Texas Real Estate Exam Questions And Already Passed Answers.
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Module
RealEstateU- Texas Promulgated Contract Forms
Institution
RealEstateU- Texas Promulgated Contract Forms
Use of Standard Contract Forms - Answer TREC promulgated forms are required by licensee; standard contracts must be used UNLESS services of a lawyer used to prepare, government uses contract, owner draws up contract
TREC promulgated contracts - Answer Must have title delivered by GENERAL w...
Texas Real Estate Exam Questions And
Already Passed Answers.
Use of Standard Contract Forms - Answer TREC promulgated forms are required by licensee; standard
contracts must be used UNLESS services of a lawyer used to prepare, government uses contract, owner
draws up contract
TREC promulgated contracts - Answer Must have title delivered by GENERAL warranty deed
MUST be used by all licensees with exceptions of lawyer, gov., owner
types: 1-4 family residential contract (resale), unimproved property contract, new home contract
(incomplete)/ (complete), farm and ranch contract, residential condo contract (resale)
Special Conditions Addenda and Forms - Answer sale of other property by buyer addendum
(contingency), Back Up Contract Addendum: when property already under contract in case of fall
through, Seller Financing Addendum: seller finances buyer, environmental assessment addendum, condo
resale certificate: seller must provide before closing, coastal area property addendum, property located
seaward addendum: notifies of potential flooding, property subject to membership in owner's assoc.
addendum: must be used if mandatory HOA, subdivision info, notice of termination of contract:
terminate during option period, amendment to contract: change anything or request change after
inspection, loan assumption addendum: buyer assumes seller mortgage, 3rd party financing addendum:
explains to seller how buyer will finance to include type of loan, interest rate, period of time to payoff
Temporary Residential Lease Forms - Answer sellers lease (after closing)/buyers lease (after closing):
short term use where rent is prorated and paid up front where failure to surrender at termination is
tenancy at sufferage
Effective Date of Contract - Answer broker/agent completes, signed and initialed by all parties,
acceptance communicated to agents
Multiple Offers - Answer discuss with seller to determine if:
a. tell no other agent
b. tell other agents
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