Texas Promulgated Forms, Complete Solution

Texas Promulgated Forms Which of these promulgated forms does NOT include "time is of the essence"? Loan Assumption Addendum A couple starts celebrating the sale of their home after their listing agent calls them with the news that they've received an acceptable offer. The listing agent says he is coming over to get their acceptance and signatures. However, by the time the agent arrives the sellers are completely inebriated. The agent has them sign the contract and then takes it to the title company. This contract is voidable Which of the following is TRUE for the statute of limitations for contracts for the sale of real estate and oral contracts for leases of less than one year? The statute of limitations is four years for the sale and two years for the lease. TREC promulgates the Loan Assumption Addendum. In a transaction where a buyer is assuming a seller's loan TREC's Loan Assumption Addendum is required. If a seller gave a letter to the listing agent with instructions not to deliver any offers for less than $250,000 and the listing agent receives an offer for $249,500, should he deliver it? The TREC allows the listing agent to reject this offer because the seller has given written approval How many promulgated contracts does TREC issue? 6 Title policy information is in paragraph __ 6 The addenda included in the agreement are in paragraph __ 22 The closing date is in paragraph __ 9 The legal description of the property is in paragraph __ 2 Earnest money is addressed in paragraph __ 5 The names of the sellers and buyers, including marital status, are in paragraph __ 1 License holder disclosure is addressed in paragraph __ 4 The amount of the cash down payment is in paragraph __ 3 The Addendum for Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement allows ___ the parties to negotiate the time to complete their duties under the agreement The buyer wishes to make an offer to buy a house for $185,000, with 70% financed through a first loan, 10% financed through a second loan, and a 20% cash down payment. How much is the down payment? $37,000. Twenty percent of $185,000 is $37,000. The first loan will be for $129,500 and the second loan will be for $18,500. If the buyer wants to be sure the fireplace screen stays with the property, the buyer's agent should do nothing; it is already in the contract. A buyer wishes to get a USDA guaranteed loan. Which form should the agent use to address that type of financing? Third Party Financing Addendum The earnest money paragraph addresses all of the following EXCEPT Title policy company Which law requires that a contract have a proper legal description? The Statute of Frauds Which paragraph of the One to Four Family Residential Contract indicates if the buyer has received the seller's disclosure notice? Paragraph 7 What should a licensee do if the seller wishes to retain an item not specifically listed as an improvement or accessory in paragraph 2 of the TREC One to Four Family Residential Contract? List the item as an exclusion in paragraph 2D. Which of the following is included in paragraph 2 of the TREC One to Four Family Residential Contract? Excluded fixtures and accessories Which of the following is not included in paragraph 7 of the TREC One to Four Family Residential Contract? Who will pay for the title policy If the buyer wants to be sure the fireplace screen stays with the property, the buyer's agent should do nothing; it is already in the contract The sellers purchased the home 20 years ago and had the property surveyed. They made no changes to the property. Using the One to Four Family Residential Contract, what should the listing agent tell the sellers to do about a survey? Use the Residential Real Property Affidavit and the existing survey Which of the following is/are considered adequate consideration to create a legally binding contract? The promise of the buyer to buy and the promise of the seller to deliver title The owner's title policy is a contract between which two parties? The buyer and the title company What happens if no dollar amount is inserted in paragraph 23 of the TREC One to Four Family Residential Contract but the time period is filled in as 10 days? The paragraph is not part of the contract. Buyer must object not later than the closing date or within how many days after receiving the commitment, exception documents, and the survey? An agreed-upon number Which of the following is NOT a reason for providing earnest money? It serves as consideration for the contract.