Promulgated Contracts (Course 6) Questions with 100% Correct Answers

Promulgated Contracts (Course 6) Questions with 100% Correct Answers Which of these materials would be considered part of a property's mineral estate? - answerOil What information does the Disclosure of Relationship with Residential Service Company form convey? - answerthat it is a violation of RESPA for license holder to receive a referral fee for passing on a name to service provider A seller is selling a property that is under a lease. When does the seller have to deliver a copy of the lease and any move-in condition form to the buyer? - answerwithin 7 days after the effective date Which of these is an example of a time when it is acceptable not to use a TREC promulgated form? - answerthe US government requires a different form to be used Paragraph 7D(2) of the contract indicates: - answerrepairs that must be completed by the seller before closing By what time is the seller required to furnish any existing survey? - answerno later than 3 days prior to closing In TREC promulgated contracts, what does paragraph 6E(8) say about private transfer fees? - answerif they exist, the seller must notify the buyer (6E8) How can a license holder ensure that any relevant addenda or notices are officially included in a contract? - answerBy checking the appropriate boxes in paragraph 22 Which of these is NOT necessary for a contract to be binding and effective? the contract must be hand delivered to the title company acceptance of the contract must be communicated with the other party changes to the contract must be initialed the contract must be signed by all parties - answerthe contract must be hand delivered to the title company In a TREC promulgated contract, what is the Third Party Financing Addendum concerned with? - answerfinancing contingencies When should a license holder use form T-47, Residential Real Property Affidavit? when there is a reasonable chance the property could have lead paint on it when a seller wants to use an existing survey when a buyer declines to buy owner's title insurance when the buyer is accepting the property "as is" - answerwhen a seller wants to use an existing survey TRELA empowers TREC to require license holders to use certain contract forms. Which of these would NOT meet TREC's requirements? - answera contract created by a license holder's sponsoring broker Where in the One to Four Family Residential Contract does it spell out what remedy the buyer has if the property is damaged after going into contract but before closing? - answerParagraph 14 Which is the purpose of the Information About Brokerage Services form? - answerto inform clients how a license holder can represent a party in a real estate transaction Buyer Ashley is shopping for empty lots on which to build a home. She found a lot for sale that looks promising, but she's concerned its located on a wetland. What should her agent do? - answeruse the Unimproved Property contract and attach the Environmental Assessment, Threatened or endangered species and wetlands addendum A Residential Real Property Affidavit Promulgated by the Texas Department of Insurance (T-47 Affidavit) must be furnished to the buyer _______________________. - answerwhen the seller provides the existing survey What form must be provided to any unrepresented buyer or seller a license holder talks with? - answerinformation about brokerage services form What are rules about the maximum number of people allowed to live together in a single dwelling called? - answeroccupancy standards Laura is in contract for a home. Her contract contains a Sale of Other Property by Buyer Addendum. The seller has just accepted a back-up contract for the property that doesn't have this contingency. What happens to Laura and her contract? - answerlaura can waive the addendum by a date she and the seller agree on, otherwise her contract terminates What part of the Third Party Financing Addendum for Credit Approval specifically pertains to people getting VA loans? - answerParagraph D How can an agent help protect the earnest money of a buyer who is financing their purchase? - answerby submitting a Third Party Financing Addendum If a buyer is using VA financing, what will be part of the contract? - answerThird Party Financing Addendum for Credit Approval Which of these is NOT something that is appropriate to put in Paragraph 11 (the Special Provisions section) of a TREC promulgated contract? - answerthat the contract is contingent on the inspection Agents are required to give all buyers a written copy of the title notice. Aside from Paragraph 6E(1) of the One to Four Family Residential contract, where else can this notice be found? the Seller's Disclosure Notice the Notice to Prospective Buyer the T-47 Residential Real Property Affidavit the Non-Reality Items Addendum - answerthe Notice to Prospective Buyer When seller financing is being used, the seller becomes: - answerthe lender Which of the following laws protect people based on race only? - answerCivil Rights Act of 1866 Which of these is NOT something TREC has the power to do? - answerlicensing developers and builders Which TREC promulgated contract are all the other contracts based on? - answerOne to Four Family Residential Contract A landlord may have to make adjustments for a tenant with a disability to be able to live in a dwelling. Those adjustments do not include: - answerpermitting a tenant to use illegal drugs