Texas Promulgated Contracts 2023 Test Questions with All Correct Answers
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Texas Promulgated Contracts
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Texas Promulgated Contracts
Texas Promulgated Contracts 2023 Test Questions with All Correct Answers
The TREC PROMULGATED CONTRACT FORMS - ANSWER ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE
IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION - ANSWER THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER T...
Texas Promulgated Contracts 2023 Test Question s with All Correct Answers The TREC PROMULGATED CONTRACT FORMS - ANSWER ARE DRAFTED BY THE BROKER -LAWYER COMMITTEE IN A LEASE WITH A RIGHT OF FI RST REFUSAL PROVISION - ANSWER 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 - ANSWER third party financing, assumption seller finance a lender can withdraw the approval of a property - ANSWER at any time prior to closing the third party financing addendum for credit approval is used when - ANSWER the buyer is obtaining any kind of financing a new survey is always required for all transactions - ANSWER false the number of days allowed for objections to title or survey is - ANSWER the number of days entered in paragraph 6 trec has promulgated forms for - ANSWER residential trans actions TREC promulgated contracts allow the buyer to have the property inspected - ANSWER 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 - ANSWER liquidated damages when one party defaults under a contract, the other party is known as - ANSWER injured pa rty earnest money is first applied to the - ANSWER buyer's down payment the escrow agent is - ANSWER not a party to the transaction for a valid option to exist - ANSWER the option fee must be paid directly to the seller or lis ting broker all blanks in paragraph 23 must be filled the fee must be paid within two days of the effective date of the contract Texas Promulgated Contracts 2023 Test Question s with All Correct Answers buyers and sellers in the contract should be identified by their - ANSWER legal names land, improvements and accesso ries are collectively referred to as - ANSWER the property according to the TREC contract, accessories include - ANSWER stoves exclusions to the sale must be removed - ANSWER prior to delivery of possession the loan amount in paragraph 3B of the sales contract includes - ANSWER only the amount borrowed by the buyer the sales price in 3C is always - ANSWER the loan amount plus the cash portion 3A+3B the amount borrowed plus the down payment the earnest money is - ANSWER 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 - ANSWER the negotiated days stated in contract being within the extraterritorial jurisdiction of a municipalit y is an indication the property will - ANSWER 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 ma rket value of the home - ANSWER true if an overage is incurred due to a change order, the excess is paid by - ANSWER the buyer a seller's disclosure notice is not required - ANSWER when the property being sold is a previously u noccupied new home at the closing the buyer should bring - ANSWER a cashier's check or wire transfer for the closing costs and down payment
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