Texas Promulgated Contracts-CHAMPIONS
STUDY Set | 110 Questions and Answers
2024 |Updated & Verified
___________________ occurs when a buyer assumes and agrees to pay the seller's existing
mortgage.
(a) Loan assumption
(b) Seller liability
(c) Seller lien
(d) Credit approval - ✔✔A
Land, improvements and accessories are collectively referred to as:
(a) The estate
(b) The property
(c) The listing
,(d) The homestead - ✔✔B
According to the TREC contract, accessories include:
(a) Refrigerators
(b) Stoves
(c) Washing machines
(d) Gas dryers - ✔✔B
Exclusions to the sale must be removed
(a) Prior to delivery of possession
,(b) At the convenience of the seller
(c) When the offer becomes a binding contract
(d) Two days prior to closing - ✔✔A
The loan amount in Paragraph 3.B. of the sales contract includes:
(a) The amount of the mortgage insurance
(b) The loan plus origination fees
(c) Only the amount borrowed by the buyer
(d) The loan amount minus the earnest money - ✔✔C
The sales price in 3.C. is always:
(a) The loan amount plus the cash portion
, (b) 3.A. + 3.B.
(c) The amount borrowed plus the down payment
(d) All of the above - ✔✔D
(a) Always 5% of the purchase price
(b) Set by TREC
(c) Negotiated between the parties
(d) Paid at closing - ✔✔C
The T-47 Residential Real Property Affidavit is not completed until ________________, in most
cases.
(a) Funding
(b) Inspection
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