Exam (elaborations)
Texas Promulgated Contracts Homework Exam Questions and answers
Texas Promulgated Contracts Homework Exam Questions and answers
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Texas Promulgated Contracts HomeworkExam Questions and answers
The TREC PROMULGATED CONTRACT FORMS - -ARE DRAFTED BY THE
BROKER-LAWYER COMMITTEE
-IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION - -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 - -third party financing,
assumption
seller finance
-a lender can withdraw the approval of a property - -at any time prior to
closing
-the third party financing addendum for credit approval is used when - -the
buyer is obtaining any kind of financing
-a new survey is always required for all transactions - -false
-the number of days allowed for objections to title or survey is - -the
number of days entered in paragraph 6
-trec has promulgated forms for - -residential transactions
-TREC promulgated contracts allow the buyer to have the property
inspected - -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 - -liquidated damages
-when one party defaults under a contract, the other party is known as - -
injured party
-earnest money is first applied to the - -buyer's down payment
-the escrow agent is - -not a party to the transaction
-for a valid option to exist - -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 - -legal
names
-land, improvements and accessories are collectively referred to as - -the
property
-according to the TREC contract, accessories include - -stoves
-exclusions to the sale must be removed - -prior to delivery of possession
-the loan amount in paragraph 3B of the sales contract includes - -only the
amount borrowed by the buyer
-the sales price in 3C is always - -the loan amount plus the cash portion
3A+3B
the amount borrowed plus the down payment
-the earnest money is - -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 - -
the negotiated days stated in contract
-being within the extraterritorial jurisdiction of a municipality is an indication
the property will - -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 - -true
-if an overage is incurred due to a change order, the excess is paid by - -the
buyer
-a seller's disclosure notice is not required - -when the property being sold
is a previously unoccupied new home
-at the closing the buyer should bring - -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 - -upon the closing and funding
-the buyer and seller temporary residential lease forms are good for any
period up to - -90 days
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