Promulgated Contracts Champions Study Guide |206 Questions with Complete Solutions.

Cashiers check or wire transfer - ANSWER-Good Funds What does a buyer need to bring to closing? - ANSWER-Good Funds Where is Good Funds in the TREC promulgated form? - ANSWER-Paragraph 9.B(2) T/F Title companies may accept a small personal check from a buyer as part of the good funds if their policy allows it. - ANSWER-True Created to draft and revise contract forms capable of standardization for use by real estate holders - ANSWER-Texas Real Estate Broker-Lawyer Committee What is the purpose of the Texas Real Estate Broker-Lawyer Committee? - ANSWER-Expedite real estate transactions, reduce controversies, create safeguards to protect the interest of the principles to the transaction Sometimes a provision in an addendum contradicts a provision in the main body of the contract. What provision prevails? - ANSWER-Provision in the addendum Some contract forms provide that the seller will provide to the buyer a general warranty deed at closing. If there's an attached addendum that provides that the seller will provide to the buyer a special warranty deed at closing, which deed must the seller supply? - ANSWER-Special Warranty Deed Attachment that adds or further describers the rights and duties of the parties - ANSWER-Addendum When a party to a contract fails to perform under the contract, they are in? - ANSWER-Default When a party is in default or breach, what is the other party known as? - ANSWER-Injured Party What paragraph of the TREC promulgated form is Default? - ANSWER-Paragraph 15 What is the purpose of the Notice to Prospective Buyer? - ANSWER-Provides written notice that license holders advise buyers to have an abstract examined or obtain title insurance according to the provision of the Texas Real Estate License Act T/F All of the TREC-promulgated contracts h