Texas Promulgated Contracts-Champions
Study Guide |80 Questions with 100%
Correct Answers | Updated and Verified
The T-47 Residential Real Property Affidavit is not completed until ________________, in most cases.
(a) Funding
(b) Inspection
(c) Closing
(d) The listing is taken - ✔✔C
The __________________ ensures compliance with TRELA, which requires that license holders advise
buyers to have an abstract of title examined or to obtain title insurance.
(a) Title commitment
(b) Notice to Prospective Buyer
,(c) Seller's Disclosure
(d) Inspection report - ✔✔A
(a) When the property being sold is a previously unoccupied new home
(b) When the property is sold to an investor
(c) When the property has an out of state owner
(d) When the property is sold "as is" - ✔✔A
If a buyer is concerned about the presence of endangered species, toxic substances or wetlands on
a property, the agent should
(a) Add the Environmental Assessment Addendum to the contract
(b) Avoid the property at all costs
(c) Add in Paragraph 11, Special Provisions, that the contract is subject to an environmental review
(d) Explain to the buyer that environmental issues are rarely a problem - ✔✔A
How long does a buyer have to object to defects, exceptions and encumbrances to title disclosed in the
survey and title commitment?
,(a) Within 3 days of the effective date of the contract
(b) Up to 5 days prior to closing
(c) Within 7 days of becoming concerned
(d) The negotiated number of days stated in the contract - ✔✔D
Being within the extraterritorial jurisdiction of a municipality is an indication the property will:
(a) Be condemned in the near future
(b) Possibly be annexed in the future
(c) Be unmarketable
(d) Never be annexed by any municipality - ✔✔B
The Lead-Based Paint Disclosure is:
(a) Required for all properties
(b) A federal requirement for residential property built prior to 1978
(c) A TREC requirement
(d) The responsibility of the buyer's agent - ✔✔B
, If a buyer makes an offer without having received the Seller's Disclosure Notice, how many days does
the seller have to provide the notice?
(a) Not less than 3 days prior to closing
(b) Not more than 5 days after the effective date of the contract
(c) Within 7 days of loan approval
(d) The number of days negotiated in the contract - ✔✔D
If a license holder is receiving compensation from a residential service company, the compensation is:
(a) Reported to TREC
(b) Disclosed to the parties using the appropriate TREC form
(c) Never disclosed to anyone
(d) Reported to the attorney general for action - ✔✔B
(a) The option fee must be paid directly to the seller or listing broker
(b) All of the blanks in paragraph 23 must be filled in
(c) The fee must be paid within three days of the effective date of the contract
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 Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.24. You're not tied to anything after your purchase.
