Champions School Of Real Estate Promulgated Forms Exam Questions and Answers 100% Verified.

What contract form would you use if you're an agent selling a townhome - ANSWER-1-4 family What type of transaction are TRECS contract promulgated forms used for - ANSWER-Residential Who are buyers supposed to hire for inspections - ANSWER-TREC licensed Inspectors What % does the lender required repairs have to exceed in order for buyers to terminate - ANSWER-5% What does the loan amount in paragraph 3b represent - ANSWER-The total amount financed What are different ways to communicate an offer - ANSWER-Phone, letter, email, fax or in person In paragraph 23, what has to be done in order to create a valid option - ANSWER-All the blanks have to be filled and the option fee has to be paid directly to the seller How many days to you have to pay the option fee - ANSWER-3 days What does the lead based paint disclosure allow the buyer to do as far as inspections - ANSWER-Get the inspection done or waive the right to have the inspection If they decide to do the inspection for lead based paint. How many days do they have to do the inspection - ANSWER-10 days (lead based paint question) how many days do they have to back out - ANSWER-14 days whenever somebody is classified as a foreign seller, what must you do at closing in order to comply with tax laws - ANSWER-withhold money from their proceedings at closing (foreign seller) who does the money get delivered to - ANSWER-The IRS What document would you find the agreement between a broker and a seller regarding the