Coastal Area Property 33-1".
(Title Policy) PARAGRAPH 6.E.(5) ANNEXATION - ANS-When the property is outside the
boundaries of a municipality, there is a chance the property will get annexed in the future.
(Title Policy) PARAGRAPH 6.E.(6) PROPERTY LOCATED IN A CERTIFICATED SERVICE
AREA OF A UTILITY SERVICE PROVIDER: - ANS-Utility Service Providers are businesses
licensed by the Texas Commission on Environmental Quality. They are not taxing authorities like
utility districts, but do charge for water and sewer services, primarily in rural areas.
(Title Policy)PARAGRAPH 6.E.(7) PUBLIC IMPROVEMENT DISTRICTS: - ANS-A PID is a
taxing entity established by area property owners to enhance a neighborhood or commercial
district.
(Title Policy) PARAGRAPH 6.E.(8) TRANSFER FEES: - ANS-Some properties are subject to a
private transfer fee.
(Title Policy) PARAGRAPH 6.E.(9) PROPANE GAS SYSTEM SERVICE AREA: - ANS-Some
properties fall in an area that has propane systems. An addendum notice is made and
completed with the contract.
(Title Policy) PARAGRAPH 6.E.10? - ANS-Notice of water level fluctuations
T-47 Affidavit states that? - ANS-They are the owner of the property
In the T-47 Affidavit form, the date is entered in what paragraph? And also the changes to the
property? - ANS-4
T-47 must be signed in the presence of a? - ANS-Notary
(Property Condition) PARAGRAPH 7.A. ACCESS, INSPECTIONS AND UTILITIES - ANS-Seller
allows the buyer to run any inspections as wanted during a reasonable time.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.33. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79978 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now